News

Online Blockchain launches Manila Coin for financial inclusion in Philippines

Monday 30 July 2018 11:35 CET | News

Online Blockchain, a UK-based blockchain company, has launched ManilaCoin, a cryptocurrency for financial inclusion in the Philippines. 

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.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Online Blockchain, Manila Coin, financial inclusion, Philippines, cryptocurrency
Categories:
Companies:
Countries: World





Industry Events