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- C PASS, the issuer of the first peso-pegged stablecoin called C PESO, has been granted a license to operate cryptocurrency send-and-receive operations on the European continent, with the official launch of the company’s digital wallet set for March 2023.
- C Pass Inc. is a Cebu-based joint venture that signed an MOU with the city government of Cebu in April 2021 to develop the C PESO stablecoin for use in financial transactions to transition local government units to cashless transactions, including crypto, for payment of real property and business taxes, as well as tourists foreign and local small and medium enterprises.
- C PASS is also preparing to obtain an e-money issuing license in both the Philippines and Europe and has met with Central Bank officials in the Philippines to obtain a VASP license. Currently, C PASS users in the Philippines and Europe can send, receive, and exchange cryptocurrencies including Bitcoin, Ethereum, XRP, USDT, C PESO, and others.
C PASS, the first issuer of a peso-pegged stablecoin named C PESO, has secured a license to extend its cryptocurrency sending and receiving operations on the European continent, the virtual asset company announced.
“This will allow users to send, receive and exchange cryptocurrencies within the European Union and those based elsewhere but transact with clients there,” said Charlie Seo, Vice President of C PASS.
According to Seo, the official launch of the company’s digital wallet on the continent will be in March 2023, along with stablecoins.
C Pass Inc. is a Cebu-based joint venture that has a Memorandum of Understanding (MOU), signed in April 2021, with the city government of Cebu to develop the C PESO stablecoin for use in financial transactions.
The MOU is expected to enable Cebu City local government units to switch to cashless transactions, on top of crypto, for the payment of property taxes and real businesses, as well as foreign tourists and small and medium-sized local businesses.
According to Deputy Mayor of Cebu Raymond Alvin Garcia, the stablecoin has entered the third phase of the Bangko Sentral ng Pilipinas (BSP) registration process for Virtual Asset Service Providers (VASP).
However, as of this writing, the company is still not included in the list of Central Bank VASP licensees. Check out the newly created list of VASP licensees by BitPinas:
With this, C PASS clarifies that crypto operations in the country will still be restricted until BSP grants the required VASP license. As per Seo, their team recently met with Central Bank officials regarding the matter.
“We are preparing a sandbox framework. It’s a BSP safety net. They will see our systems and processes as we operate in real-time conditions.” he explained.
In addition, apart from obtaining a license from the European Union and meeting the necessary requirements to fully operate in the Philippines, C PASS implies also targeting obtaining licenses for issuing electronic money in the two political countries.
Currently, C PASS users in countries and in Europe can send, receive and exchange cryptocurrencies including Bitcoin, Ethereum, XRP, USDT, C PESO and others.
Until now, the local government unit of Cebu City has expressed its full support for this virtual asset provider. Garcia, who is also the Chair of the Finance and Allocation Committee and the Regional Finance Committee for 2021, even said that their city had been prepared since that year:
“We are looking forward to the eventual launch. This is something we have been preparing for since 2021.”
This article was published on BitPinas: C PESO Stablecoin by C PASS Cebu to Launch Digital Wallet in Europe This March
Disclaimer: BitPina articles and their external content are not financial advice. The team serves to deliver independent and impartial news to inform crypto Philippines and beyond.
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