Philippine Government Bill Could Pave Way for Bitcoin-Backed E-Peso

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A member of the House of Representatives of the Philippines has introduced a bill that would seek to create a government-backed “e-peso” that would serve as an official medium of exchange for domestic online payments.

Called the E-Peso Act of 2014, the payments tool would be considered legal tender for debt, taxes and goods and services, according to a report by The Philippine Star .

Most notable for the bitcoin industry is that the current version of the bill would mandate that Bangko Sentral ng Pilipinas (BSP), the country’s central bank, study bitcoin and its related technological applications when determining how it will build the proposed platform.

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