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A Southern Philippines lawmaker has decided to make use of blockchain technology and digital currencies to transform the island of Mindanao into a fintech and tourism hub.
Often considered to be a neglected region due to the Manila-friendly national policy, the island is set to be the first region in the country to be powered by blockchain and cryptocurrency technology.
The congressman of the first district of Zamboanga del Norte, Seth Fredrick “Bullet” Jalosjos, excitedly highlighted the high potential of Mindanao for technological innovation.
Speaking to Cryptovest he said:
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We are very hungry and very thirsty for something like this to come out of the most neglected islands of the Philippines. This will be a game changer in our country.”
He also expressed optimism with regards to boosting the region’s tourism through the use of tokenized payments.
Under a collaborative partnership with Noah Foundation, a charity organization powered by blockchain technology, the local government authorities in Northwest Mindanao have launched Organic Cosmena 2020.
This initiative is aimed at transforming the region’s agricultural production into organic production by the year 2020.
First-of-a-Kind
Among its most outstanding highlights is the fact that the program is the first of its kind to connect the agricultural sector to the burgeoning fintech industry.
Using an app, the program will connect the region’s organic farmers directly to their consumers as well as to service and retail businesses.
The program’s infrastructure will incorporate production control, sales management and distribution control, all aimed at equipping farmers with the tools to digitize their business. It is set to be developed on the framework of the Noahcoin blockchain protocol.
Jalosjos also pointed out that Noahcoin would be utilized in numerous other projects currently under development by the foundation in the country.
“This will not only heighten the interest in the Philippines being at the cusp of blockchain technology and cryptocurrency but more importantly for us, this will boost interest in Mindanao,” he concluded.