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October 10, 2014, 12:45:34 PM
Last edit: October 19, 2014, 06:42:47 AM by tagbond |
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Asked by Dabs to post this here as well as Philippines area:
If the BSP don't work on the epeso I idea, I might do it anyway, just as an experiment to see if it can be done - These are the general ideas:
PoW / PoS (1 or 1.5%) coin
1 epeso = 1 peso
I billion premined, with option to add more in future as need arises, but mining is done centrally. You cannot just have everyone printing money..:-)
Very transparent Block Explorer - other sites will no doubt spring up showing the amounts that public personas/politicians have if they have shared their public address, otherwise rich list would show patterns anyway. In other words, some control of AML.
Network of computers (probably AWS) to handle PoS and Stability of network, double spend etc.
Coins transferred through Tagcash network with no costs in our out (via Bank), or via cash, via EC Pay network (7/11 etc), for which there is a 1% charge to get the money into the network to buy the ePeso (their charges not mine). Tagcash revenues come from flat fees from merchants who do over 100 transactions a month in epesos, pesos, points or actions like stamps in the stamp books etc
Remittances would be easier, as BTC can be purchased abroad and there would be ways to purchase ePesos on exchanges but the rate would be fixed for cashout to bank in Philippines, so exchange rates on external sites would not fluctuate too much. We would handle KYC and AML through Tagcash or an exchange we ourselves would create to convert between BTC and ePesos
The amount of money held in the bank in Pesos should equal the amount of ePesos in circulation, possibly under supervision of a bank or us if we obtain an EMI. However, operating as EMNSP under UnionBank or SecurityBank are also options.
We would make 1.5% of the coins in stock via PoS, which would pay for the overheads of computers to handle PoS and therefore stability of network. Over time, this would be dispersed and the holders of ePesos would be making 1.5%, including the banks who would offer to hold coins in exchange for say 1 to 1.2%. Banking would not really be affected too much, but transfers of money would be much easier using the system. Anyone without computers or smartphones can use Tagcash to transfer back and forth using SMS. If there is a need to introduce more money into the system, that can be done. If the BSP want to take over the operation that also is not a problem. The idea is to introduce it and see how it fares. As long as everyone can get money back from the crypto at the same rate they paid and no fees, then I foresee no real problems.
I will be meeting with the Banco Sentral regarding our EMI Banking application anyway in the next couple of weeks, so I can raise the idea then and get some feedback. I will also be meeting with various other Bitcoin/crypto businesses for any input.
And if anyone asks what is in it for us, that is easy to answer. We are building Tagcash.com as an alternative to Paypal here in Philippines (outside Philipines it is a loyalty/virtual currency platform), so we need to grow our network for digital cash, biller payments, load purchasing, as well as a network of sites we are creating that use Tagcash digital payments and points. We already have the system in place to take in money and pay out from banks, KYC implementation that was OK with the BSP, NFC, QR codes, ID system etc etc...
So there's a few ideas - anyone have any constructive criticism?..
EDIT:
After discussion, research and feedback, it is just not viable to introduce this, at least from my point of view. Way too much hassle for no return - I am sure when the BSP is ready to create something they will ask for advice from us and others involved, and I will be happy to help. Personally, I see it as years away. Way too many problems with AML, capital flight and acceptance.
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