Chinese company, Huren Capital, which originally entered the Philippines to expand its crypto mining business, has announced plans to launch a digitized version of the Philippine Peso called “Digital Peso” in early 2019. The coin, whose per unit value would likely be pegged to 1 Peso, would be a base currency for a proposed two-way remittance corridor between China and the Philippines. The company is now engaging with potential partner-banks as well as Philippines central bank for approval of their project.
Jeff Wang, President of Huren Capital said: “In China, they have electronic payments systems like Alipay and WeChat Pay, so the transfer of funds is effortless. We understand that in the Philippines, many Filipino citizens don’t have a bank account, and when they transfer funds from one country to another or from one place to another, there’s always a high remittance fee incurred, so we are working towards reducing that kind of cost for the average Filipino citizen.”
He also said that Chinese people and companies working in the Philippines are also potential business customers and that opportunities for them would be open as for Filipinos.
Huren Capital established its headquarters in Manila, the capital of the Philippines, following the successful visit of Chinese President Xi Jin Ping to the country. The Philippine government said that it was open to blockchain initiatives and Wang decided to establish Huren Capital in the Philippines special economic zone.
Discussing the decision to establish the company, Wang said: “The Philippines regards blockchain innovation as a national strategy, providing a large number of preferential policies and services to related companies, and solving the regulatory problems faced by the blockchain industry.”
According to Wang, they are now seeking a regulatory approval for their digital peso project from the Bangko Sentral ng Pilipinas (BSP). Also, they expect to finalize their partnerships with the local banks at the start of 2019 while aiming a full-fledged launch before June.