With the growing number of exchanges sites, it becomes a very daunting task for the government to keep track of every company’s action and prevent it from any illegal use. In the purview of that, the government of Philippines has come forward to limit the number of cryptocurrencies exchange sites in the Cagayan Economic Zone Authority (CEZA) in the country’s northern tip, CEZA.
As per authority head, Atty. Raul Lambino, the Philippines has promising future in cryptocurrency landscape and further elaborated that,
“Within the next two years, we are looking at around $200 million in fresh investments from these blockchain projects. But within the next five years, we are expecting at least $1 billion”
The very intention behind this decision is to make the Philippines a much better place for the growth of blockchain and technology friendly area.
As part of the growth plan, Lambino is planning to improvise internet, by bringing in the 5G network in Cagayan and other infrastructure improvements such as increased international flights for convenient access.
Along with this, he has plans for creating ‘Technological Garden’, in Cagayan Valley, with the scenic Sierra mountain range.
The key players involved in the CEZA blockchain community are Hong Kong-based Chinese firms Changwei International Co., Ltd., State Trust Union Capital Holdings, and Xin Peng Group.
Others who have recently made their entrance are Asia Pacific Blockchain Association, Asia Premier International Ltd., AXN Holdings Ltd., Coin Bundle, Hachiman Technology Sdn. Bhd., Hong Kong Yuen Shing Hong Ltd., Hybrid Block, IPE Global Pte. Ltd., Madison Blockchain Strategy Investment Company