TagCash Receives E-Money License from BSP

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TagCash receives an e-money issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP) that lets the company pilot the offering of electronic money (e-money) using a permission-based blockchain platform for a period of 6 months.

Awarded on June 19, 2018, the license allows Tagcash to pilot for a period of 6 months the offering of e-money using a permission-based blockchain as the underlying platform.

  • Click HERE to go to the EMI license given by the BSP.

Founded in 2014 in the Philippines by Mark Vernon, Tagcash is a digital wallet developer that builds financial solutions through the blockchain. Through the Tagcash platform, one can create digital rewards, raise money, create custom tokens, or create non-fungible tokens.

With the authorization from the BSP, Tagcash is allowed to store money electronically within its wallet, which can then be used to cash in, cash out, pay bills, send remittances, or simply transfer money. Tagcash is promoting the blockchain as a way for different e-wallet services to communicate with each other. Each e-wallet in Tagcash can have their own database of users, transactions etc on their own blockchain node. The users of these “different” e-wallets can then transfer money from one another while at the same time, these e-wallet providers keep their database separate from each other.

With a permission blockchain, while there are central authorities that can be checked if private keys are lost, there is still no point to do fraud because all transactions (all movement of funds) are recorded and tracked.

Tagcash runs Multichain, a blockchain software forked from Bitcoin Core in 2015.

Source: TagCash

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