Political Kingpin Wants To Be The Filipino Crypto King
A well-known political figure and businessman in the Philippines is now moving to become the face of the country’s cryptocurrency space with the planned launch of his own digital currency coin.
A political kingpin responsible for toppling one of the most popular presidents in the Philippines is embarking on a new venture that would make him the country’s new cryptocurrency king.
Former Governor Luis Chavit Singson of Ilocos Sur in northern Philippines, who was a major player in the so-called EDSA People Power 2, the second mass uprising by Filipinos, which ousted former Philippine President Joseph Estrada in January 2001 and was a crucial backer of 2015 Miss Universe Pia Wurtzbach, had announced plans to launch his Gold Chavit Coin or GCC in late December last year.
The GCC marks the official foray of the Luis Chavit Singson Group of Companies into financial technology and specifically the virtual currency space as it aims to “to push more Filipinos to transact and pay through digital means,” reported the Manila Times.
“Many Filipinos still have no access to a bank account which prevents them from saving for their future and participating in basic financial transactions such as simple payments. GCC aims to change all that by offering a ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad,” he said.
According to Singson, he plans on listing GCC in cryptocurrency exchanges operating locally so they could be traded for other digital currencies or fiat money. In addition, he said he would seek a phone application to allow GCC payments to settle bills, make purchases online or in-store with accredited shops and banks.
The Japanese fintech firm Billing Systems Corp., (BSC) is currently developing an app to enable this capability. BSC previously developed a similar payment app for PayB.
Singson added, “We plan to leverage the entire LCS network in addition to partnerships with other vendors and firms. The purpose is to drive mass adoption, which in turn will increase GCC’s market value.”
Eight-time division world boxing champion and a close friend of Singson, Philippine Senator Manny Pacquiao launched in October his PAC Token, which is powered by GCOX.
Pacquiao is the first global celebrity to endorse GCOX’s Celebrity Token line through PAC Token, which is taken from the senator’s moniker as a boxer Pacman given his reputation for demolishing all his opponents during his heyday, including Oscar de la Hoya, Ricky Hatton, Manuel Marquez, and other big names in the boxing field.