Finance and Crypto

Quick Peek at Crypto Valley of Asia in the Philippines

Many are not aware that the Philippines is a major hub for blockchain and cryptocurrency operators in a world-class center known as the Crypto Valley of Asia.

The building of the hub is a project of the Cagayan Economic Zone Authority (CEZA) in partnership with Northern Star Gaming and Resorts. Located in a 54,119-hectare countryside sprawl of the Cagayan Valley in Northern Luzon, the Crypto Valley of Asia (CVA) provides PAGCOR’s online gambling licensees, offshore fintech companies and crypto exchange and and blockchain operators a complete, world-class facility where they can carry out cryptocurrency transactions.

As a side note, this gives us enlightenment on how PAGCOR-licensed 918kiss, an online casino trusted by Southeast Asians, is able to offer online bitcoin gambling.

As a hub, CVA offers services and amenities, including living spaces to support business incubation, for acceleration and back offices for providers overseas virtual cryptocurrency exchange (OVCEs). CEZA has recently confirmed reports that CVA is now home to 25 Asian and European financial technology (fintech) firms, out of the overall 40 companies licensed by CEZA.

To further attract overseas fintech companies to establish their virtual currency operations in the Philippines, CEZA and Northern Star Gaming and Resorts, have embarked on a project that will see the establishment of an airport dedicated to serving CVA licensees.

Type of Cryptocurrency Licenses Offered by CEZA

CEZA has two types of licenses to offer businesses engage in cryptocurrency operations and services. One is a principal license called “Offshore Virtual Currency Exchange (OVCE)” that permits licensees to bring their offshore fintech operations and cryptocurrency exchange activities companies in the Philippines. The second type of OVCE poses as a regular license as it restricts offshore fintechs to conduct only crypto exchange transactions.

On its part, the Central Bank of the Philippines (Bangko Sentral ng Pilipinas) has already granted license to thirteen (13) offshore fintechs to operate in the country as cryptocurrency providers, exchangers and/or blockchain technology operators.

To help the Philippines establish itself as reputable and reliable market for crypto assets, the International Monetary Fund has been providing the BSP with technical knowhow and training about blockchain technology and cryptocurrencies.

Credit Cards, Debit Cards And Cryptocurrency Credit Cards

Frequently, credit cards get a negative reputation. However, they could actually be a good financial tool as long as you make wise and responsible use of it. In doing so, you could make the most of the nearly limitless rewards and perks that comes with it.

Traditional Credit Cards

Quite literally, a credit card is a plastic card, whereas some are made of metal, which you could utilize to obtain loans form financial institutions or credit unions so as to make purchases or payments. With each purchase or payment you make using your credit card, you are basically taking out a small loan. If you are able to settle your credit card payment on time and in full at the end of each month, there will be no interest charge. Isn’t that just wonderful? If you have an American Express card, you might want to check out americanexpressconfirmcard.live to confirm your card and start using it.

While you don’t pay any interest charge with full- and on-time payments, a missed payment will of course mean you paying the interest charge, which could be very expensive. But then again, on the upside, you have until the end of each month to pay your credit card bill and still be offered a numerous perks and rewards that could me extremely useful and even practical for consumers. Let’s have a quick look at three of the plus side of credit cards.

  • CONVENIENCE. With a credit card or a debit card, you don’t have to be concerned about how much cash you carry with you. While they are a convenient means to pay for things, you have to keep track of your spending so you would be able to pay it off easily.
  • BUILD UP GOOD CREDIT RATING AND HISTORY. Making use of a credit card and paying them off on time will help build up your credit rating and history. So that in the event you need to borrow a bigger amount of loan from a financial or lending institution, you will have a better chance of being approved a loan.
  • MEMBER PERKS. If you are a very smart shopper, you could pick out from an extensive scope of cash backs or discounts which are based on the purchases you’ve made.

Cryptocurrency Credit Cards

With the rise of digital currencies, cryptocurrencies are now also used as mode of payment in many markets. And with the increase use of cryptocurrencies, developers have also innovated credit cards and debit cards for these digital assets. Similar to traditional credit cards and debit cards, cryptocurrency credit cards and debit cards works almost the same way and have their own set of benefits. Below are three:

  • MAKE PAYMENTS AND PURCHASES. Cryptocurrency credit cards and debit cards allow users and holder of cryptocurrency to make payments and purchases for daily activities like bills payments and shopping.
  • MONEY TRANSFER. With crypto credit cards and debit cards, user could do money transfers any time and place in the globe.
  • HOLD VARIOUS CURRENCIES. Unlike traditional credit and debit cards, these types of cards allow its users to hold various currencies such as USD, EURO and more.