Exclusive: Philippines Eyeing Cryptocurrency Inside Special Economic Zone

The Philippines wants a cryptocurrency for use inside its special economic zones.

Already established as the undisputed blockchain and cryptocurrency hub in the Philippines, Cagayan Economic Zone Authority (CEZA) chief attorney Raul Lambino is embarking on another ambitious project that will cement CEZA as the premier blockchain center in the region.

Lambino has entered into a partnership with blockchain development company Stepwyze to integrate new technologies like cryptocurrencies and blockchain with Special Economic Zone plans and participants.

The deal stipulates:

“Within this partnership Stepwyze intends to create an ICO (initial coin offering) to fund the development of a blockchain solution for monitoring and auditing cryptocurrency, vertical currency exchanges, as well as the likely integration of gaming and port operations of their free port.”

The heart of the agreement is to create a cryptocurrency to be used within CEZA and hopefully in all special economic zones not only in the Philippines but across the world, Cryptovest learned exclusively. Both CEZA and Stepwyze do not want to reveal the name of the coin pending further discussions.

Late last month, Lambino granted permission to ten companies operating in the cryptocurrency and blockchain space to set up offices inside CEZA to support employment while benefiting from tax relief measures. These enterprises will become the first cryptocurrency entities to operate in the Philippines after local regulators passed an order to legalize such operations in an economic zone.

Lambino stated then:

    “We are about to license ten platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans […]. They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.”

Next Silicon Valley

With the various initiatives, Lambino hopes to transform Cagayan into the next Silicon Valley or Singapore, thus fostering technology and development in the Philippines.

In conjunction with the ICO creation and management, a white paper is being readied as well as and ICO member customer support team, and a website to promote and manage all sales of the new coin. Stepwyze will also be operating a principal license for a cryptocurrency exchange and is also authorized to sublicense additional exchanges to operate in the special economic zone.

An automated, transparent, reporting system will also be created to assist in the integration of current government systems to modernize and smooth the authority management of economic activity within the Special Economic Zone.

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