The Philippines has set an agenda to boost its Cagayan Economic Zone and Cagayan Freeport (CSEZFP) economy through financial technologies, including blockchain technology provided by BLX.
The Cagayan Economic Zone Authority (CEZA) administrator and chief executive officer, secretary Jaime R. Escaño has been engaging with CSEZFP officials from the local government of Santa Ana municipality, potential Taiwanese and Chinese investors, as well as the Department of Science and Technology.
Amid talks of hybrid electric road trains and other technological advancements, which the region is known for, have been talks of financial innovation through new technologies.
The blockchain technology that CEZA is going to utilize in its plans is provided by BLX, which is registered as a decentralized autonomous organization (DAO) in Wyoming.
CEZA’s reason for picking BLX was “transparency”. BLX has a public explorer, which should enable the public ledger to provide “unprecedented transparency into business transactions, including everything from payment and banking solutions to license applications”.
So, it’s safe to say that CEZA is going after regulation and licensing in the financial technologies (fintech) space.
Chief presidential legal counsel Juan Ponce Enrile said: “We must celebrate CEZA’s recent efforts to reinvent the Cagayan Freeport through further digitization. By doing so, CEZA will be an example to other regional locations in the Philippines who can also transform by utilizing technology and innovation. A revitalized CEZA will definitely attract investors and enterprises to invest and operate in the zone.”
It was Enrile himself who authored the act that led to the creation of the special economic zone back in 1995, so it comes as no surprise that he’s happy about the development in the region.
The multiple digitization initiatives are all aimed at expanding CSEZFP’s exposure to digital assets and attracting investors, giving the Philippines an opportunity to become a new crypto hub, similar to Dubai’s aspirations, for example.
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