A Famous Philippine Boxer Plans to Launch a Cryptocurrency

The familiar Philippine boxing icon Manny Pacquiao announced about his plans to launch a digital currency. He said reporters, it was part of his plan to keep connection with fans, but also backed the regulation of cryptocurrencies.

Pacquiao, one of the world’s most successful boxers, is the latest athlete to launch a virtual currency, following Floyd Mayweather and former England striker Michael Owen.

Pacquiao has invested in Global Crypto Offering Exchange (GCOX), based in Singapore. According to an announcement, the “PAC Token” will be launched later this year. It will allow fans to purchase the Filipino star’s merchandise and interact with him via live-streaming. Pacquiao told AFP;

“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”.

Last year Forbes magazine listed the boxer as the world’s 20th highest-paid athlete of all time, with earnings of $510 million.

His venture comes as governments across Asia take a more critical look at cryptocurrencies following wild fluctuations in recent months and the high-profile hacking of Japanese crypto exchange Coincheck.

The countries lawmakers have proposed legislation, that would lay stiff penalties for crimes made by using cryptocurrencies.

Pacquiao, who is a member of the Philippine Senate, also backed the regulation of cryptocurrencies. He said:

“It is already regulated in other countries”.