The Cagayan Economic Zone (CEZA), famous for its skyrocketing rise in blockchain development, will become one of the first Asian regions to launch its own cryptocurrency in late July. The CEZA authorities intend for this new cryptocurrency to be used as an internal tool to carry out transactions within the same financial zone. According to CEZA’s head, attorney Raúl Lambino, an official ceremony will be held at the Hotel Edsa Shagri-La, in Mandaluyong, to inaugurate the signing of the blockchain digital transaction services license for the exchange of “CZC” from Apsaras Group. During this event, both the ‘Apsaras’ and the CEA will promote the CEZA cryptocurrency, as well as talk about the various blockchain projects that are being carried out simultaneously. The operations license will also help to authorize the region to become an incubator for blockchain projects, which will serve to initiate investigations and provide productions of distributed ledger products and applications.
Lambino stated at a press conference that only the ICOs backed by assets will be allowed to run on CEZA, as a measure to prevent fraud. In this regards, he also pointed out that
“Many ICO operators launch their fraudulent scheme with little capital to support victims; Therefore, if they have an ICO, we want to find out if it is backed by assets, as it is the best prevention alternative in face of the growing criminal and scam index. […] We do not want our country to become a paradise for crooks, even if these crimes already occur abroad. The previous week the authorities of the CEZA region began the delivery of special licenses for cryptocurrency exchange houses, obtained by registering and paying an annual fee to operate legally in the country.”
by Samuel Larreal