On 28th July, NEM Philippines announced its Memorandum of Understanding [MOU] with The Cagayan Economic Zone Authority [CEZA] at the Business Law Conference 2018 at De La Salle University.
This marks a significant step in the annals of cryptocurrency development especially with the CEZA recently placing stringent security measures to avoid unreliable cryptocurrency companies.
Ray Roquero, the Senior Deputy Administrator of the Cagayan Economic Zone Authority [CEZA] had earlier stated that:
“Philippines’ Cagayan economic zone seeks to provide attractive conditions for financial technology [fintech] and blockchain enthusiasts but screens the applicants thoroughly to avoid fly-by-night companies”
The Cagayan Special Economic Zone is known for its open-ended market scheme and trading policies that make it conducive for fintech companies to thrive. Reports show that the imposition of strict measures has reduced the rate of frauds considerably and the Philippines is trying to set itself as a shining example in the cryptosphere.
The entry of NEM into the Philippines market shows a massive shift in financial ideologies held by South Asian financial officials, say reports. According to sources, even though the CEZA is trying to propagate cryptocurrencies and blockchain technology, the Central Bank of Philippines is a stand out example of a government body that does not support the new wave.
NEM is a smart asset blockchain company that has been in the news quite a lot recently for its slew of developments and tie-ups. Recently, the company had also announced that it will be setting up two blockchain hubs in Australia and New Zealand. These hubs are going to be established with the goal to create education centers and cryptocurrency awareness clubs.
Jason Lee, the Expansion Director of NEM.io Foundation, New Zealand and Australia said:
“We want to be able to attract software developers, startups and the wider blockchain community to explore and develop use case of the NEM blockchain technology platform.”
The NEM Vice President had also talked about a highlight reel earlier where he talked about NEM’s smart contracts and the future applications of cryptocurrencies. He had stated:
“The products that NEM and Catapult create is not just a step in the right direction for blockchain technology but also for mainstream public consumption.”
NEM’s partnership with the CEZA has been met with positive responses from users with Pedro, a Twitter user commenting,
“Woah! This was needed. @iotatoken @DavidSonstebo should be involved here.”
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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