Topic: [Pre-ANN] E-Peso Coin (Philippines Government Backed Proposal) (Read 5459 times)

Nice...two alt coin projects for the Philippines. Goodluck

This could be a trailblazer in Philippine crypto currency scene. We should embrace and be ready for the future.

https://bitcointalksearch.org/topic/annepeso-e-peso-initiative-philippine-government-backed-827826

https://bitcointalksearch.org/topic/m.9318170

You can find it here, these guys are hired by by people who have congressional ties to the lawmakers.

Thats promising....hope politicians will not try to politicize this one...

LOL apparently country-themed coins are no longer dead...

Now they're official.

I think what they won't like is if it is truly decentralized, are the typically known properties of bitcoins, namely:

1. It's decentralized. They can fix this by centralizing production and mining, but #2
2. It's fungible, or no chargebacks, or not repudiable, or non freezable.

The legal system may not like #2, and if you fix that, then you lose all the properties of being a cryptocurrency.

Still, you have to hand it to the legislator of fixing most problems new coins have: all banks must have full peer to peer nodes. (Note, they it doesn't say they should have miners.)

That begs the question if there will still be PoW mining involved, or if it becomes Proof of Stake, then the banks and BSP will definitely have 100% of the coins, at the start.

The banks here don't "hate it literally"...anyone I talk to at the banks here have barely heard of cryptocurrency except what they might hear as background noise on the news... they just don't know enough about it, they need some education. The banks here make money from lending, mortgages etc. That won't change with the introduction of a cryptocurrency that matches the local Fiat. They would just be lending ePesos instead.

What changes is the dynamic of how things are paid for, which in this country is mostly cash. And also, VISA, Mastercard would not fare too well, but then use of credit cards is not that widespread yet.

  every new discovery start with a dream, but i think bank hate the concept of cryptocurrency literally

Asked by Dabs to post this here as well as Philippines area:

If the BSP don't work on the epeso I idea, I might do it anyway, just as an experiment to see if it can be done - These are the general ideas:

PoW / PoS (1 or 1.5%) coin
1 epeso = 1 peso
I billion premined, with option to add more in future as need arises, but mining is done centrally. You cannot just have everyone printing money..:-)
Very transparent Block Explorer - other sites will no doubt spring up showing the amounts that public personas/politicians have if they have shared their public address, otherwise rich list would show patterns anyway. In other words, some control of AML.
Network of computers (probably AWS) to handle PoS and Stability of network, double spend etc.
Coins transferred through Tagcash network with no costs in our out (via Bank), or via cash, via EC Pay network (7/11 etc), for which there is a 1% charge to get the money into the network to buy the ePeso (their charges not mine). Tagcash revenues come from flat fees from merchants who do over 100 transactions a month in epesos, pesos, points or actions like stamps in the stamp books etc
Remittances would be easier, as BTC can be purchased abroad and there would be ways to purchase ePesos on exchanges but the rate would be fixed for cashout to bank in Philippines, so exchange rates on external sites would not fluctuate too much. We would handle KYC and AML through Tagcash or an exchange we ourselves would create to convert between BTC and ePesos
The amount of money held in the bank in Pesos should equal the amount of ePesos in circulation, possibly under supervision of a bank or us if we obtain an EMI. However, operating as EMNSP under UnionBank or SecurityBank are also options.

We would make 1.5% of the coins in stock via PoS, which would pay for the overheads of computers to handle PoS and therefore stability of network. Over time, this would be dispersed and the holders of ePesos would be making 1.5%, including the banks who would offer to hold coins in exchange for say 1 to 1.2%. Banking would not really be affected too much, but transfers of money would be much easier using the system. Anyone without computers or smartphones can use Tagcash to transfer back and forth using SMS. If there is a need to introduce more money into the system, that can be done. If the BSP want to take over the operation that also is not a problem. The idea is to introduce it and see how it fares. As long as everyone can get money back from the crypto at the same rate they paid and no fees, then I foresee no real problems.

I will be meeting with the Banco Sentral regarding our EMI Banking application anyway in the next couple of weeks, so I can raise the idea then and get some feedback. I will also be meeting with various other Bitcoin/crypto businesses for any input.

And if anyone asks what is in it for us, that is easy to answer. We are building Tagcash.com as an alternative to Paypal here in Philippines (outside Philipines it is a loyalty/virtual currency platform), so we need to grow our network for digital cash, biller payments, load purchasing, as well as a network of sites we are creating that use Tagcash digital payments and points. We already have the system in place to take in money and pay out from banks, KYC implementation that was OK with the BSP, NFC, QR codes, ID system etc etc...

So there's a few ideas - anyone have any constructive criticism?..

EDIT:
After discussion, research and feedback, it is just not viable to introduce this, at least from my point of view. Way too much hassle for no return - I am sure when the BSP is ready to create something they will ask for advice from us and others involved, and I will be happy to help. Personally, I see it as years away. Way too many problems with AML, capital flight and acceptance.

Will be watching this. Once Bitcoin will go mainstream and mass adopted in the Philippines,

This idea implementation will not be so far-fetch in the country's setting.

The logo of this coin should be PNOY

watch this now.

thanks

i think ripple based coin is suitable for a country coin

Yep! The Philippines govt. surely going to be happy to outsource this project to some random guys on BTT .

All great discoveries began with a dream.

will watch this

Philippines Government?? lol, must be in your dream

+1 on this one...
I think the ripple/stellar approach is much more beneficial for this IMHO...

I think this E-Peso is more like ripple or stellar than bitcoin. I guess there would be no mining involved.

Actually, the BSP (Banko Sentral ng Pilipinas) seems to be against the idea of crypto currencies. Unless, of course, they can control it. PoS and they control all the nodes, and they control all the exchanges, and require everyone who buys to have a regular bank account or at least have verifiable government ID.

It might not even be mineable... depends on many things.