CEZA CEO Lambino Spearheads CEZA Coin and Exchange Launch, Exclusively For Cagayan Zone
Cagayan Economic Zone Authority (CEZA) Raul Lambino spearheads Philippine’s economic zone transition to the digital currency format with exclusive CEZA coin and CZC Digital Currency Exchange.
The launch of the coin and an exchange exclusive to the zone will launch the Philippines internationally as a first adopter of the blockchain technology for purposes of industrial business transactions and cryptocurrency as the default media for such processes. The special economic area, earmarked for international economic activities is located in the northern edge of the island nation.
In the last week of June, Lambino had announced that the coin and exchange launch on the sidelines of the Pasay City, Blockchain Summit. However, he acknowledged that scammers are taking to blockchain technology and offering ICOs without backing it with any asset as collateral, thereby putting investors into high risk.
On the back of the coin launch, he has also announced the process underway to construct the regulatory framework for prevention of financial fraud in cryptocurrency domain, in the country.
Lambino charter crypto pathways
In many ways, Lambino as the Chief Economic Officer of CEZA is chartering new pathways for the Philippines to become a hub for cryptocurrencies and blockchain technology companies businesses in the region.
Lambino has lambasted the misuse of cryptocurrencies and the anonymity these coins offer as Ponzi schemes. He has become the synonymous as the voice of cryptocurrency in the county, Lambino has been critical of the blockchain technology being exploited by fraudsters. Earlier in the year, he said, “If they have ICO we will have to find out if their ICO is asset-backed because this we are saying, that there are many scammers. If they offer in the market their initial [digital] coin, they may be able to convince 50 unsuspecting investors and promise them the sun and the moon. This is a Ponzi scheme. We are not going to allow it.”
According to him, a typical Ponzi scheme is essentially a number of operating scammers who operate an exchange with very little or no capital and operate only the basis of victimizing investors.
He reiterates on public forums that the focus will continue to be on preventive measures so that scammers cannot take advantage of the environment. Towards this end, the authorities are considering introducing stringent integrity checks and probing backgrounds for their operations.
Apart from checking the integrity of the company launching the coin Lambino said the minimum requirement would be to ensure the company is registered with CEZA.
The CEO has also reiterated that the company will limit the exchanges to 25. The CEZA will offer 25 licenses for exchange and will also issue anywhere between 20 and 30 sub-licenses for traders as well as brokers, the IPA Chief.
Every crypto exchange is expected to bring in investments to the range of $1 million in the two years and will have back offices in the Philippines and will also be registered with the Securities and Exchange Commission.
Lambino’s initiatives have seen the steady adoption of cryptocurrency in economic activities in the country on a consistent basis. CEZA’s leadership in building legalized infrastructure for the launch of only asset-backed ICOs should arrest fraudulent practices.