Earlier in the week, an announcement was made by one certain Manny Pacquiao, dubbed as the Boxing Idol of Philippines. In the announcement, he said that he will be proceeding with his plans for launching a cryptocurrency.
He told the reporters present during the time that he looks at it as a way of connecting with his fans. Significantly, he also announced that he supports the decision of regulating cryptocurrencies.
Pacquiao, one of the most successful boxers to ever exist, is the latest influential sports celebrity to launch a cryptocurrency, following his counterpart Floyd Money Mayweather an former England football team player and Real Madrid striker Michael Owen.
The Singapore-based Global Crypto Offering (GCOX), in which Pacquiao has made an investment, later revealing that The “PAC Token” would be launched within this year, however, no specific dates were shared. The company also added that that fans would also be permitted to purchase the Filipino legend’s merchandise and also speak with him through live-streaming.
“It can be a way to be in touch with the fan base and there are a lot of things we can do with this cryptocurrency,” Pacquiao told AFP.
The once dirt poor athlete has a very inspirational story, his journey from being broke to being in the world’s top 20 highest-paid athletes of all time(as per Forbes magazine 2017 edition), with career earnings of $510 million has been an inspiration to all.
His venture has been launched at a time when most of the Asian countries have opted to take a more critical approach towards cryptocurrencies given the jaw-dropping price fluctuations in recent months, and the hack on one of Japan’s most popular crypto exchange Coincheck.
A strict legislation has been proposed by the lawmakers in the Philippines that would impose harsh penalties for any crimes in which cryptocurrencies would be used.
Pacquiao, a member of the ‘Senate of the Philippines’, has also pledged his support towards regulating cryptocurrencies.
He further added, “cryptocurrencies have already been regulated in other countries.”