Congress News: BILL CREATES E-MONEY AS MEDIUM OF PAYMENT FOR INTERNET A bill has been filed creating electronic money as a medium of exchange for use on the Internet and all other electronic and non-electronic means of communications. Rep. Kimi S. Cojuangco (5th District, Pangasinan), author of House Bill 4914, said there is an urgent need to enact the proposed “E-Peso Act of 2014” since there is no official medium of exchange or money for the Internet. Cojuangco said the E-peso would be a legal tender and legal payment for debt, taxes, goods and services transacted through the Internet. Under the bill, the E-peso shall be recognized as the electronic legal tender and shall be available in all banks branches operating the country. Cojuangco said the amount on circulation of the E-peso would be limited to P1 billion in the initial two years. (PRIB/mrs)
Posted on: Fri, 03 Oct 2014 09:28:27 +0000
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