The Philippines: e-Peso digital currency to embed Bitcoin block-chain

Tuesday 7 October 2014 13:55 CET | News

Kimi Cojuangco, a member of the Filipino House of Representatives, is undertaking regulatory measures to issue the “e-Peso,” a virtual counterpart of the fiat currency.

Additionally, House Bill 4914 would create the e-Peso as an online medium of exchange for the local customers.

The proposed bill would give green light to the Filipino Central Bank, Bangko Sentral ng Pilipinas (BSP), to research Bitcoin and other cryptocurrencies and decide what would be the best course of action, reports, citing Phil Star news agency.

The BSP will also choose a system that uses peer-to-peer processing of the log chain and will exert its utmost to leverage existing hardware being used by the other leading cryptocurrencies such as Bitcoin.

The bill plans to release an amount of e-Peso equal to 1% of the total supply of the Philippine currency in circulation in a 12-month period. Additionally, the bill proposes that the amount of e-Peso in circulation should not ever exceed PHP 1 million by 2016.

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: Philippines, e-Peso, PHP, fiat currency, digital currency, cryptocurrency, block-chain, technology, regulation
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3

Industry Events