MeThe Securities and Exchange Commission (SEC) in the Philippines has been active lately, apparently targeting draft rules for the domestic cryptocurrency exchanges weeks ahead of finalizing the regulations later this year.
According to recent news, the cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms. The regulators are apparently seeking to protect investors and also create an inclusive ecosystem for cryptocurrencies to flourish in the country.
As the SEC commissioner Ephyro Luis B. Amatong stated in an interview with BusinessWorld:
“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”
The official was also speaking to reporters after the SEC meeting on Thursday when he revealed his talks with the Bangko Sentral ng Pilipinas (BSP) which is the country’s central bank – for a joint oversight over the crypto exchange industry in the country.
As the Manila Times reported, he stated:
“We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion … [involves]joint cooperative oversight over VCEs engaged in trading.”
Meanwhile, the Philippines is among the first countries in the world that implemented formal guidelines for cryptocurrency exchanges in February 2017. Right now, the BSP has outlined the guidelines for operators wherein certified exchanges were recognized as remittance and money-transferring firms. As Amatong stated, the plan is to regulate them “as trading platforms.”
To conclude his stance on cryptocurrencies and regulation within the country, the central bank official added:
“If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.”
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Economist Trashes Libra Calling It ‘’Facebook’s Fake Money’’
“The critical question, however, is this: Is the Libra really good — or sound — money? Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies — and fiat currencies do not make for good money, as should be well known by now. Fiat currencies are inflationary; they enrich some at the expense of many others. The issuance of fiat currencies causes distortions in the credit markets, which provokes speculative bubbles and triggers booms and busts, and last but not least, fiat currencies lead the economies into over-indebtedness.”The term ‘’sound money’’ is a term that evolved over the years and once it was used to refer exclusively to gold-backed currencies but now it refers to Bitcoin. When he spoke about Bitcoin, Polleit who is the chief economist at Degussa did not mention the largest cryptocurrency at all. However, he did say that Libra presents a real threat to banking. When he was asked by Caroline Maloney who is a New York Representative if too much money goes into Libra, Polleit stated:
''Traditional banks have good reasons to worry. The Libra is about to siphon transactions out of bank accounts and put them into the LA’s [Libra Association’s] hands. Not banks, but the LA will collect the fees and will receive precious data on who pays what, when, and where. The banks will be left even more in the cold should customers begin to use the Libra for savings purposes as well. Because then they would also lose the time and savings deposits with which they refinance their balance sheets at low costs. Or think of the credit business: The LA may at some point also provide its customers with short-term consumer loans.”The economist trashes Libra since it could become a major concern in the United States where people are mostly reliant and have great access to Banking as it was explained in some of the best cryptocurrency news sites.
The CFTC Is Probing BitMEX Over Providing Suspicious Services
‘’Just got my @BitMEXdotcom account terminated on suspicion of being a US Citizen. Anyone else find the timing of this odd? The 900+ affiliates that accounted for half my income r gone going forward. After #Unconfiscatable Conf expect prices on all services offered by me to rise.’’As noted in the latest cryptocurrency news became the largest crypto exchange under investigation in the United States based on the suspicion of doing business in America. Exchange such as Poloniex and Bittrex are massively adopting the know-your-customer protocols in order to avoid sharing the same destiny as Bitmex as noted in the reports previously.
Crypto Analyst John Kolovos: Bitcoin Price Will Drop To $8,500
‘’Classic technical analysis tells you that this pattern, implication of which, gets you back to the old highs, which would be around $20,000. So the long-term trend tells me to buy the pullbacks so that’s the reason why I think we should be buying around $8,500.’’
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