Philippines

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The Philippines government announced its plans to admit up to 10 blockchain cryptocurrency related companies to operate in the Cagayan economic region, a special economic zone in Cagayan Province, northern Luzon, in the Philippines. This step will allow the Philippines to create new employment opportunities for local citizens and take advantage of tax perks.

Filipino senator Leila de Lima wants to impose stiffer fines on the criminals who conduct a scam or other illegal activity using cryptocurrency, especially Bitcoin. She has presented a draft bill aimed at releasing an update of the country’s penal code.

As Bitcoin become more powerful and more widespread day by day, many countries are now considering the best ways of harbouring the cryptocurrency. The Philippines is the latest country to consider guidelines that will shape the development of a regulatory standard for Bitcoin.

Charna Coin, a cryptocurrency company, and Ubiquity Energy to invest $700,000,000 into solar stations in the Philippines, Peru, Brazil, Panama and Puerto Rico. The first solar station that will cost about $1,000,000 will be installed in Cotabato, Philippines.