Once Appsolutely presents its new business model that dabbles in blockchain tech and cryptocurrency next month, it is confident that the Bangko Sentral ng Pilipinas will approve it.
Moving to the Blockchain
Speaking at a news briefing Appsolutely CEO Patrick Paul Palacios mentioned that the BSP is looking more into clarifying how the blockchain technology will be used to facilitate its main rewards and loyalty business, an industry where Appsolutely claims to be no. 1. Moreover, the BSP wants clarity on how users of their platform will be protected against fraud.
Appsolutely is building Loyal Coin, a reward and loyalty program built on the blockchain. Merchants and Customers will use the Loyal Platform to give or earn rewards. Whatever rewards a user gets from one merchant can be used on another merchant that is also participating in the platform. Loyal Coin wants to ease the friction between the different loyalty programs we have right now in the Philippines. The Loyal Coin will be built on the NEM Blockchain.
The BSP and Cryptocurrency
The BSP has issued Memorandum Circular No. 944 concerning cryptocurrency use in the Philippines. Specifically, it wants to protect the injection of fraudulent money in the Philippines through the use of bitcoin sites in the country.