After a lot of controversies surrounding tougher impositions on cryptocurrencies crimes and laws in the Philippines, the government will now allow operations of 10 blockchain and virtual currencies in an economic zone.
The Philippines government will be taking this step in order to create more employment opportunities and to benefit from the tax generated through cryptocurrencies.
Raul Lambino, the Chief of Cagayan Economic Zone Authority told Reuters:
“We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong-Kong, Malaysians, Korean. They can go into crypto-exchanges, initial coin offering [ICO] or into cryptocurrency mining.”
The Cagayan Economic Zone Authority [CEZA] manages the CSEZFP in order to generate local and foreign investments, employment opportunities and increase in the income in accordance with providing infrastructural support to top industry sectors.
The Chief of Cagayan Economic Zone Authority also adds that the exchange of the currencies i.e, fiat to crypto should be done offshore to not violate the regulations set by the Philippines government.
John Kent, a crypto-enthusiast says:
“This would be a great move. The implementation would indeed bring in more employment opportunities in the nations but more importantly, the benefits blockchain technology would provide the government would be unmeasurable”
Rosa Gabriel, a Financial Analyst says:
“I am so glad that we are moving all with this great change.This would bring in so much change in all the industries.”
Carl Jeff, a cryptocurrency trader, and investor says:
“The country recently announced strict regulation for all the cryptocurrency crimes. If this happens then it will bring prosperity to the country”
Micheal Francis, a crypto-enthusiast says:
“Why just 10 companies though? Why can’t they allow all the all the companies to work in the economic zone? I think they are experimenting with these companies. If they are successful in fulfilling all the demands of the government then more companies will be allowed to take part in it.”
Henry Paul, a marketing manager says:
“Out of the 10 companies if half of them opt to initial coin offering then there’s a thin chance of hitting the actual goal. But if they opt to crypto-mining they will definitely get more then what they expect to gain. Mining is a real demand all around the world.”
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