Philippines May Introduce a New Cryptocurrency by End of July

CEZA or the Cayagan Economic Zone Authority of the Philippines as it is popularly known has announced its intentions to introduce a cryptocurrency of its own. The cryptocurrency is to be introduced before this month comes to an end.

The announcement did not come as a surprise to those who have been following the news in the Philippines as a similar announcement had been made earlier this year. The authority had initially made the announcement in April, at a time when it was allowing ten firms dealing with cryptocurrencies to start operating in that economic zone.

All ten blockchain-based firms were allowed to start operating in a bid to not only help in fostering the economy but to also assist the authority in creating new employment opportunities. Reports indicate that the official ceremony will be held at the Edsa Shangri-La Hotel located in Mandaluyong City.

Raul Lambino, the chief of CEZA will during that ceremony sign a blockchain transaction license to be used by the Apsaras Groups’ CZC Exchange. CEZA will also be seeking to promote the new cryptocurrency at this event, hoping that its coin will be accepted by the public, who will then start using it to transact online, and in their trade activities within the economic zone.

CEZA is also looking to publicize all entities dealing with blockchain-based applications, and infrastructure. Applications currently in use will all be publicized at this particular event. The event is to be held on the 29th of this month.

The Asparas group hopes that it will be able to use this license to establish an incubation base based on the blockchain platform. In addition, it will also be seeking to build a wide-ranging blockchain base characterized by technical support, talent learning, and financing listing assistance.

It will also be looking into other additional services with the assistance of blockchain learning, production, and research. After the initial announcement in April favoring the use of blockchain technology in the economic zone, a number of companies have gone ahead to apply for licenses to operate within the confines of this economic zone.

The efforts being applied by Raul Lambino relates to his desire to be able to transform the economic zone to mirror that of the Silicon Valley located in the United States. During the Financial technological summit held this year, Lambino stated that he hoped he would be able to achieve this dream by introducing blockchain technology to the economic zone.

In one interview held after the summit, he is quoted as saying that he would only allow ICOs that were asset-backed to operate in the economic zone. The aim of doing this was to prevent consumers from being scammed.

For companies that have ICOs, CEZA will first need to establish whether the ICO has been asset-backed. CEZA has slowly started becoming a cryptocurrency and blockchain hub in this part of the world. It is a hub that is increasingly attracting novel technologies and blockchain-based projects.

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