TAGUIG, Metro Manila — Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Sec. Raul Lambino sings praises of blockchain technology in front of global business leaders, entrepreneurs and HR executives at ASEAN HR Tech Venture Summit 2018 yesterday.
“One of the most amazing technological advances of our time this century is the invention of cryptocurrency and blockchain,” said Secretary Lambino.
Lambino stated that blockchain can be considered as the progeny of digital technology. During the event, the CEZA chief revealed his confidence in the technology, which “cannot be controlled by a handful of powerful organizations.” He assured that the technology is not controlled by any monopoly; therefore, no big entrepreneur owns the technology and no global imperialist will dictate how a person must act online.
“In using blockchain, you are creating your own record of transactions, without ever surrendering your identity to anyone. This is for me the is the infinite promise of democratization of technology.”
Since launching the first blockchain summit in the country 4 months ago, 80 fintech locators have applied for a license. Since then, CEZA has already issued 17 provisional Financial Technology Solutions and Virtual Currency (FTSOVC) licenses to companies offering blockchain solutions and virtual currency exchanges (crypto-to-crypto) that are set to be built in the economic zone once the facility hub is complete. In the meantime, fintech companies can temporarily work from CEZA’s offices in Bonifacio Global City.
Lambino added that “CEZA has already committed resources to develop its own fintech solutions hub.” The economic zone has partnered with Northern Star Corp., LR Data of the First Cagayan Leisure and Resorts Corp. and I-Wave to invest $100 million over the next 10 years to develop fintech centers, which will include a cyber park, the first blockchain university in the country, and an information hub.
Sec. Lambino also announced the launch of asset-backed tokens that will be offered in CEZA before the year ends.
However, in another statement, Lambino declared that “no one will be allowed to invest or trade in the ICOs by blocking the Internet Protocol or IP addresses of the exchanges,” to protect the investing public against potential fraud.
“We do not want the Philippines to be a haven for scammers even if these scams are happening abroad. That’s why through our probity and integrity check we can determine if their transactions are just designed to entice unsuspecting people to invest in bitcoin or whatever crypto coin that is a fraud,” Lambino added.