December 17, 2018. Filipino politician and former governor of the province of Ilocos Sur, Philippines, Mr. Luis Crisologo Singson, better known as Chavit Singson, is launching his own coin together with his own company LCS Group of Companies. The token is expected to launch early next year and is expected to push Filipinos to transact digitally.
Mr. Chavit Singson’s coin, called Gold Chavit Coin (GCC) will also mark his company’s entry in the financial technology industry. In a statement that was released on December 16, 2018, the company plans to work with local cryptocurrency exchanges in the hopes of making the token tradable to fiat and other digital assets.
“Many Filipinos still have no access to a bank account, which prevents them from saving for their future and participating in basic financial transactions such as simple payments, … GCC aims to change all that by offering [an] ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad.” – Mr. Chavit Singson, Founder, President and Chairman, LCS Group of Companies
According to Mr. Singson, aside from the GCC token, his company is also working on a mobile application that will let its users pay bills, online payments, and in-store purchases together with affiliate retailers and banks. He said that they plan to leverage LCS’s network “in addition to partnerships with other vendors and firms, to drive mass adoption, which in turn will increase GCC’s market value,”.
The incoming mobile application is being developed by a Japan-based fintech company, Billion System Corp. Its Gold Chavit Coin (GCC), however, runs on ethereum and is an ERC-20 compliant token.
“Blockchain in the Philippines remains in its infancy, but it has tremendous disruptive potential that can help not only individuals, but also the economy as a whole by further expanding e-commerce access in the country,” – Mr. Chavit Singson, Founder, President and Chairman, LCS Group of Companies
It is not the first time a Filipino politician also taps on blockchain and cryptocurrency. International boxing superstar and also a senator of the Philippines, Senator Manny Pacquiao, is set to launch his coin PAC coin under GCOX. With this token, Pacquiao fans can get exclusive access to the boxing star’s life and even purchase limited edition merchandise.
This article originally appeared on BitPinas: Philippine Politician Chavit Singson To Launch Gold Chavit Coin