Designed as an alternative form of finance and transaction, the coin is free to use, and self-governing. It does not rely on any interaction with an authoritative body or government, putting Filipinos in control of their own finances.
The launch of ManilaCoin comes as the local government spurs growth of crypto and blockchain bodies. Announced in late April 2018, the Philippines is on the verge of becoming a crypto hub as governmental initiatives have opened up the market for blockchain companies. The Cagayan Special Economic Zone will be welcoming ten crypto businesses from across Asia to be start their activities and operating in the island.
Like most of the developing world, the Philippines also has a high proportion of its population without access to banking services – estimates from the Central Bank point to 86% of households being unbanked - highlighting the opportunity for blockchain and fintech companies to establish themselves and create a steady crypto market.
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