NEM teams up with the Cagayan Special Economic Zone, deal set to create waves

On 28th July, NEM Philippines announced its Memorandum of Understanding [MOU] with The Cagayan Economic Zone Authority [CEZA] at the Business Law Conference 2018 at De La Salle University.

This marks a significant step in the annals of cryptocurrency development especially with the CEZA recently placing stringent security measures to avoid unreliable cryptocurrency companies.

Ray Roquero, the Senior Deputy Administrator of the Cagayan Economic Zone Authority [CEZA] had earlier stated that:

“Philippines’ Cagayan economic zone seeks to provide attractive conditions for financial technology [fintech] and blockchain enthusiasts but screens the applicants thoroughly to avoid fly-by-night companies”

The Cagayan Special Economic Zone is known for its open-ended market scheme and trading policies that make it conducive for fintech companies to thrive. Reports show that the imposition of strict measures has reduced the rate of frauds considerably and the Philippines is trying to set itself as a shining example in the cryptosphere.

The entry of NEM into the Philippines market shows a massive shift in financial ideologies held by South Asian financial officials, say reports. According to sources, even though the CEZA is trying to propagate cryptocurrencies and blockchain technology, the Central Bank of Philippines is a stand out example of a government body that does not support the new wave.

NEM is a smart asset blockchain company that has been in the news quite a lot recently for its slew of developments and tie-ups. Recently, the company had also announced that it will be setting up two blockchain hubs in Australia and New Zealand. These hubs are going to be established with the goal to create education centers and cryptocurrency awareness clubs.

Jason Lee, the Expansion Director of Foundation, New Zealand and Australia said:

“We want to be able to attract software developers, startups and the wider blockchain community to explore and develop use case of the NEM blockchain technology platform.”

The NEM Vice President had also talked about a highlight reel earlier where he talked about NEM’s smart contracts and the future applications of cryptocurrencies. He had stated:

“The products that NEM and Catapult create is not just a step in the right direction for blockchain technology but also for mainstream public consumption.”

NEM’s partnership with the CEZA has been met with positive responses from users with Pedro, a Twitter user commenting,

“Woah! This was needed. @iotatoken @DavidSonstebo should be involved here.”

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