Seeing a good market in the Philippines, Global Crypto Hub (GCH), a Bangkok, Thailand-based, company is promoting the use of cryptocurrency in the country with a series of events dubbed Crypto Show. As part of its plans in the country, GCH executives launched for the first time across the world their own token or digital currency called Usereum with an initial value of US$1 each.
Also part of its plans is the launch of an initial coin offering (ICO) in the Philippines. GCM CEO Shahin Pilli and founder/Director Jagdish Pandya demonstrated serious interest by opening on Monday (February 12), their GCM office in Ortigas, Pasig City.
“This will be a center where you can go, learn about cryptocurrency,” said Pilli, emphasizing that they want to educate Filipinos on cryptocurrency. “We are doing 15 hubs all over Asia this year. The one in Ortigas is the first to be developed,” he said of their Philippine office that cost US$50,000 to set up.
Pilli said they opened the GCH to provide training on different kinds of cryptocurrencies, emphasizing that it’s vital to educate everyone. “The future is digital technology,” said the GCH CEO. “We have witnessed the era where it started with coins, then paper, then credit and debit card, and now the cryptocurrency. All the real money will be no more.”
Pilli said the GCH is a center where they promote education on cryptocurrency as well networking where other crypto entrepreneurs can meet in their crypto space in Ortigas. “We want to start in Asia (in launching the Usereum token).” Pandya noted the growing interest in digital currency in the country.
“I consider the Philippines is very advance in accepting cryptocurrency,” he said, adding it is “their burning desire to make cryptocurrency a part of everyone’s life.” To realize their dream of spreading the use of virtual currency they have been undertaking Crypto Show programs in some parts of the world, he said, and doing it in Bangkok in August, Dubai in October, Malaysia in December, and India in January 2018.
In order to make our dream fulfilled we have a couple of programs, Crypto Show in last year in Bangkok in August, Dubai in October, Malaysia in December, and in India in January 2018. Pandya said they have other programs to create awareness among people, including the formation of an association of cryptocurrency professionals called CRYPA. “In order to achieve (our dream), we need the support of the people, government, and media.”
The GCH founder said they will also bring the Crypto Show to Davao City sometime in March as well as in Cebu, obviously to reach out to people in Mindanao and the Visayas. Pandya said they are willing to work with the government.
If there’s a need for regulatory regulations from the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) they will secure one to open their ICO to trade Usereum leveraging Blockchain technology. “We are also willing to have a dialogue with the Philippine government for the possible use of Usereum for public utilities, such as phone bill, taxi bill, gas, your day-to-day life,” he said.
The GCH executive sees a dialogue would also tackle cryptocurrency’s possible use for mode of payment for daily commodities and public utilities and for remittance tool for OFWs, what with millions of Filipinos working abroad.
“Millions of OFWs are working abroad. Consider even a thousand or a hundred dollar remittances from other parts of the globe, they are losing money a lot,” Pandya pointed out. Explaining further their plans about ICO, Pilli said they will only have $5 million in three months with one Usereum worth $1.
“On top of the token, a buyer during the pre-sale period will also have a 40 percent bonus. If you buy P1,000, you will get 40 percent more. That’s 400 tokens you will get,” he said.
Meanwhile, Joff Paradise, “cryptopreneur,” said during the Crypto Show that Filipinos do not have to believe what they were saying about cryptocurrency or virtual money because in the final reckoning each will be responsible for themselves.
“Read the White Paper (on Blockchain and cryptocurrency. Do your due diligence,” he underscored. “Educate yourself on Blockchain and cryptocurrency.”