Investors in the Philippines want the government to ease concerns on cryptocurrencies

The exponential growth of Bitcoin and the cryptocurrency space, in general, have struck a chord amongst Philippine investors that they are asking the government monetary policymakers to address the concern about the blockchain technology.

Francis Arjonillo, the President of the First Metro Investment Corp. (FMIC) has asked the Bangko Sentral ng Pilipinas (BSP), the government’s central bank, to have a policy that address’ the surge in cryptocurrency investing.

Pushing for more assurance of cryptocurrency, Francis Arjonillo has said that it is a huge threat to the money system and the ability for banks to control money. He is also concerned about security and hacking of crypto wallets and woants these issues addressed before banks start to embrace the technology.

The BSP said it is working with the Securities and Exchange Commission to draft a new rule on cryptocurrencies like when used to investment. So far the BSP has approved two currency exchanges to operate in the country, Rebittance and Betur, also known as coins.ph.

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Comments

binkley

Many governments could collapse if people stopped using their currency and switch to a crypto currency. This could be good and bad. I personally do not want a one world government of central power. But this looks like what the globalists are pushing for. I hope the Philippines gets freedom either way.

9 months ago
outwalking

I think they are forward thinking to be concerned about the hacking of cryptocurrencies. The crypto market is like the wild west right now and I hope to see it get more stable this year. I understand the opportunity to make huge amounts but the volatility is stomach churning.

9 months ago
livinginthepacific

I've been using Coins.ph for over three years now. I originally funded it with Bitcoin and use it to pay my local bills online. I use it mostly for our phone loads and internet bills. In many places in the country, you can pay online bills such as electric bills, communications costs, TV cable, health insurance, water bills, and many more. Now here is the kicker... I first loaded my account with $200 worth Bitcoin and have been paying my bills with it for over two years. In retrospect though, I

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3 months ago