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Albay Rep. Joey Salceda has authored and filed a bill proposing what he called a “blockchain tech” to make the Philippines Asia’s financial technoology capital.
The proposed measure, House Bill 7864 or the Blockchain Technology Development Act, seeks to legally recognize and regulate the so called ‘blockchain technology,’ his office said in a statement obtained by the Manila Standard.
Salceda, House Ways and Means Committee chair, said Blockchain, or distributed ledger technology, would enable the existence of cryptocurrency among other things, a method of passing information from one terminal to another in a fully automated and secure manner.
One party to a transaction initiates the process by creating a block, the statement said.
Salceda said “blockchain is actually more than just cryptocurrency. At the heart of blockchain is a technology that makes the storage and updating of records more secure. It also lowers transaction costs and is very difficult if not impossible to defraud.”
With blockchain, the lawmaker said he expects transaction costs for money transfers and other financial services to be cheaper for Filipinos.
“Blockchain is also very secure and the records are highly portable. That makes it a perfect tool for programs such as the National ID system, …
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