C-Pass Inc Signs MOU to Eye Use of Its Crypto Coin C-Peso in Cebu City
C Pass Inc’s developed a “crypto coin” that is set to be used as a way to promote cashless payments in Cebu City.
C-Peso is a stablecoin, a type of cryptocurrency that is pegged to a fiat, in this case to the Philippine Peso.C Pass Inc. is a Cebu-based joint venture that has an existing Memorandum of Understanding (MOU), signed since April 2021, with the city government of Cebu to develop a stablecoin for use in financial transactions.
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.
“Once the process is completed, C Pass Inc. will begin to issue its stablecoin C Peso and launch its app-based and web-based electronic wallet that will enable users to purchase, send, receive and swap cryptocurrency and fiat money.”
Charlie Seo, C Pass Inc. treasurer
Garcia further noted that he also recently met with an Electronic Money Issuer (EMI) to discuss integrating the C Pass’ technology for real property and business tax payments in the City government.
Cashless transactions, according to Garcia, is the “way to go” as Cebu City aims to provide convenience to taxpayers; to support this, he even cited the experience they had during the height of the pandemic.
The Vice Mayor also highlighted that the city noticed some transactions in the city hall involving Filipinos abroad who already have ready access to cryptocurrency and prefer this system over online banks.
“Plain and simple, at the outset, we wanted a cashless system. But there are many platforms out there. So, we welcome any and all forms of cashless transactions such as GCash, Paymaya, C Peso, etc. We want something stable, convenient, secure and cost-efficient. Anything that makes us more business friendly.”
Cebu City Vice Mayor Raymond Alvin Garcia
Kim Jae-won, C Pass Inc. Director, disclosed that their stablecoin C Peso is based on Ethereum’s blockchain technology. He also added that their technology will “contribute to and revitalize the economy in Cebu City.” Kim also stressed that he sees opportunities for its wider use, beyond making City Hall payments.
The BSP, on the other hand, imposes a ban on VASP license applications in the next three years. This is according to the memorandum signed by Deputy Governor Chuchi Fonacier, which stated that companies will not be able to apply for a VASP license beginning September 1, 2022. (Read more: BSP Imposes Ban on VASP License Application)
This article is published on BitPinas: C-Pass Inc Signs MOU to Eye Use of Its Crypto Coin C-Peso in Cebu City
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