Philippines’ cryptocurrency to be introduced by July-end
The Cagayan Economic Zone Authority [CEZA] of Philippines seeks to introduce its own cryptocurrency before the end of this month. This comes after the CEZA's official announcement in April which allowed ten blockchain and cryptocurrency companies to operate in the economic zone for purpose of job creation and to foster the economy.
Reportedly, the launch will be officiated at a formal ceremony at the Edsa Shangri-La Hotel in Mandaluyong City. The chief of CEZA Raul Lambino will sign a blockchain transaction license service license for Apsaras Group’s CZC Digital Currency Exchange. The CEZA also intends to promote the cryptocurrency at the event and hopes that the CEZA coin will be accepted and utilized for all transactions within the economic zone. CEZA also seeks to publicize all blockchain entities and development of Blockchain-based applications at the event which will be held on July 26.
The Asparas group will utilize its license to establish a blockchain business incubation base. It also aims to create an extensive Blockchain space with talent training, technical support financing listing assistance and other services with the help of Blockchain research, production, and learning.
After the Blockchain friendly announcement in April numerous Blockchain and cryptocurrency entities have applied to operate in the economic zone. Raul Lambino's effort correlates with his ambition to transform the ecozone to Asia's Silicon Valley. At the 2018 Financial technology summit, Lambino was seen stating that he is hoping to achieve this dream through the introduction of Blockchain into the economy.
In an interview, Lambino told he would only allow asset-backed initial coin offerings for blockchain projects to prevent scams. He said: "If they have ICO we will have to find out if their ICO is asset-backed because this what we are saying, that there are many scammers. If they offer in the market their initial [digital] coin, they may be able to convince 50 unsuspecting investors and promise them the sun and the moon. This is a Ponzi scheme. We are not going to allow it,”
CEZA is becoming a blockchain and cryptocurrency hub in the Philippines. New Blockchain-based projects and novel technologies are being attracted to the flourishing cryptocurrency hub. The Philippines is on its way to being one of the countries with an expanding Blockchain industry among the other big leagues.
Image via Shutterstock
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