‘Dawn’ of ‘crypto currency’ in PH?

  • Written by Paul M. Gutierrez
  • Published in Opinion
  • Read: 956

AS interest in ‘bitcoin,’ on ‘crypto currency’   starts to gather steam even here in our country --
kahit mga kamag-anak ko nagsisimula nang ‘mag-invest’ dito -- we got word that one of Japan’s leading
“crypto currency evangelist,” Izumi Tadashi, is setting his sight on pooling investors’ money thru
this new financial facility and spend it on new Japanese investments in the Philippines.

According to the brief passed on to us, the money would be used to finance real estate,
tourism, renewable energy, and organic farming, among others, especially in Mindanao, which is high
on Pres. Digong’s “priority areas for development.”
The NOAH Ark Coin (NOAHCOIN) will be introduced in Japan by midyear as an Initial Coin
Offering (ICO), and will be used both as a funding source and eventual digital currency for a number
of projects being developed in the Philippines:
A mixed-use resort development in Mindanao will include, among other features, an assisted-
living facility; residential real estate in Metro Manila; an organic agriculture program for farmers
in Mindanao; and renewable energy projects in various locations around the country.
Although the primary focus of the ICO is as an investment opportunity exclusively for
Japanese investors, the NOAH Ark Coin infrastructure will provide, as a coincidental benefit, a
secure, fast, and virtually cost-free remittance facility for Japan-based OFWs, through Noah’s
partnerships with the well-known Nippon Pay in Japan and Philippines-based block chain technology
provider SCI, in conjunction with tech developers Ark Systems Technology.
Private investment from Japan has declined sharply since the beginning of the Duterte
administration, mirroring the drop in commercial investment, but for different reasons.
Whereas at least some of the cooling in business investment is attributed to policy
uncertainty, the drop in private investment is due mainly to frustration with the financial
environment for ordinary Japanese citizens.
Lacking safe and profitable opportunities to invest, many Japanese simply hold cash at home,
so that much of Japan’s investment potential is untapped.
Although naturally cautious, Japanese investors are eager to explore investment
opportunities, and tend to take a long-term view of potential returns.
The Philippines is highly regarded as perhaps Asia’s last green field by most Japanese: it is
perceived as a country having a strong economy but underdeveloped in comparison to other high- return
markets like Hong Kong and Singapore, and thus promises solid returns over the long term.
Because similar investment programs have been met with high demand, Noah developed the NOAH
Ark Coin plan to tap this financial potential, benefiting the Philippines in an entirely risk-free
way, as the ICO will only be offered to Japanese investors.
This is in part because of the opportunity the Japanese market offers, but also because
compared to the Philippines and even countries like the US, Japan is comparatively better developed
in terms of regulatory and financial sector management of the fast-growing crypto currency
But take note, dear readers: ‘Crypto currency’ in any form, despite its enormous potential,
is an admittedly risky business, subject to a great deal of investor skepticism, much of it deserved
due to past cases of poorly designed or managed ICOs, and in a few instances, regrettable cases of
outright fraud.
To ensure NOAHCOIN’s success with cautious Japanese investors and ever tightening regulatory
scrutiny of the industry, NOAHCOIN’s creators have diligently sought to build security and
credibility into their ICO before it is even introduced, beginning with the selection of one or more
of the best performing and most secure exchanges, which impose strict technical and financial
requirements on prospective new coins.
Unlike many other ICOs, whose returns are dependent on the coins’ trade value as exchange
market securities, NOAHCOIN is classified as a token coin, one whose primary purpose is something
more substantial than a simple trade instrument; for example, among the other benefits it will
provide to investors, NOAHCOIN can be used to claim special incentives, products, and services within
Noah’s developments here.
Like other crypto currencies, NOAHCOIN will eventually be available to traders from the
Philippines and other countries in limited quantities through the crypto currency market, but the ICO
will only be offered in Japan.
Apart from a demanding list of technical requirements new coins must satisfy before being
accepted for listing on a reputable exchange, the exchange also requires that the ICO-issuing
companies be government-licensed; NOAHCOIN is backed on that account by Nippon Pay’s license from the
Bank of Japan, and once it is approved, a license as a remittance facility here in the Philippines.
This is mainly necessary to provide a properly regulated technical platform to allow the
smooth transfer of invested funds from Japan to the Philippines, and is primarily intended for use
between Japanese investors at home and Japanese businesses here; its availability as a remittance
channel for OFWs in Japan is largely coincidental, but a happy added benefit to the main program.
Development of the necessary technical infrastructure for NOAHCOIN, which includes the
creation of secure digital wallets, the actual creation of the digital coins – which are the result
of complex mathematical operations – and integration of the NOAHCOIN distributed ledger, otherwise
known as the block chain, with the ‘Ethereum crypto currency platform’ is ongoing while the final
necessary government licenses and regulatory clearances are being secured.
If all goes according to plan, the ICO will be launched by mid-year.
Abangan na lang natin!
Meanwhile, “congrats” to new NAIA district collector, Atty. Vincent Maronilla and new Port of
Manila district collector, Atty. Vener Baquiran, who, finally, were given their official designations
approved by DoF Secretary, Carlos Dominguez, last Tuesday.
Kumbaga, wala na silang “aabangan” dahil natapos na ang kanilang “paghihintay,” hehe!
But prior to this, Customs Commissioner Sid Lapeña’s repartee is: “The ‘one-strike’ policy
remains,” of whom the ‘first casualty when Comm. Sid took office last August 2017 was none other than
Collector Maronilla.