Philippine Stablecoin Launched By Smart Citi And Other Firms
Three foreign companies collaborate to launch blockchain projects to facilitate Philippine digitalization. Specifically, the partnership comprises Philippine-based Smart Citi Teknologi, US-based Marvion, and Hong Kong companies Coinlectibles Inc. and Xtreme Business Enterprise. They announced three Philippine blockchain projects for 2023.
The first is the “Philippine Stable Coin Project,” which will transform the national economy into a digital one. Second, the “Blockchain-enabled Membership Program for Sustainable Tourism” will build a Smart Island in Roxas, Palawan. Third, the “Investing in a Promising Future: Philippine Art and Heritage” project uses blockchain to promote the Filipino culture.
President Ferdinand “Bongbong” Marcos promised to promote the nation’s digitalization. Consequently, understanding these projects will show how far his vision has progressed. This article will elaborate on these Philippine decentralized network projects further. Also, I will explain key terms, such as blockchain and stablecoins.
Philippine stablecoin and other blockchain projects coming soon
- Philippine Stable Coin Project
- Blockchain-enabled Membership Program for Sustainable Tourism
- Investing in a Promising Future: Philippine Art and Heritage
1. Philippine Stable Coin Project
Photo Credit: beincrypto.com
Smart Citi Teknologi elaborated on the Stable Coin Project during an interview with the Philippine Star. SCT said, “The Philippine stablecoin project is a game-changing initiative aimed at revolutionizing the financial sector.”
It will provide a stable and reliable exchange medium to people without bank accounts. Also, it will serve those who need more access to financial services.
“The Philippines stablecoin is decentralized, meaning that transactions can be carried out directly without intermediaries, increasing transparency and ensuring security,” the SCT said. It will peg coins at a one-to-one-peso ratio to maintain their value.
Xtreme Business Enterprise CEO Julian So stated the project is a “measure to alleviate poverty and improve financial inclusion in the country.” Also, the XBE leader said it “eliminates the need for currency conversions and enables seamless cross-border transactions.”
2. Blockchain-enabled Membership Program for Sustainable Tourism
Photo Credit: vice.com
The second Philippine blockchain project involves creating a Smart Island in Palawan. SCT CEO Mario P. Marcos calls it North Verde Island, which will have its inauguration in September 2023.
“Our target date for the inauguration is September. We will try to expedite the process as soon as possible,” Marcos stated. The area spans 500 hectares and will have the following facilities:
- Smart hotel
- Entertainment hall
- Convention center
- Air taxi airport
- Sports center
- Administration and control center buildings
- Yacht club
- Airport
- Village hotels
- Golf country club and hotel
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Chief regulations officer of Marvion & Coinlectibles Joshua Chu explained the main goal of this Philippine blockchain project. “Through the use of blockchain, we aim to create a sustainable and forward-thinking development that will bring economic and social benefits to the region,” he said.
3. Investing in a Promising Future: Philippine Art and Heritage
Photo Credit: sunstar.com.ph
The third project involves building a European Auction House that will promote and export the beauty of Philippine arts and culture. “The Philippines is rich in art and cultural heritage, with many valuable items available for purchase through the country’s auction houses,” SCT said.
“The platform will help promote and support Filipino art and culture by enabling local auctioneers to reach more clients. As a result, it could “lead to improvements in preservation, appreciation, and recognition of local art and heritage.”
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SCT said it would adopt Environmental, Social, and Governance principles in its auction process. Consequently, the house would promote eco-friendly and sustainable transactions that preserve the future of auctioned assets.
What are blockchains and stablecoins?
Blockchains are decentralized computer networks well-known for supporting cryptocurrencies like Bitcoin and Ethereum. Unlike conventional networks, they do not rely on a single server.
Instead, multiple computers operate their main purpose and save their data. As a result, the network continues to function even if you shut down one.
Network changes usually require a majority vote among all members to prevent one from having greater control. Consequently, changes always serve members.
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Many believe cryptocurrencies are more secure than fiat money because it takes advantage of blockchain’s qualities. Unfortunately, their value is notoriously volatile.
Their price may drop by more than half in an hour and double in the next! In response, some experts pegged them to other assets, turning cryptos into stablecoins.
Stablecoins are only as reliable as their pegs. For example, the Terra network used complex algorithms to secure its LUNA stablecoin. Eventually, it significantly dropped in value, becoming one of the largest crypto scandals ever.
Conclusion
Four tech companies collaborated on a Philippine stablecoin and other blockchain projects. These will launch the country’s stablecoin, Smart Island, and culture hub.
The world is heading towards further digital transformation, and the Philippines is going in the right direction. Soon, these projects may bring unprecedented prosperity to the nation.
The Philippines has other ongoing digitalization initiatives. Learn more about them and more by following Inquirer Tech. Also, check it out for more digital tips.