In a move designed to put the Philippines on the blockchain map, Cagayan Economic Zone Authority (CEZA), a special economic zone (SEZ) on the northern tip of the country of Philippines, announced a plan to formally launch its own cryptocurrency before the end of this month.
It is said that Raul Lambino, CEZA chief, will make it official with the signing of a blockchain digital transaction license for Apsaras Group’s CZC Digital Currency Exchange on July 26. A joint announcement is also expected to give a push to the CZC digital currency exchange projects and CEZA coin.
CEZA has been slowly setting itself up as a blockchain and cryptocurrency hub in the country and is looking for more blockchain based projects which integrate newfangled technologies. Apsaras is also looking forward to forming an incubation base in the SEZ which would have its eyes on blockchain businesses. It aims to provide services like blockchain research, production, technical support, and talent training among other services.
Lambino is surely making all the efforts to realise his dream of making CEZA the Asian Silicon Valley. In the recently concluded he had specifically said that he will make full use of the potential of blockchain and cryptocurrency for the same.
In a blooming environment for blockchain, a lot of projects have shown interest in operating in CEZA which include blockchain operations, ICO insurance, virtual currency transaction and cryptocurrency mining among others. In an interview at the Global Blockchain Summit held in Pasay City, Lambino indicated that he will be allowing ICOs with asset backing to keep a check on fraud.
“If they have an 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.