Although cryptocurrencies have been around since 2009, the concept of digital currency is still relatively new in the Philippines. Only a tiny part of the Filipino population knows and understands how cryptocurrency works, and those who are unfamiliar are rather skeptical about it.
Enter NOAHCOIN, a type of cryptocurrency that’s one of its kind, as you can use it digitally within its own platform called the Noah Project.
Spearheaded by the Noah Foundation, the Noah Project aims to empower its members in using cryptocurrencies toward exclusive projects that are part of a special partnership between the Philippines and Japan.
Hopefully, this will raise more Filipinos’ awareness of the digital currency ecosystem and encourage them to start using cryptocurrencies, especially because the end goal of the Noah Project is to help advance the Philippine economy.
Challenges in the Philippine Financial Ecosystem
At the moment, the financial infrastructure in the Philippines is not on par with world-class standards. The country is facing a number of challenges that are hindering the advancement of financial transactions. Some of these most pressing obstacles include:
Underdeveloped payments infrastructure
For the longest time, Filipinos have only been using either cash or credit/debit cards as their purchasing method. No advanced payment system fully supports digital commerce for merchants and customers alike.
More than 70% unbanked population
In the Philippines, majority of Filipinos do not believe in the banking system and are not availing of traditional banking services. It also doesn’t help that the online banking system in the country is not deemed efficient and secure enough.
Costly charges when sending money to the Philippines
Filipinos living and working abroad have to pay finance charges each time they send money to their family and loved ones in the Philippines. This reduces the actual amount of remittance money that Filipino families receive from overseas Filipino workers (OFWs).
The Noah Initiatives
The Noah Project started in 2016 with the mission of creating a platform where NOAHCOIN users can use their tokens and cryptocurrencies in the same platform to send money remittances and make purchases.
The Noah Project is aware that although a lot of talks and movement have been going around in the cryptocurrency world, most of them are focused on how these virtual assets can yield high returns for people who have invested in them. None of the existing cryptocurrencies are looking to make direct, positive economic or social contributions to a specific market like the Philippines, except NOAHCOIN.
Here’s how NOAHCOIN can develop the digital currency system and boost the economy of the Philippines:
1. The Noah Project
The Noah Project is a strategic alliance between the Philippines and Japan that’s focused on developing projects in the country’s public and private sectors. Two of its major projects are already in the pipeline namely Noah City in Manila and Noah Resorts in Zamboanga del Norte. Both of these Noah-operated projects will give NOAHCOIN users exclusive access to services and facilities where NOAHCOIN may be used to avail of discounts.
2. Digital commerce
Noah’s ecosystem will be using NOAHCOIN as the digital currency in the whole Noah platform. Users of NOAHCOIN can use it to purchase products and services, apply price discounts, pay for amenities, or trade it with other users.
3. Cross-border remittances
Money transfer from abroad to the Philippines can be a slow and costly process, and NOAHCOIN aims to change that under a partnership with Nippon Pay in Japan and Philippine-based Satoshi Citadel Industries (SCI).
OFWs in Japan can instantly transfer NOAHCOIN from their Ark Wallet to their families in the Philippines with very minimal charges. NOAHCOIN recipients will then be able to exchange their virtual money for Philippine pesos.
For now, this service is only available for OFWs in Japan, but eventually, the NOAHCOIN remittance program may expand in other parts of the world.
4. Upgraded trading system for farmers
NOAHCOIN is also being tapped to fund the production control, distribution control, and sales management of farmers in the country. This is aimed at promoting organic agriculture in Mindanao farms.
We’re now living in an era where technology is changing the way we live and do things. With cryptocurrencies such as NOAHCOIN, we can expect many more good things to come. The opportunities and possibilities that are tied with NOAHCOIN will likely result in an improved economy for the country.