With the latest Filipino-Japanese partnership, it promises to offer cheaper remittance costs for Filipinos in Japan, as part of an ambitious project based on a cryptocurrency called Noah Coin, says one of its advocates.
According to the Noah Coin website, Filipinos in Japan will soon be able to remit through Nippon Pay in Japan to an electronic wallet in the Philippines provided by Filipino firm Satoshi Citadel Industries.
This will cut remittance costs for a P10,000 money transfer to 2 to 3 percent, from 10 percent.
“Noah Coin can make that happen, meaning to simplify the process. I thought that’s something to be supported,” cryptocurrency evangelist Tadashi Izumi said in an exclusive local show in Manila.
Noah Coins were sold in an initial offering last month. According to its website, it can be used as currency at Dakak beach resort in the southern Philippines while the remittance component will be operational by the third quarter.
Furthermore, as stated in Noah’s website, the cryptocurrency is envisioned for use in a Manila Bay development called Noah City by 2023.
Amid the overseas outcry over tight regulations of Bitcoin and other crypto value, due to these Filipino regulators have urged the public to be cautious when using crytocurrencies, citing volatile swings in its value.
At least one lender, UnionBank, said it would use the blockchain platform for bitcoins and other cryptocurrencies, for its payment system.
Izumi said the $530-million hack on Japanese exchange Coincheck was a “wake up call” for cryptocurrency stakeholders to be more careful.
“Japanese regulators put in place regulations of their own with the aim to protect consumer,” he said.