Philippines Hoping to Launch its Own Cryptocurrency

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Philippines Hoping to Launch its Own Cryptocurrency

ForexMinute.com – An administration lawmaker from Philippines is doing everything she can to push a bill that would give the nation its first official cryptocurrency. Kimi S. Conjuanco, the representatives of the 5th District of Pangasinan, this week introduced “E-Peso Act 2014” – a bill whose sole purpose is to bring Philippines an option to pay or exchange the money via the internet. The country is still lacking a digital medium like that.

For obvious reasons, e-Peso will be backed by the Philippines Central Bank, the Bangko Sentral ng Pilipinas (BSN). The new coin is likely to be inspired heavily from the decentralized Bitcoin technology. If the E-Peso Act 2014 comes into effect, BSN will also be required to study Bitcoin and likewise digital currencies for a flawless development of the government-backed cryptocurrency, E-Peso.

Earlier, Bitcoin itself was considered to be a potential payment option for most of the Filipinos who, till date, do not own even a credit card, or any other digital payment device. Many cryptocurrency-centered companies have already made their base in Philippines, in a hope to bring cryptocurrency technology to the masses and earn a decent ROI from the ecommerce opportunities the country presents. Even though they can lure masses based on Bitcoin’s volatile and decentralized features, E-Peso might give the cryptocurrency a-run-for the-money.

Bitcoin and other cryptocurrencies, no matter how attractive they appear, still falls under the categories like “risky investments”, “money laundering”, “financing terrorism”, “drug trafficking” etc.. While Philippines has never objected to its use, many other nations are still debating whether they should integrate Bitcoin into their centralized financial ecosystem or not. Canada, by far, is the only one country which has been working on studying Bitcoin technology to its core, before coming out with a verdict of its fate inside the country.

On the other hand, E-Peso is faced with challenges to prove itself a worthy alternative to Bitcoin. The latter, despite of its much-volatile features, is still considered a viable method to exchange money online in cheap. Kimi S. Conjuanco must ensure to bring similar features to their official digital coin if they want to ensure its success among the masses. However, they already have an edge over Bitcoin, thanks for being regulated.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com