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, cryptocoinsnews.com 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.
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