By Junex Doronio
CEBU CITY — Saying it would bring convenience to everyone, especially Cebuanos in their transactions with the City Hall, Vice Mayor Alvin Garcia revealed on Sunday that the city would soon be using a newly-developed “cryptocurrency” as a way to promote cashless payments.
It was learned that it will have the same system used in South Korea and will have a cryptographic value of one-to-one to fiat, which means that a Peso C is equivalent to P1.
“This makes it advantageous for people, including low-income Filipinos, overseas Filipino workers remitting money to family, tourists, and foreign investors,” Garcia said.
The vice mayor also noted that some transactions in City Hall involve people who are abroad and who already have ready access to cryptocurrency but still prefer online bank transactions which are viewed as less secure, more time-consuming, and involve fluctuating interests and fees.
Earlier, city officials and proponents of cryptocurrency announced that C Pass Inc., a Cebu-based joint venture, that has an existing Memorandum of Understanding (MOU) with the city government to develop a stablecoin for use in financial transactions, has entered the third stage of the Bangko Sentral ng Pilipinas’ (BSP) vetting process for Virtual Asset Service Providers.
“Plain and simple, at the outset, we wanted a cashless system. But there are many platforms out there. So, we welcome any and all forms of cashless transactions such as GCash, Paymaya, C Peso, etc. We want something stable, convenient, secure, and cost-efficient. Anything that makes us more business-friendly,” Garcia further said. (ai/mtvn)