WATCH: Pacquiao enters cryptocurrency ring with the 'PAC'

MANILA, Philippines — Philippine boxing legend and politician Manny Pacquiao launched his own cryptocurrency, 'PAC' tokens, with a concert in Manila on Monday.

The 'Pac' was initially created to allow fans to buy exclusive Pacquiao merchandise but there are plans now for broader use. 

The virtual currency is set to be listed on and distributed by the Singapore-based Global Crypto Offering Exchange (GCOX) later this year.

Pacquiao, 40, is considered a national hero by many as his athletic feats have put the Philippines on the boxing map. 

His rags-to-riches rise from high school dropout to millionaire champion is a source of inspiration in a nation mired in poverty.