Remittance-friendly Digital Peso to launch in Philippines early 2019
One of the Chinese crypto mining firms has found itself a new purpose after entering the market in Philippines. The crypto giant is now on its way to launch a Peso-based cryptocurrency called “Digital Peso” that is to be pegged one-on-one to peso, and will be acceptable as a two-way remittance corridor between Philippines and its neighboring China.
According to the president of Huren Capital, Jeff Wang, they’re currently in talks with several banks, including the Philippines central bank, to enter in the potential partnership. He didn’t reveal the names of the banks yet, but did confirm that the new cryptocurrency will be made public in early 2019. Additionally, he stated that Digital Peso would allow to reduce international transaction fees.
The initiative of creating the Digital Peso in Philippines is especially popular, since most of the country’s citizens do not have bank accounts while transferring money between each other and different countries a lot. In such cases, high remittance fees always occur, and the Digital Peso is a crypto-solution aimed to ease the lives of the average Filipinos.