There was no law passed, it was just a bill proposed to try and introduce the E-Peso, which like many bills go absolutely nowhere.
The fact that someone anonymous wants to create this, with no clear indication of how it will be given out to Philippines citizens, and that mining can take place by anyone, will push this into oblivion. There is no way that the government would take it over when there is no clear path of where the coins were made or distributed. That's aside from the fact that the BSP have no regulations at all for crypto currency, but if this is abused, it may push the government into putting more controls and regulations in place that may impact on the future of Bitcoin and crypto currency in general. You can also be assured that the Bitcoin community already established in the Philippines will squash this in many different ways.
To do this successfully, you need stakeholders to support it from the start ie: BSP, banks and and a large community of merchants.
If this is to go anywhere, transparency is needed. Who is behind this (with real names and organization), how much backing there is, how much premine / instamine if any, and how exactly are coins given to the people, with ways to track that.
So, to the OP - who are you and what is your background in finance, business etc? It appears you are not even based in the Philippines and operate a P2P mining pool, which of course you can use to mine any coin you launch. This sounds like an opportunistic stab at taking advantage of the bill proposed here. At the moment, this is a coin that I would treat with extreme suspicion.
However, if you change the algo to a totally premined coin, with only PoS mining to keep it stable (a la Blackcoin), with a clear method of giving it ALL away to Philippines residents, and total transparency as to where the coins go, then I might support it. I am based here in Philippines, own various companies, including one that is a Paypal / Gcash competitor, and we talk with the BSP quite often. If you want this to go anywhere, do it properly. If not, then you will be damaging the future acceptance of crypto currency in the Philippines.
Topic: [ANN] e-Peso: the government-backed currency for the Philippines (launch 30-oct) - page 4. (Read 25980 times)
October 17, 2014, 09:52:54 PM
October 17, 2014, 05:23:25 PM
Be careful, this isn't official, read this carefully: "We're ready to work with them when they decide to adopt it officially and enforce parity with the Philippine peso." This looks to be another Mazzacoin, it seems official but it really isn't at all.
It seems like the Philippines passed a law to set-up an official e-currency but hasn't implemented anything. Someone somewhere found out about this and hopes via some miracle to be the coin the Philippines uses as the e-currency.
They don't understand the Philippines at all, obviously. A giant contract like this would go to a business group controlled by one of the 4 or 5 leading families who basically own 90% of the bloody country and all married to each other and never to random fellows on Bitcointalk . Outsiders haven't a chance at a look in.
It seems like the Philippines passed a law to set-up an official e-currency but hasn't implemented anything. Someone somewhere found out about this and hopes via some miracle to be the coin the Philippines uses as the e-currency.
They don't understand the Philippines at all, obviously. A giant contract like this would go to a business group controlled by one of the 4 or 5 leading families who basically own 90% of the bloody country and all married to each other and never to random fellows on Bitcointalk . Outsiders haven't a chance at a look in.
October 17, 2014, 12:23:01 PM
October 17, 2014, 12:14:52 PM
UPDATE: launch cancelled
re-quoting so it's visible
________________________________
e-Peso
The government-backed electronic currency for the Philippines
e-Peso is a peer-to-peer cryptocurrency made according to the specifications set by the Philippine House Bill 4914.
What currently exists in the Philippines is a patchwork of methods using traditional
credit systems, which act in place of money on the Internet.
The E-peso will be the electronic equivalent to the paper peso.
See on Philstar: http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act
We are launching this cryptocurrency so that the Republic of the Philippines can adopt a stable and robust cryptocurrency without having to start from scratch. We're ready to work with them when they decide to adopt it officially and enforce parity with the Philippine peso. This is advantageous to them as we'll bring promotion among crypto enthusiasts and investment into the currency thus making it easier for the Philippines to adopt it.
Websites: the ePeso web is online now!
http://epeso.co
http://e-peso.org
Links / social networks:
Twitter: @electronicpeso
Downloads:
To be announced at launch (30th october 2014)
Specifications:
Proof of Work algorithm: SHA256
Total coins: ~1 billion
Block target: 1.5 minutes (90 seconds)
Difficulty adjustment: every block (DigiShield)
Block reward halving every ~4 months (non-linear, recalculated every block to avoid big jumps in block reward)
All coins will have been mined after 2 years
Mined coins mature in 120 blocks
Premine: 15% to be distributed among Philippines citizens
When the Republic of the Philippines adopts the currency, the specifications can be altered to suit their needs.
Pools:
Exchanges:
Services:
There will be a block explorer and more services at launch
Contact:
If you want to collaborate send us a tweet or private message here on the forum
Twitter: @electronicpeso
IRC: #epeso on Freenode
We're looking for merchants interested in accepting e-Peso! get in contact with us if you want to accept it after launch.
Cheers!
re-quoting so it's visible
Shurugwi, in the aspects you've mentioned it's no different than other altcoins or Bitcoin itself. Placing the premine in escrow makes no sense, it has to be distributed according to our plan anyway (see how placing a premine in Moolah's hands worked out for Syscoin by the way...). And I've demonstrated I'm trustworthy with Spaincoin before and I wouldn't be taking any of the premine for myself.
Anyway, it doesn't matter any more because I'm cancelling the launch of this currency. With the lackluster support from the community and the lack of understanding about cryptocurrencies from the Ph govt, it's really not worth my time. I'd rather launch a cryptocurrency with some innovative features (you had a point there) and I do have a couple of good ideas I'll eventually execute.
Anyway, it doesn't matter any more because I'm cancelling the launch of this currency. With the lackluster support from the community and the lack of understanding about cryptocurrencies from the Ph govt, it's really not worth my time. I'd rather launch a cryptocurrency with some innovative features (you had a point there) and I do have a couple of good ideas I'll eventually execute.
________________________________
e-Peso
The government-backed electronic currency for the Philippines
e-Peso is a peer-to-peer cryptocurrency made according to the specifications set by the Philippine House Bill 4914.
What currently exists in the Philippines is a patchwork of methods using traditional
credit systems, which act in place of money on the Internet.
The E-peso will be the electronic equivalent to the paper peso.
See on Philstar: http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act
We are launching this cryptocurrency so that the Republic of the Philippines can adopt a stable and robust cryptocurrency without having to start from scratch. We're ready to work with them when they decide to adopt it officially and enforce parity with the Philippine peso. This is advantageous to them as we'll bring promotion among crypto enthusiasts and investment into the currency thus making it easier for the Philippines to adopt it.
Websites: the ePeso web is online now!
http://epeso.co
http://e-peso.org
Links / social networks:
Twitter: @electronicpeso
Downloads:
To be announced at launch (30th october 2014)
Specifications:
Proof of Work algorithm: SHA256
Total coins: ~1 billion
Block target: 1.5 minutes (90 seconds)
Difficulty adjustment: every block (DigiShield)
Block reward halving every ~4 months (non-linear, recalculated every block to avoid big jumps in block reward)
All coins will have been mined after 2 years
Mined coins mature in 120 blocks
Premine: 15% to be distributed among Philippines citizens
When the Republic of the Philippines adopts the currency, the specifications can be altered to suit their needs.
Pools:
- To be announced
Exchanges:
- To be announced
Services:
There will be a block explorer and more services at launch
Contact:
If you want to collaborate send us a tweet or private message here on the forum
Twitter: @electronicpeso
IRC: #epeso on Freenode
We're looking for merchants interested in accepting e-Peso! get in contact with us if you want to accept it after launch.
Cheers!
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