[2018-08-09] Philippines Building Crypto Valley of Asia

[ivanpoldark]

The Philippines government is building Crypto Valley of Asia, a cryptocurrency and fintech hub similar to the one in the canton of Zug, Switzerland. The estate will be built at the Cagayan Special Economic Zone and Freeport in partnership with private property developer Northern Star Gaming & Resorts Inc. The zone is already set to accommodate 25 crypto firms that will operate within the area.

Building Crypto Valley of Asia

The Philippines government-owned Cagayan Economic Zone Authority (CEZA) has partnered with Northern Star Gaming & Resorts Inc. to develop a crypto and fintech hub called Crypto Valley of Asia (CVA).

This is “part of the government’s bid to foster a fintech ecosystem [to] attract international blockchain companies to set up shop in the country,” e27 reported Monday.

The publication elaborated:

The CVA will consist of a 25-shop housing development inside the cyberpark developed in compliance with the strict security requirements for licensed overseas virtual exchanges (OVEs) located in CEZA. It will include co-working and living spaces, business incubation and acceleration hubs as well as back offices of OVEs and service providers to the global crypto space.

Read more: https://news.bitcoin.com/philippines-crypto-valley-asia/

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[buwaytress]

Suppose I shouldn't be surprised the effort comes from Cagayan and the gambling sector - always one of the earliest and biggest digital money adoptors there, for better or for worse. Would have preferred it to come from a less private-owned venture, but gotta start somewhere I guess. Philippines has Overseas Workers remittances as its biggest GDP for years now and while it doesn't seem like that'll evaporate anytime soon, diversification into renewable resource has been a long time coming.

Just hope they get their own budding local startups into the game. There's so much going on there on the ground - surprising just how many local shops and mobile credit sellers are already accepting Bitcoin even in the shanty towns!

[ruthbabe]

Yes, it was previously announced by Philippines government-owned Cagayan Economic Zone Authority or Ceza that they are in the process of issuing more crypto licenses. So, this is not only a good news for the Philippine economy but for the general public as well, as it creates more job opportunities for the 22.2% Filipinos remain jobless as of this date. Source: http://newsinfo.inquirer.net/921175/sws-estimates-22-2-filipinos-remain-jobless

[Kemarit]

Suppose I shouldn't be surprised the effort comes from Cagayan and the gambling sector - always one of the earliest and biggest digital money adoptors there, for better or for worse. Would have preferred it to come from a less private-owned venture, but gotta start somewhere I guess. Philippines has Overseas Workers remittances as its biggest GDP for years now and while it doesn't seem like that'll evaporate anytime soon, diversification into renewable resource has been a long time coming.

Just hope they get their own budding local startups into the game. There's so much going on there on the ground - surprising just how many local shops and mobile credit sellers are already accepting Bitcoin even in the shanty towns!

^^ That is what I wanted to see in the Philippines. Let them own and join the game by themselves. There's no need to team up with other players in the game. I'm all for the country to become one of the biggest crypto or blockchain hub in the region. Anyways, I will monitor the project and see how it goes. I don't know how much jobs they can cater to the ever problems of unemployment in the country but I'm very positive that it can bring jobs and revenues and help the country in a positive way. Was wondering though want will happened if there's a political change in the country? Will the next government be supportive as well with regards to crypto and blockchain?

[Theb]

Is the Philippines becoming like China? I don't mean it in a bad way but I think a lot of foreign companies are eyeing Philippines as their new venture to expand their businesses as we have Economic Zones and most importantly cheaper labor. Just like China a lot of foreign companies have manufacturing plants in their because of their cheap labor, even though they have cheap labor it is still also helping their unemployment rate to decrease as well as these companies are paying up their taxes regularly. Not only crypto-related companies are entering into the Philippine market, recently a Taiwanese based company named Cal-comp has provided 10,000 jobs (and counting) to Filipinos and is planning to launch an IPO locally to boost their funds for expansion within the Philippines, good to see news like this about improving the economy of the Philippines.

[stomachgrowls]

Is the Philippines becoming like China? I don't mean it in a bad way but I think a lot of foreign companies are eyeing Philippines as their new venture to expand their businesses as we have Economic Zones and most importantly cheaper labor. Just like China a lot of foreign companies have manufacturing plants in their because of their cheap labor, even though they have cheap labor it is still also helping their unemployment rate to decrease as well as these companies are paying up their taxes regularly. Not only crypto-related companies are entering into the Philippine market, recently a Taiwanese based company named Cal-comp has provided 10,000 jobs (and counting) to Filipinos and is planning to launch an IPO locally to boost their funds for expansion within the Philippines, good to see news like this about improving the economy of the Philippines.

Its not literally becoming the same situation with china but they do have similarities when it comes to cheap labor and as a business owner you would normally keep an eye to these kind of countries which you do know you can take advantage with it and we do see these expansions into these kind countries. It can really give a positive outcome to their economy if lots of companies or businesses would set it.
For now Philippines is gradually embracing crypto into other level and recognition.

[Kemarit]

Is the Philippines becoming like China? I don't mean it in a bad way but I think a lot of foreign companies are eyeing Philippines as their new venture to expand their businesses as we have Economic Zones and most importantly cheaper labor. Just like China a lot of foreign companies have manufacturing plants in their because of their cheap labor, even though they have cheap labor it is still also helping their unemployment rate to decrease as well as these companies are paying up their taxes regularly. Not only crypto-related companies are entering into the Philippine market, recently a Taiwanese based company named Cal-comp has provided 10,000 jobs (and counting) to Filipinos and is planning to launch an IPO locally to boost their funds for expansion within the Philippines, good to see news like this about improving the economy of the Philippines.

Venture capitalist has been coming in the Philippines as long as I can remember usually US and Japanese manufacturing firms. Yeah, cheap labor and the ability to speak English is one factor that brought a lot of businesses in the country. However, the economy has been like a sinking ship because of corruption and bickering amongst government officials. I like though the way the country welcomes crypto in the last couple of years. That's why my only concern is that maybe the next administration would change its stance and suddenly because hostile.

[Theb]

Venture capitalist has been coming in the Philippines as long as I can remember usually US and Japanese manufacturing firms. Yeah, cheap labor and the ability to speak English is one factor that brought a lot of businesses in the country. However, the economy has been like a sinking ship because of corruption and bickering amongst government officials. I like though the way the country welcomes crypto in the last couple of years. That's why my only concern is that maybe the next administration would change its stance and suddenly because hostile.

You hit the right point bro, to tell you frankly our economy should be booming in Asia if we only elect the right officials especially the ones who are handling the executive and legislative departments as they are the ones who can control and steer the country in the right direction. The main problem I see is most of our fellow citizens don't have the ability to vote the right individuals to the proper position. They always go to the most popular or the person who is winning the polls, when they should be voting the most qualified one instead. This is another problem we are seeing as most of the people who are voting the wrong person are lacking the right education and that is why they can't properly choose the right candidate.