Philippines to launch cryptocurrency in economic zone

The Philippines is set to launch its cryptocurrency for use in the country’s Cagayan Economic Zone Authority (CEZA).

The CEZA is a special area in the northern tip of the Philippines where officials say their aim is that the cryptocoin is used, accepted and adopted for all the transactions within the CEZA as they attempt to transform the zone into a Silicon Valley-style technological hub.

CEZA’s new cryptocurrency, CEZA Coin, will begin to be promoted by 26th July. The token will be available through blockchain digital transaction service Asparas Group’s CZC Digital Currency Exchange.

The Asparas Group will also create a blockchain business incubation base inside the CEZA aimed at research, production and education.

Local officials also announced they plan to raise $67 million (£50.8 million) by issuing cryptocurrency exchange licenses, which will cost anywhere between $85,000 (£64,390) for a regular licence and $360,000 (£272,709) for a premier one.

Recently, CEZA Chief Raul Lambino said that the only ICOs that would be allowed to raise capital in the zone are those that prove they are asset-backed to avoid fraud. “If they have ICO we will have to find out if their ICO is asset-backed because this what we are saying – there are many scammers. We are not going to allow it.”