If all goes well, Cebu City will become the first Local Government Unit in the country nga mudawat og cryptocurrency as payment for business and real property taxes
Niadtong Merkules, April 14, mipirma si Mayor Edgar Labella sa kasabutan nga tun-an sa atong Hara nga Dakbayan, uban ang pribadong’ company nga C PASS, INC., ang feasibility niini nga plano.
Mayor Edgar Labella and Jaewon Kim with the customary handshake after the MOU signing. Photo by Cebu City PIO
Ang C PASS usa ka Filipino-Korean partnership. Sila maoy mo issue sa cryptocurrency nga ilang gitawag og ‘C PESO’ nga base sab sa blockchain technology nga Ethereum.
Duna sab silay remittance and payment system nga migamit sa technologies and processes nga gigamit sab didto sa Korea. Kini mahimong gamiton sa City Hall aron sa pagdawat sa mga virtual and contactless nga bayad gikan sa mga magbubuhis.
The adoption of secure, reliable, and convenient technologies for our constituents is one such innovation. No more long lines, no more mass gatherings, no more monies physically changing hands.
As a stable coin, people can buy C PESO and ‘load’ unto their ‘digital wallets’ for use in virtual City Hall transactions using either a web-based or an app-based remittance and payment system, as well as in physical but contact-less transactions using NFC, QR code, and similar technologies.
L-R: City Administrator Floro Casas Jr., Lito Lee of HOTCHI SLR Corp., Mayor Labella, C PASS CEO Jaewon Kim, City Councilor Renato Osmeña, and C PASS president Bruce Kim. Photo by Cebu City PIO
While online payment methods are already employed by the City, the option to use C PESO adds to the ease of doing business with the city because it removes the inconvenience of having to visit a bank or a pera padala.
I understand from C PASS, INC. Chief Executive Officer Jaewon Kim that they’ve already issued the C PESO and that it is just waiting adoption. I also understand from him that he sees wider commercial use for C PESO in the future.
Ako sab. This can be used unya as credits sa atong nagpadayon na nga Bus Rapid Transit roll out. Dako sab ni siya og madala nga kaayuhan sa mga OFWs nga magpadala’s kwarta sa ilang mga pamilya dinhi kay wala nay conversion og dili maapektuhan og inflation.
