Young Entrepreneurs Society (YES) arranged a symposium at Conference Room D of the Community Center last December 6, 2017. The seminar tackled the topic of digital money and introduced the claimed future Philippine cryptocurrency, Kuarta (KTA).
The principal speaker at the conference was William Braza Jr., and he explained that with the emergence of Bitcoin and other types of digital currency, there would come a time when countries will have their cryptocurrency.
Unlike fiat money which adds interest whenever loaned by the central bank, Kuarta is money that uses peer-to-peer technology and operates with no central authority or banks.
Kuarta is integrated with Ethereum blockchain and is carried out collectively by the network.
Braza stated that this could aid in lowering the country’s national debt as the citizens will no longer be dependent on the printing of money.
“This is a revolution in the making. Peso is money you owe. It is your debt to the central bank. This [Kuarta] is money you own. You owe no authority,” he said.
He further explained that KTA requires internet and online wallet to transact. The online wallet can be downloaded for free.
“We recommend the imToken which is the first ever decentralized wallet in the world. It’s not controlled by anyone. No one can shut it down when there is a deficit,” he added.
Fourth-year Business Management student Sean Du shared his opinions on investing in cryptocurrency.
“I am not currently investing in cryptocurrency, but I am interested in it. For now, I think it is still too early. Bitcoin is now booming but whatever goes up goes down. I am still deciding on whether it is worth it or already safe to invest,” he said.
Questions on Kuarta’s authenticity were raised as the estimated value of one KTA token is at an astonishing 510 USD.
Despite the suspicion, Braza asserted that the heart of Kuarta is to liberate the people.
“The government takes your money through tax. That’s very painful. Our goal is to at least reduce that. The money that you worked for should be yours and not the debt owed,” he said.