Singapore-based blockchain firm BCB Blockchain has signed a memorandum of agreement (MoA) with a branch of the Philippines’ Department of Science and Technology (DOST) to support the development of local smart cities. Per a Nov. 23 press release, BCB Blockchain contributed $300,000 to support incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD). Building smart cities and applications The joint initiative intends to facilitate the development of local startups focused on the creation of smart city projects and applications. Additionally, the company has reportedly …

Philippine Senator Grace Poe said that local lawmakers should not be in a hurry to pass financial technology (fintech) regulation. Local news outlet Rappler reported on Sept. 23 that Poe made her remarks after a hearing by the Senate Committee on Banks, Financial Institutions and Currencies. She said: “To most of our countrymen, this is alien to them, but in fact some of them have been availing of it through online lending. And without the proper information and education, a lot of them are actually victimized.” A field that needs studying Senator Francis Tolentino said during the same hearing that …

Cryptocurrency investment app Abra starts selling crypto for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay. Crypto in 6,000 outlets in the Philippines Abra announced on Sept. 18 that the partnership will bring crypto to 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The company says that the aim of the partnership is to make acquiring cryptocurrency easier: “Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why …

Philippine police have reportedly raided the offices of an alleged cryptocurrency scam that was targeting investors in China. According to a Sept. 15 report by local news outlet Inquirer.net, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on Sept. 11. Authorities reportedly received a tip from the Chinese Embassy, which claimed that the firm had already defrauded thousands of investors in mainland China. Immigration Commissioner Jaime Morente said that the Chinese government cancelled the passports of all the employees, …

Philippine boxing champion and celebrity Manny Pacquiao has launched his own cryptocurrency. On Sept. 1, the South China Morning Post reported that the Filipino boxer turned politician and singer launched his own token with the financial support of private investors such as ex-Liverpool and England soccer star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family. Listing on Singapore-based Global Crypto Offering Exchange The Pac token will be listed on Singapore’s Global Crypto Offering Exchange (GCOX), paving the way for his fans to buy merchandise and interact with him via social media. GCOX Founder …

In a bid to drive greater financial inclusion, Philippines-based UnionBank has launched a payments-focused stablecoin pegged to the Philippine peso. A report from PhilStar Global on July 26 revealed that the new, bank-backed cryptocurrency — dubbed PHX — is being implemented on UnionBank’s i2i platform. Rural banks and Philippines’ main financial network I2i is an acronym for island-to-island, institution-to-institution, and individual-to-individual and is the name given to the blockchain-based clearing system that connects UnionBank to rural banks in the country. Arvie de Vera, UnionBank’s senior vice president, has outlined that the UnionBank-issued PHX is designed to function as “a stable …

The Philippines-based UnionBank has successfully completed a pilot of a blockchain-based cross-border remittance from the Philippines to Singapore, according to a press release published on July 23. The pilot is the result of a partnership between UnionBank and Singapore-based OCBC Bank, wherein the parties deployed the Adhara liquidity management and international payments platform and UnionBank-UBX's i2i platform to make the remittance. To ensure financial inclusion for the unbanked Specifically, the bank used a blockchain-based tokenized fiat to remit from OCBC Bank to an account holder at a rural Cantilan Bank. The project thus aims to provide millions of unbanked Filipinos …

The Department of Information and Communications Technology (DICT) of the Philippine government has signed a Memorandum of Agreement (MoA) with U.S.-based blockchain firm Monsoon Blockchain Storage, according to a report by GMA News Online on June 19. The MoA reportedly stipulates that Monsoon is to act as a blockchain consultant and advisor to DICT, offering services such as cost-benefit and socio-economic analyses regarding blockchain solutions in the Philippines. DICT Acting Secretary Eliseo Rio Jr. commented on how the MoA will benefit the Philippines, saying it will “directly benefit our continuous effort to address the country’s issues on ease of doing …

Last week, Russian officials revealed plans to build a major financial center on an island in the Far East, which would cater to cryptocurrencies, among other things. Notably, the creation of special economic zones for crypto has been an enduring idea both in Russia — similar proposals have been previously made in regard to Crimea, a territory that is claimed by Russia — and the rest of the world. Here’s the list of countries that have been establishing special hubs for cryptocurrencies and blockchain on their soil. Bolshoi Ussuriyskiy offshore crypto zone and similar concepts in Russia The news that …

The governor of the Philippines’ central bank, Benjamin Diokno, has warned against the potential use of cryptocurrencies for terrorism financing and underscored that the Bangko Sentral ng Pilipinas (BSP) will continue to closely monitor their use in the country. The news was reported by local English language newspaper The Philippine Star on June 10. In addition to Diokno’s remarks, BSP Deputy Governor Diwa Guinigundo reportedly provided further insights into the institution’s stance toward cryptocurrencies during the launch of an unnamed book about bitcoin (BTC). Diokno ostensibly criticized bitcoin’s potential to function as a unit of account, medium of exchange and …

BitMEX Ventures has invested in a crypto exchange licensed by the central bank of the Philippines, the company announced in a news release shared with Cointelegraph on June 3. The release notes that the financial backing will help the Philippine Digital Asset Exchange (PDAX) develop a marketplace for digital assets beyond cryptocurrencies — including tokenized commodities, real estate equities and debt securities. The co-founder and CEO of PDAX, Nichel Gaba, says a limited infrastructure in the country has left consumers struggling to access financial products and services. He added: “Through digital assets and blockchain, we want to even the playing …

Payments services firm Bitspark is releasing a cryptocurrency pegged to the Philippine peso (PHP). The development was announced in a press release shared with Cointelegraph on April 25. Bitspark, a blockchain-based bankless money transfer solution, will launch a PHP pegged cryptocurrency for money transfers dubbed “peg.PHP.” The first company to use peg.PHP will reportedly be an Australian-founded technology start-up based in Cambodia, Okra Solar. Okra Solar, which provides off-grid solar solutions for remote regions, will deploy peg.PHP through Bitspark's payment network in the Philippines. The press release claims that this will be the first time when stablecoins will be used …