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," Phys.org 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.

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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.

The authorities are worried over the illegal use of cryptocurrency and comparatively higher risk involved with the investment.

Lawmakers in the Philippines have also proposed legislation that would impose harsh penalties for crimes committed using cryptocurrencies.

Pacquiao is also of the view that the cryptocurrencies should be regulated. "It is already regulated in other countries," he said.