Online Blockchain, an eminent blockchain firm based in the United Kingdom, is set to introduce an all-new cryptocurrency in the Philippines. Called the ‘ManilaCoin’, this digital currency is meant exclusively for financial institutions in the Southeast Asian country.
Based on a report by Finextra, the company views this new cryptocurrency as a viable and efficient alternative for financial transactions. Free for usage and independent from the regulatory authority of governments and other bodies, the new form of currency gives Filipinos greater monetary autonomy in their day-to-day dealings.
“OBC is applying the tried and true strategy of thinking globally but acting locally.” Clem Chambers, CEO of Online Blockchain, said. “We are looking at different opportunities for crypto projects locally where we see a need and a community to serve. The Philippines is one of those.”
The introduction of the ManilaCoin aligns with movements within the local governments in favor of crypto technology and blockchains. Recent pro-crypto developments since April of this year have made the Philippines the center of attention for the blockchain and cryptocurrency industries.
Public opinion in the Philippines is seen to be more favorable towards crypto technology and blockchains as compared to its neighbors in the Southeast Asian region. Further lifting government interest in this new trend is a gap between the public and the financial services in the country. A lack of efficient banking and financial systems also helps to validate these new digitized currency formats in this country. Estimates report that as nearly ninety percent of the country’s public handle their monetary and financial transactions outside of banking systems.
ADVFN, the global financial services website, maintains a separate financial site catering to the Philippine market, known as Finance Manila. The website could grant wider channels of access for Online Blockchain when undertaking this move into the East Asian nation.
The post Leading Blockchain Firm Launches New Cryptocurrency for the Philippines appeared first on OWLT Market.
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