Cebu Studying Cryptocurrency For Use In City Government
CEBU STUDYING CRYPTOCURRENCY – Blockchain technology and the use of cashless transactions through cryptocurrency have been at their peak.
Cryptocurrency is taking the world by storm with giants such as Bitcoin and Ethereum gaining all-time highs. Likewise, the rise of the altcoin season is creeping in with massive gains to Non-fungible Tokens (NFT) and decentralized finance (De-Fi).
Currently, there is a massive inflow of retail investors and institutional bodies that are getting into the cryptocurrency space. As such, blockchain technology is rapidly integrated into daily use cases such as cashless transactions.
With this in mind, Cebu City Mayor Edgardo Labella signed a Memorandum of Understanding with C Pass Inc. With this, the government and C Pass would conduct a feasibility study for its native token “C Peso” on its use as a means of public transactions.
According to an article from Inquirer, Labella said:
Pagtuon pa lang ni ang atong pagabuhaton together with them because we want our citizens to have a convenient, business-friendly cashless option to settle their transactions with the City Government — sama sa business taxes, real property taxes, Bus Rapid Transit (BRT) credits, ug uban pa — pinaagi sa cryptocurrency
Furthermore Labella said this was already part of their preparation for the “eventual” economic resurgence from the COVID-19 pandemic. Additionally, the feasibility study would become a basis for future developments into more commercial use cases.
Unlike cryptocurrencies such as Bitcoin and Ethereum, C Peso is a “stable coin”. This meant that the value of the coin does not fluctuate. Meanwhile, you could buy the coin to load C Pass’s digital wallet.
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