There was no law passed, it was just a bill proposed to try and introduce the E-Peso, which like many bills go absolutely nowhere.
The fact that someone anonymous wants to create this, with no clear indication of how it will be given out to Philippines citizens, and that mining can take place by anyone, will push this into oblivion. There is no way that the government would take it over when there is no clear path of where the coins were made or distributed. That's aside from the fact that the BSP have no regulations at all for crypto currency, but if this is abused, it may push the government into putting more controls and regulations in place that may impact on the future of Bitcoin and crypto currency in general. You can also be assured that the Bitcoin community already established in the Philippines will squash this in many different ways.
To do this successfully, you need stakeholders to support it from the start ie: BSP, banks and and a large community of merchants.
If this is to go anywhere, transparency is needed. Who is behind this (with real names and organization), how much backing there is, how much premine / instamine if any, and how exactly are coins given to the people, with ways to track that.
So, to the OP - who are you and what is your background in finance, business etc? It appears you are not even based in the Philippines and operate a P2P mining pool, which of course you can use to mine any coin you launch. This sounds like an opportunistic stab at taking advantage of the bill proposed here. At the moment, this is a coin that I would treat with extreme suspicion.
However, if you change the algo to a totally premined coin, with only PoS mining to keep it stable (a la Blackcoin), with a clear method of giving it ALL away to Philippines residents, and total transparency as to where the coins go, then I might support it. I am based here in Philippines, own various companies, including one that is a Paypal / Gcash competitor, and we talk with the BSP quite often. If you want this to go anywhere, do it properly. If not, then you will be damaging the future acceptance of crypto currency in the Philippines.
100000% agree. You hit it spot on.
