It won’t be surprising if a public figure of high stature becomes most identified with the growing popularity of cryptocurrency in the country, especially if he has historically proven that his involvement in the thick of things could topple, for one, an allegedly erring regime.
Luis “Chavit” Singson, the key player in what became known as EDSA 2 and who a few years back ensured that Queen Pia Wurtzbach would take her final walk as Miss Universe 2015 right in his hometown, is in a good position to become the country’s face of the digital trade phenomenon with the launch his own Gold Chavit Coin or simply GCC.
Set for an early launch next year, this GCC virtual currency is part of his LCS (Luis Chavit Singson) Group of Companies’ efforts “to push more Filipinos to transact and pay through digital means.” It will also mark the company’s official jump into the financial technology industry.
A popular public servant and businessman who recently made headlines as the new franchise holder of Miss Universe Philippines, Singson stated: “Many Filipinos still have no access to a bank account which prevents them from saving for their future and participating in basic financial transactions such as simple payments. GCC aims to change all that by offering a ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad.”
By the middle of next year, LCS is bent on listing GCC in local cryptocurrency exchanges where “it can be traded for fiat money or other digital currencies.”
Virtual currencies are said to be used to pay for goods through internet and serve as investments given their fluctuating valuations.
According to Singson, a phone application for GCC payments will soon be introduced to actualize bill payments, along with online and in-store purchases with affiliate retailers and banks. The app is being developed with the assistance of Billing System Corp., a Japanese fintech company that previously developed the PayB payment app.
He explained: “We plan to leverage the entire LCS network in addition to partnerships with other vendors and firms. The purpose is to drive mass adoption, which in turn will increase GCC’s market value.”
Cryptocurrencies are based on distributed ledgers dubbed as blockchain. Here, data is stored in blocks and storage units are continuously updated and secured using cryptography. Having said that, data processes are decentralized, tamper-proof and transparent.
A group calling itself Blockchain Association of the Philippines was newly established to “provide entrepreneurs, corporate executives, and fintech professionals the information and guidance needed to implement this new technology effectively in their respective businesses.”
Blockchain use for small and medium- sized emter[rose (SME) financing highlights the technology’s crucial role in the growth of small- and medium-scale businesses in the country.
“Blockchain in the Philippines remains in its infancy, but it has tremendous disruptive potential that can help not only individuals, but also the economy as a whole by further expanding e-commerce access in the country,” commented Singson.
The beloved governor from Ilocos Sur, who is also known as a sports patron and zoo builder, recently graced the grand birthday party of his business partner Kazuyoshi Irizuki held last December 14 at the Cove in Okada, Manila.