Navy Reserve Unit Gets Disaster Response Equipment From Church Group

Nakikipagtulungan ang Navy Reserve Unit at simbahan para sa mas mahusay na pagtugon sa mga disaster relief efforts.

Budget-Friendly Ilocos Destinations Eyed To Lure More Visitors

Ang mga bagong budget-friendly na destinasyon sa Ilocos ay inaasahang magdadala ng mas maraming bisita sa mga susunod na buwan.

Kalbario-Patapat Natural Park: Haven For Nature Lovers, Adventurers

Kalbario-Patapat Natural Park, kilala sa mga nature lovers at adventurers, ay tahanan ng mayamang kagubatan at ang endangered na Kalaw sa hilagang Luzon.

Aparri Marine Research Hub To Boost Blue Economy, Coastal Livelihood

Sa pagtatayo ng marine research hub sa Aparri, may pag-asa para sa mas maginhawang kabuhayan ng mga tao sa pampang.

Cebu City Eyes Use Of Cryptocurrency

Residents of Cebu City may soon have the option of settling their City Hall transactions in cryptocurrency.

Cebu City Eyes Use Of Cryptocurrency

3
3

How do you feel about this story?

Like
Love
Haha
Wow
Sad
Angry

Residents of Cebu City may soon have the option of settling their City Hall transactions in cryptocurrency.

This after Mayor Edgar Labella signed a memorandum of understanding to jointly explore with C Pass Inc., represented by chief executive officer Jaewon Kim, the feasibility of the city using C Pass’ cryptocurrency and remittance and payment system for the city government at the city hall on April 15, 2021.

In a statement released to the media on Saturday, Kim said C Pass will immediately comply, adding that their cryptocurrency, ‘C PESO’, has already been issued.

He is confident that the city will see the advantages of their cryptocurrency and sees wider commercial use for it in the future.

C PESO, Kim said, is a stable coin that people can buy and load onto their digital wallets. It is based on the blockchain technology of Ethereum and uses the same system employed in South Korea.

The coin can be conveniently and safely used in virtual City Hall transactions -such as paying business taxes, real property taxes, Bus Rapid Transit credits, among others- using either a web-based or an app-based remittance and payment system, as well as in physical but contactless transactions using QR code and similar technologies.

Kim assured that it will “contribute to and revitalize the economy in Cebu City.”

He sees opportunities for wider use of the safer and more stable system beyond making City Hall payments. He foresees its use in foreign direct investments and trade.

Founded in Cebu as a Filipino and Korean enterprise, C Pass Inc., through its subsidiaries engaged in the food and construction sectors, has been active in Cebu since the start of the pandemic. It has taken part in emergency response and numerous humanitarian actions.

If the exploration of its use goes well, Cebu City will be the first local government unit in the Visayas to use cryptocurrency. (PNA)