Huaren Capital had entered the Philippines’ business territory to expand its crypto mining business. But the Chinese firm has found another purpose on the sideways.
The crypto giant plans to launch a digitized version of Philippino Peso called “Digital Peso” in the first half of 2019, reported Inquirer. The coin, whose per unit value would likely be pegged to 1 Peso, would be a base currency of a proposed two-way remittance corridor between China and the Philippines.
Jeff Wang, the president of Huren Capital, confirmed the report during a press meet held on Wednesday, stating that they were speaking with potential partner-banks as well as Philippines central bank for their project. However, he refused to reveal the names of the banks, but recognize their plan for carrying the potential of reducing international transaction fees for the world’s third top remittance receiving country.
“In China, they have electronic payments systems like Alipay and WeChat Pay, so the transfer of funds is effortless,” Wang explained through a translator. “We understand in the Philippines, many Filipino citizens don’t have a bank account, and when they transfer funds from one country to another or from one place to another, there’s always a high remittance fee incurred, so we are working towards reducing that kind of cost for the average Filipino citizen.”