[2018-04-27]The Philippines to Admit Cryptocurrency Operators in Cagayan Economi

[Vladdirescu87]

The Philippines to Admit Cryptocurrency Operators in Cagayan Economic Zone

The Philippines government announced its plans to admit up to 10 blockchain cryptocurrency related companies to operate in the Cagayan economic region, a special economic zone in Cagayan Province, northern Luzon, in the Philippines. This step will allow the Philippines to create new employment opportunities for local citizens and take advantage of tax perks.

According to a report, the companies will be the first blockchain and crypto-related firms to operate legally in the country after the Cagayan Economic Zone Authority (CEZA) set-up a Fintech hub with the aim of creating an Asian “silicon valley”. CEZA is a state-owned corporation that is responsible for managing the Cagayan special economic zone and Freeport.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/philippines-to-admit-cryptocurrency-operators/

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[Qartersa]

Well, this is definitely a good news for the Philippines and all those in it that invests in cryptocurrencies. Although I am not sure how certain they are that the government has lifted its thumbs on it because all I know is that the Philippine Central Bank has earlier warned the people that they do not sanction other currencies other than that of traditional fiat currencies. Also, it has previously indicated that people who are into cryptocurrencies are investing at their own risks. Hence, I can say that while there are no laws specifically prohibiting businesses that transacts with cryptocurrencies, it is safe to say that the government has not endorsed the use of such.