Philippine Economic Zone to Formally Launch Cryptocurrency in July

A special economic zone in northern Philippines will formally launch a cryptocurrency within this month.

In a move designed to put the Philippines on the blockchain map, Cagayan Economic Zone Authority (CEZA), a special economic zone in the northern tip of the Philippines, announced a plan to formally launch its own cryptocurrency before the end of this month.

CEZA hopes that its virtual asset will be used, accepted and adopted for all transactions within CEZA. An official of CEZA who asked not be named told Cryptovest that CEZA chief, lawyer Raul Lambino would sign the blockchain digital transaction service license for Apsaras Group’s CZC Digital Currency Exchange on July 26 at a formal ceremony at the Edsa Shangri-La Hotel in Mandaluyong City, Philippines.

During the event, CEA and Apsaras will also issue a joint announcement to promote CEZA Coin and CZC Digital Currency Exchange projects, in addition to supporting the development of blockchain technology application and related businesses of the AMBER TIME blockchain technology platform.

Under Lambino’s guidance, CEZA is steadily establishing itself as the authoritative blockchain and cryptocurrency hub in the Philippines by attracting blockchain-based projects that aim to integrate new technologies such as cryptocurrencies.

Under its license to operate a cryptocurrency exchange within CEZA, Apsaras will also establish a blockchain business incubation base inside the economic zone as well as organize regular cooperation and exchange between blockchain research, production and learning domestically and abroad to provide the wider blockchain space with talent training, professional financial consulting support, technical support, financing listing assistance and other services.

All these efforts are aimed at realizing Lambino’s ambition to establish Asia’s Silicon Valley inside CEZA and transform the ecozone into a full-pledge fintech hub. During the recent 2018 Financial Technology Summit, Lambino said he would focus on blockchain and cryptocurrencies to achieve that dream.

Presently, a wide range of blockchain projects have signified the intention to operate in CEZA, with projected activities including operations, encryption mining, cryptocurrency mining, initial coin offering insurance, blockchain production, virtual currency transactions, and others.

In an interview on the sidelines of the Global Blockchain Summit held in Pasay City last month, Lambino said he would allow asset-backed initial coin offerings for blockchain projects to prevent fraud.

"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,” he said.