C PESO Stablecoin by Cebu’s C PASS to Launch Digital Wallet in Europe This March

• C PASS, the first-ever issuer of a peso-pegged stablecoin called C PESO, has been granted a license to operate its send-and-receive cryptocurrency operation in the European continent, with an official launch of the firm’s digital wallet set for March 2023.
• C Pass Inc. is a Cebu-based joint venture that signed an MOU with the city government of Cebu in April 2021 to develop the C PESO stablecoin for use in financial transactions to transition the local government unit to cashless transactions, including crypto, for payment of real property and business taxes, as well as foreign tourists and small and medium local enterprises.
• C PASS is also preparing to get an electronic money issuer license in both the Philippines and Europe and has met with Central Bank officials in the Philippines regarding obtaining a VASP license. Currently, C PASS users in the Philippines and Europe can send, receive, and swap cryptocurrencies including Bitcoin, Ethereum, XRP, USDT, C PESO, and others.

C PASS, the first-ever issuer of a peso-pegged stablecoin called C PESO, has secured a license to extend its send-and-receive cryptocurrency operation on the European continent, the virtual asset firm announced. 

“This will enable users to send, receive, and swap cryptocurrency within the European Union and those based elsewhere but transacting with clients there,” said Charlie Seo, C PASS Vice President. 

According to Seo, the official launch of the firm’s digital wallet on the continent will be in March 2023, together with the stablecoin. 

C Pass Inc. is a Cebu-based joint venture that has an existing Memorandum of Understanding (MOU), signed in April 2021, with the city government of Cebu to develop the C PESO stablecoin for use in financial transactions. 

The MOU was expected to allow the local government unit of Cebu City to transition to cashless transactions, on top of crypto, for payment of real property and business taxes, as well as foreign tourists and small and medium local enterprises.

According to Cebu City Vice Mayor Raymond Alvin Garcia, the stablecoin has entered the third stage of the Bangko Sentral ng Pilipinas’ (BSP) registration process for Virtual Asset Service Providers (VASP).

However, as of this writing, the firm is still not included in the Central Bank’s list of VASP license holders. Check out the list of VASP license holders freshly baked by BitPinas:

With this, C PASS clarified that its crypto operations in the country will still be limited until the BSP has granted the VASP license needed. As per Seo, their team has recently met with ‌ Central Bank officials regarding the matter. 

“We are preparing for the sandbox framework. It’s a BSP safety net. They will look at our systems and processes as we operate in real-time conditions,” he explained. 

In addition, aside from securing a license from the European Union and attending to the requirements needed to fully operate in the Philippines, C PASS implied that it is also targeting getting an electronic money issuer license in the two political states. 

Currently, C PASS users in the country and in ‌Europe can send, receive, and swap cryptocurrencies including Bitcoin, Ethereum, XRP, USDT, C PESO, and others.

As of the moment, the local government unit of Cebu City is still expressing its full support for the virtual asset provider. Garcia, who was also the chairman of the Committee on Finance and Appropriations and the Local Finance Committee in 2021, even mentioned that their city has been prepared since that year:

“We are looking forward to the eventual rollout. This is something we’ve been preparing for since 2021.”

This article is published on BitPinas: C PESO Stablecoin by Cebu’s C PASS to Launch Digital Wallet in Europe This March

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