In a driven offer to make the Philippines as Asian money related innovation (fintech) capital, the administrator of the House Committee on Ways and Means on Monday documented House Bill (HB) 7864, or the Blockchain Technology Development Act.
Albay Rep. Joey Sarte Salceda said his bill means to guarantee that blockchain innovation is legitimately perceived and directed in the nation.
“Blockchain is actually more than just cryptocurrency. At the heart of blockchain is 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,” Salceda said.
With blockchain, Salceda said he expects exchange costs for cash moves and other monetary administrations to be less expensive 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, better records management in Philhealth and better distribution of social benefits,” Salceda included.
Blockchain, or circulated record innovation, is a strategy for passing data starting with one terminal then onto the next in a completely computerized and secure way. One gathering to an exchange starts the cycle by making a square.
Salceda said this square is checked by thousands, or even a large number of PCs conveyed around the net. The confirmed square is added to a chain, which is put away over the net, making an interesting record, but an extraordinary record with a novel history.
He included the way that blockchain conveys exchange narratives over the net is a motivation behind why it is utilized for digital forms of money like Bitcoin.
“Blockchain can be applied across so many areas in both the public and private sectors. I want us to grab the opportunity to be a hub for this development,” said the legislator.
The measure recognizes the allowed and confined employments of blockchain innovation while building up the Bangko Sentral ng Pilipinas (BSP) as the strategy making and administrative office for the utilization of blockchain in the monetary area.
It additionally empowers the utilization of blockchain in the more extensive economy and the utilization of blockchain innovation in human improvement programs.
The measure additionally delivers blockchain use from overregulation by nearby governments; and investigates the utilization of blockchain in the National ID framework.
Prior, Salceda said that he plans to lead the charge in Congress for strategies that will make the nation a center point for money-related innovation firms escaping Hong Kong because of severe guidelines, and Singapore and Shanghai because of oversaturation.
“We have a large untapped market of consumers of financial products. And we have an untapped labor force that could be trained to become skilled workers in this field. The Philippines is definitely in the game,” Salceda said.
Get the latest in Asian Bitcoin news here at Coin News Asia.