Stepwyze.io, a blockchain developer and software solutions provider, is launching a cryptocurrency project that would be the first of its kind for global Special Economic Zones (SEZs). The SEZT cryptocurrency will be initially developed for use within the SEZs but will be used in a wider scope as adoption increases, said Stepwyze.io CEO Todd Kandaris.
Kandaris said, “The SEZT represents a value proposition for the creation of a digital economic ecosystem, specifically tailored for the use of blockchain applications, and to provide a utility token as the medium of exchange, initially used within, and between qualified special economic zones globally.”
Stepwyze.io has identified at least 31 countries with SEZs. They are: Bangladesh, Belarus, Cayman Islands, Cambodia, China, Cuba, Democratic Republic of the Congo, Greece, Egypt, Ethiopia, India, Indonesia, Iran, Jamaica, Malaysia, Mauritius, Mexico, Myanmar, Nigeria, Democratic People's Republic of Korea (North Korea), Pakistan, Panama, Philippines, Poland, Republic of Korea (South Korea), Russia, Thailand, Ukraine, Uzbekistan, Vietnam, Zambia.
Furthermore, Kandaris emphasized that many of these countries operate multiple SEZs within their jurisdictions, multiplying the potential for the inclusion of additional SEZT.io consortium members.
In anticipation of launching the SEZT.io cryptocurrency, Stepwyze has signed a Memorandum of Understanding (NASDAQ:MOU) with the Philippine’s Cagayan Economic Zone Authority (CEZA) which outlines a forward-thinking approach to the integration of new technologies like crypto-currencies and blockchain with Special Economic Zone plans and participants.
Sec. Raul L. Lambino signed the MOU on behalf of CEZA.
Kandaris added, “Within the partnership Stepwyze.io intends to create this ICO (initial coin offering) to fund the development of a solution for monitoring and auditing blockchain economic activity and virtual currency exchanges, as well as the likely integration multiple vertical applications such as gaming, port operations, shipping, logistics and a myriad of other use cases. We also anticipate creating a powerful API and software suite, available to all SEZT.io members, which will operate through the use of the SEZT.io” incurring no additional licensure expense.
Under the deal, Stepwyze.io will publish a white paper, provide an ICO member customer support team, and maintain a website to promote and manage all sales of the new coin. Stepwyze will be operating a principal license for a cryptocurrency exchange under which Stepwyze.io is authorized to sublicense additional exchanges to operate in the special economic zone.
Stepwyze.io will also create an automated and transparent reporting system utilizing an API to assist in the integration with current government systems to modernize, and smooth, the authority management of economic activity within a given zone.
According to Kandaris, Stepwyze.io is also looking to sign similar deals with various SEZs operating within the Philippines, such as the Aurora Pacific Economic Zone and Freeport; Freeport Area of Bataan; Cavite Economic Zone; Clark Freeport Zone; Subic Bay Freeport Zone; Poro Point Freeport Zone; Baguio City Economic Zone; Mactan Export Processing Zone; Zamboanga City Special Economic Zone Authority; Polloc Free Port and Economic Zone ARMM
He went on to say, “Stepwyze.io is very proud and gratified to work with Sec. Lambino, and all of CEZA to make this extremely successful. We believe that this can make Cagayan the next Silicon Valley or Singapore, fostering technology and development in the Philippines.”
Stepwyze.io is exceptionally qualified to execute on this plan, having a large stable of highly trained in-house blockchain developers who, to their credit, possess decades of coding and management experience in the areas of banking, ecommerce, and fintech.
In conclusion, Kandaris stated: “As the political environment continues to favor the establishment of SEZs around the world, a shared medium of exchange makes a great deal of sense. As these SEZs trade with one another (and others), and share a common currency, they will reap many advantages, such as lower transaction fees, low-friction regulatory compliance, faster transactions (along with a reduced need to hedge currency volatility), and use of standardized contracts in the form of code (which are “self-enforcing” across geo-political boundaries). Taking these advantages into account, the logic of forming a worldwide (SEZT.io) consortium comes into view.”
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.