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Cebu City mulls possibility of C Peso cryptocurrency

CITY Mayor Edgardo Labella signed a Memorandum of Understanding with C Pass Inc. to conduct a feasibility study for the use of C Peso in the remittance and payment system for the public transactions in the city government.

“We are still conducting a study because we want our citizens to have a convenient, business-friendly cashless option to settle their transactions with the City Government like business taxes, real property taxes, Bus Rapid Transit (BRT) credits, and others, through the cryptocurrency,” said Labella.

The mayor added that this is in preparation for the “eventual” economic recovery from the pandemic.

The results of the feasibility study will be a basis for further development and how we can incorporate it into other commercial uses such as the BRT. 

The C Peso is a stable coin that can be bought to load into the digital wallet and is marketed to get rid of the inconvenience of having to visit a bank or to a “pera padala” for instance.

The value of the coin should not change regardless of inflation or fluctuation in the common currency. It will retain the same value over the years.

Labella said the study will center on the prospect of using C Peso as a web-based or an app-based remittance and payment system.

“Dako gayod ni og matabang sa atong low-income nga mga kaigsuonan, sa mga OFWs nga mag-remit og kwarta sa pamilya, sa mga turista, ug sa atong foreign investors. I look forward to the results of our feasibility study and the unfolding of this vision for Cebu City,” he added.