Cebu City’s LGU exploring use of “C PESO,” a Filipino-Korean produced cryptocurrency

Cebu City Mayor Edgar Labella signed a memorandum of understanding on April 15, 2021, to explore the feasibility of Filipino-Korean-produced cryptocurrency (C PESO) as a remittance and payment system for the local government and for potentially wider use in the future, notably for foreign direct investments and trade.

In a statement released to the media on Saturday, C Pass Inc.’s chief executive officer, Jaewon Kim, said that the C PESO has already been issued.

C PESO is classified as a “stablecoin,” or a cryptocurrency that attempts to offer price stability and is backed by a reserve asset, that people can buy and load onto their digital wallets. It is based on the blockchain technology of Ethereum and its implementation will be similar to that of “S-COIN,” a cryptocurrency system being employed in South Korea.

The coin can be used conveniently and safely in City Hall transactions such as paying business taxes, real property taxes, Bus Rapid Transit credits, among others, using either a web or app-based remittance and payment system, as well as in contactless transactions using QR codes and similar technologies.

Kim hopes the coin will help revitalize the economy of Cebu city.

“Founded in Cebu, C Pass Inc., through its subsidiaries engaged in the food and construction sectors, has been active in Cebu since the start of the pandemic and has taken part in emergency response and numerous humanitarian actions.

If all goes well, Cebu City will be the first local government unit in the Visayas to use cryptocurrency.” (via PNA)

SOURCE: Philippine News Agency