The Cagayan Economic Zone Authority (CEZA) is a government owned and controlled corporation created by virtue of Republic Act 7922. The Cagayan Special Economic Zone and Free Port (Cagayan Freeport) is located at the country's northeastern tip, a strategic location for dynamic enterprise development.
The location is at the crossroads of international shipping lanes and is thereby open to a number of lucrative markets which include Japan, China, US West Coast, Hong Kong and Taiwan.
Last week (Thursday), CEZA and Sinosun Subic Bay Holdings Corp had signed an agreement for tourism development and a fintech centre or well known as financial technology centre, which will include blockchain centre, cryptocurrency mining farm, fintech start-up incubators and cryptocurrency exchange.
The Fintech described as “China Energy Construction” and according to the plans, it will be build a 20-megawatt power plant this year, regarding that as stated by the Sinosun chairman, Samuel Lim “cryptocurrency farming needs a lot of electricity”. (READ SO: ONLINE GAMBLING. CHINA GOVERNMENT WILL BECOME A VPN PROVIDER)
Despites this strategic alliance between Chinese’s and Philippines, various national government still having concern about potential volatility in the valuation of cryptocurrencies, and the potential for a lack of transparency in terms of the origin of fiat currency used to acquire virtual currency. However, some providers of online gambling services allow consumers to pay for them via cryptocurrency.
