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Philippine Cagayan Economic Zone to Launch Its Own Cryptocurrency

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Wed, 07/18/2018 - 14:07
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Yuri Molchan
The Philippine Blockchain hub grants a license to a Hong Kong exchange
Philippine Cagayan Economic Zone to Launch Its Own Cryptocurrency
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This economic area based on this archipelago is an ideal platform for fintech startups and companies working with distributed ledger technology (DLT).

At a press conference, a rep of the Cagayan Economic Zone Authority (CEZA) management team stated that all the hype around this new Blockchain ecozone is due to the local administration promoting it.

He believes that distributed ledger will reform banking operations globally. He is also positive that a lot of investors in Asia are looking forward to bring their money to this new fintech center.

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CEZA issues its first crypto license

The first startup to receive a crypto license for operating in the CEZA was exchange Golden Millennial Quickpay (GMO). Apart from this startup, 79 more also applied for a permit to work there.

During the ceremony of granting the document the representatives of over 100 Chinese DLT and crypto firms were present, including experts of the related industries and businessmen from government sectors.

The new coin

To strengthen its position as a legal Blockchain center, CEZA plans to release its own token in a partnership with Apsaras Group. The launch is due to take place at the end of the month.

Also, CEZA plans to launch DLT-powered services for the Digital Currency Exchange, titled CZC and belonging to Apsaras Group too.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.