Filipino Lawmaker pushes for E-Pesos – an electronic equivalent for the paper Peso

Asia The Philippines

An “E-Peso Act 2014”  aiming to set up an “official medium of exchange or money for the internet,” is pushed for by a Filipino lawmaker and representative of the 5th District of Pangasinan, Kimi S. Cojuangco.

According to a report in the Philippine Star, Cojuangco would like the E-peso to become “the electronic equivalent to the paper peso,” and a legal tender within the Philippines.

According to the Act, the amount of E-Pesos in circulation in the first two years would not exceed 1 billion units and an equivalent of 1% of the total amount of Philippines’ pesos in circulation would be minted by the Philippines’ Central Bank in the first year of E-Pesos circulation.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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