There has never been a grand opening in the Asian continent for using cryptocurrencies and Blockchain technology, not until the Northern Philippines showed great interest in the two. The Philippines is best known for having crypto friendly laws which investors and crypto companies find favorable for investment. The government has expressed its interest in making the Northern Philippines the new Silicon Valley of the Asian continent.
In regards to these friendly laws, many in the Philippines are joining hands with other offshore companies to provide cryptocurrency solutions, blockchain technology, and ultimately convenient financial technology.
Raul Lambino, Secretary to Cagayan Economic Zone Authority (CEZA), speaking at the Fintech Summit in Bonifacio Global City said that the efforts are intended to transform the CEZA into a haven for Blockchain and Cryptocurrency firms. He explained the idea to business enterprise owners present saying, “We have a perfect setting for some of the young Filipino generation’s best minds and the world’s leading cryptocurrency companies to engage in the development of the next wave of technological innovations. The best of nature and cutting-edge technology will combine to bring about a new hub in Asia for the world’s leaders in the burgeoning global currency of the future.”
Currently, there are more than 21 offshore companies that offer Fintech and Blockchain services and are ready to expand their operations in the Cagayan Economic Zone. Mr. Raul said that in the next two years, over $40 Million regarding investments could be expected from these companies. Some of them are expected to offer the best bitcoin wallet for their users.
Raul was speaking with top-level business heads where he assured them that the new system of operations should be perfect for cryptocurrency startups and younger generations to venture into Blockchain technology. He said that the new system is an advanced framework where people will be able to make technological innovations. This is what he had to say, “The best of nature and cutting-edge technology will combine to bring about a new hub in Asia for the world’s leaders in the burgeoning global currency of the future.”
Other than the expected engagement in Bitcoin and blockchain technology (the fintech hub), there are plans to create a technological garden in Cagayan Valley, a spot surrounded by the Sierra mountain and St. Ana white beaches.
Turning the dream into a reality, over 21 companies have already signed up with CEZA. These companies include the Changwei International Company, Xin Peng Group, and the State Trust Union Capital Holdings. Other larger corporations include the Asia Pacific Blockchain Association, Paradigm Technologies, Stepwyze LLC, Hachiman Technology Sdn, Ultra-Precise Investment Ltd among many more.
Raul Lambino also announced their interest to welcome other countries on board for cryptocurrency platforms. “we are about to license ten platforms for cryptocurrency exchange, they are Japanese, Hong Kong, Koreans, Malaysians, etc. They can engage in Cryptocurrency mining, Initial Coin Offerings (ICOs) or else they could go into cryptocurrency exchange.” Commented Raul.
How to Get Bitcoin and Take Part in this Asian Growth?
- Bitcoin Mining
Bitcoin mining involves using a computer to solve difficult puzzles that allow you to create another block that is added to the blockchain market. As more bitcoins are discovered, the mining process becomes more difficult and it helps to regulate the number of coins in circulation at any particular time. However, miners use high-tech computers and software to combat this difficulty.
Miners ensure that the bitcoin network is secure by regulating the coins in circulation and approving transactions. Aside from securing the bitcoin market, the mining process ensures fairness in this industry and helps to maintain a stable network. The miners must satisfy the set requirement in order to get the rewards (new bitcoin in the blockchain. Keep in mind that this process is highly technical.
- Interest Payment
Interest payment is arguably one of the easiest ways to get more bitcoin if you have already invested in this digital currency. It involves lending them out to other people and charging them an interest. Lending can take different forms, including directly lending to someone you know, using peer-to-peer lending sites or lending them to sites that offer you an interest on the deposits you make.
When choosing websites that offer peer-to-peer or deposit services, you need to take a look at the reliability factor and ensure that you do due diligence on the company. You need to research the reputation of the website and ensure that you understand their terms and condition before initiating any transaction.
Soon, it can be expected that other companies will consider joining with the ones that are currently settling their operations in the Philippines.