Solon seeks passage of E-Peso Act

By , on October 5, 2014

Shutterstock Photo
Shutterstock Photo

MANILA – A lawmaker is seeking for the passage of a bill that aims to create “E-peso” as a means of exchange for internet transactions.

Pangasinan Rep. Kimi Cojuangco, authors House Bill 4914, with the goal of creating an official exchange medium for the internet.

Cojuangco noted on the need to enact the bill as there is still no official money for transactions done over the internet.

“What exists is a patchwork of methods using traditional credit systems, which act in place of money on the Internet. The E-peso is the electronic equivalent to the paper peso,” Cojuangco said.

Her bill also seeks to legalize the use of E-peso for debts, taxes, goods and services and other transactions made through the internet.

Once the bill is passed, E-peso, which will be able in all banks operating in the country, will be recognized as the electronic legal tender.

The Bangko Sentral ng Pilipinas is also mandated by the bill to explore on the study of the “bitcoin and post bitcoin cyptocurrencies” technology to enhance the knowledge base of the E-peso.

The study will help in deciding which E-peso technology will be used.

“The BSP will also choose a system that uses peer to peer processing of the log chain and shall exert its utmost to leverage existing hardware being used by the other leading cryptocurrencies such as bitcoin,” the bill stated.