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Philippines boxer Manny Pacquiao to launch his own cryptocurrency

Philippines boxer Manny Pacquiao to launch his own cryptocurrency

April 23, 2018 9:51 am,

Philippine boxing legend Manny Pacquiao said that he would launch his own cryptocurrency, the PAC Token. The 39-year-old pugilist is the latest athlete to launch a virtual currency, following the steps of his colleague Floyd Mayweather, the iconic Philippines boxer Manny Pacquiao has said that he would launch his own cryptocurrency. He also advocated for regulation of the virtual currency market.

Global Crypto Offering Exchange (GCOX), Singapore based cryptocurrency firm, in which Pacquiao and English Football star Michael Owen are investors, said that it will unveil the PAC token later this year.

The token would allow fans to buy merchandise launched by the boxer who once fought the richest fight in 2015. The coin could also be used in order to interact with him via live-streaming.

“It can be a way to be in touch with the fanbase and (there are) a lot of things we can do with this cryptocurrency,” cited Pacquiao via AFP.

The Filipino senator is also the 20th highest paid athlete of all time, according to a list released by Forbes last year.

Meet Floyd Mayweather the boxer who earned Rs 1.1 crore per second in a match his venture into the cryptocurrency world comes at a time when government across Asia are clamping down on the market. Many government authorities including India’s RBI has made it difficult for the people to trade in cryptocurrencies.

There are few rules and regulations made for Cryptocurrency by Asian governments as they are taking a more critical look at cryptocurrencies, since Coincheck, an online bitcoin wallet and exchange service headquartered in Tokyo, was hacked in January, making off with nearly $500 million in digital tokens.

Philippine lawmakers have proposed legislation that would impose harsh penalties for crimes committed using cryptocurrencies.

Pacquiao, a member of the Philippine Senate, backed the regulation.