The SEZT cryptocurrency the Philippines is planning to roll out inside the Cagayan Special Economic Zone (CEZA) aims to go global, as a key player in the project has revealed to Cryptovest.
Stepwyze.io CEO Todd Kandaris said that a recent discussion with representatives of CEZA administrator Raul Lambino had produced an agreement for SEZT to be used in other Philippine special economic zones (SEZs) and the rest of the world. Stepwyze.io is looking to sign similar deals with the other SEZs.
Kandaris said:
“The SEZT represents a value proposition for the creation of a digital economic ecosystem, specifically tailored for the use of blockchain applications, and to provide a utility token as the medium of exchange, initially used within, and between qualified special economic zones globally.”
Stepwyze and CEZA have signed a memorandum of understanding (MOU) which outlines a forward-thinking approach to the integration of new technologies like cryptocurrencies and blockchain with SEZ plans and participants.
As Kandaris explained, Stepwyze.io will release a white paper, provide a team to support ICO member customers, and maintain a website to promote and manage all sales of the new coin. Stepwyze will be operating a principal license for a cryptocurrency exchange under which it will be authorized to sub-license additional exchanges to operate in CEZA.
Stepwyze.io will also create an automated and transparent reporting system utilizing an API to assist in the integration with current government systems to modernize and streamline the management of economic activity within a given zone.
He went on to say:
“We believe that this can make Cagayan the next Silicon Valley or Singapore, fostering technology and development in the Philippines."
According to research by Stepwyze.io, there are at least 31 countries with SEZs, among them Bangladesh, the Cayman Islands, China, Cuba, Greece, Egypt, Ethiopia, India, Indonesia, Iran, Jamaica, Malaysia, Mexico, Pakistan, Panama, Poland, Russia, Thailand, Ukraine, and Vietnam.
In addition, many of these countries operate multiple SEZs within their jurisdictions, multiplying the potential for the inclusion of additional SEZT.io consortium members, Kandaris noted.
Kandaris concluded:
“As the political environment continues to favor the establishment of SEZs around the world, a shared medium of exchange makes a great deal of sense. As these SEZs trade with one another (and others), and share a common currency, they will reap many advantages, such as lower transaction fees, low-friction regulatory compliance, faster transactions (along with a reduced need to hedge currency volatility), and use of standardized contracts in the form of code (which are “self-enforcing” across geopolitical boundaries). Taking these advantages into account, the logic of forming a worldwide (SEZT.io) consortium comes into view.”
This article appeared first on Cryptovest
