Following the latest local reports from the Philippines coming into our latest cryptocurrency news, the Bangko Sentral ng Pilipinas (BSP) approved three new crypto exchanges.
The central bank of the Philippines wants to prove that it is one of the friendliest crypto-hubs in the world since the number of total approved crypto exchanges reached 10. The Local Manila Times reported:
“Melchor Plabasan, officer-in-charge at the Technology Risk and Innovation Supervision Department of the central bank, said newly approved were Bexpress Inc., Coinville Phils. Inc., and ABA Global Phils. Inc.”
As previously reported in July 2918, the government-operated Cagayan Economic Zone Authority issued approximately 24 licenses for the crypto exchanges which actually increased the bar to 34. The economic zone in the Northern part of the Philippines issued its own licenses once again proving to be in step with the blockchain technology developments.
Over the years, the country became a powerhouse for the crypto businesses because of the friendly regulations and the interest from the small and local companies. For example, the largest crypto exchange in Southeast Asia Coins.ph reportedly has 1 out of 10 Filipino adult users. The CEO of Pantera Capital Dan Morehead who is the first investor in Coins.ph stated:
‘’A week or so ago, we announced that we sold Coins.ph in the Philippines and I think that is a great example of Bitcoin’s actual usage now and not 20 years from now. They have one out of ten adults in the Philippines as a customer. That’s very real. I think it is important for the community to really know that there are applications that are working right now.’’
The Filipino model of approving crypto exchanges resembles the one of Japan. The Financial Services Agency (FSA) and the rest of the authorities in Japan introduced a national licensing program. The agency manually approves all of the exchanges that operate on the market. The process for approving the exchanges starts by filtering the companies with weak infrastructure in order to make sure to protect the funds.
This approach towards regulating the crypto industry in the Philippines is a good way to facilitate the growth of the crypto sector.
Bitmain Lost More Than $625 Million, Hopes On New Tech To Turnaround
US Senator Sherrod Brown Believes Libra Is A Subprime Mortgage
Steve Bannon Remains A Strong BTC Supporter Despite Trump’s Hate
“I would like to say I had enough foresight and enough courage to buy as it went all the way down.’’The bitcoin price was trading today at $10,560 which means that Bannon was highly rewarded and some other crypto investors as well that survived the ‘’crypto winter.’’ Steve Bannon had a bullish bet that led Joe Krenen himself who is also a budding Crypto Twitter darling to create a new nickname for the Breitbart executive chairman to ‘’Bitcoin Bannon.’’ Steve Bannon says that his interest in cryptocurrency is now more than speculative. The remarks he made in the past he stated that crypto technology would be a huge and important part of this new true passion project which is the ‘’global populist revolt.’’
“I think cryptocurrencies have a big future, I really do. I think they can be a very important part going forward, particularly in this global populist revolt.’’Previously, Bannon called bitcoin and its usage a ‘’disruptive populism’’ and stated that the cryptocurrency is a revolutionary technology because it takes back the control from the central authorities which are central banks and US Federal Reserve who have strict monetary policies and have been causing President Trump so much consternation in the past year. Bannon even noted that he is considering launching its own ‘’utility token for the populist movement’’ but it is still not appear that the plans are going really anywhere. As noted in the coming altcoin news, Trump stated that he is not a fan of bitcoin and some of the cabinet officials have railed against the cryptocurrency and connected it with criminal activity. The Treasury Secretary Steven Mnuchin even warned that it could even become a national security risk and a huge threat to the global financial system.
Boris Johnson And Brexit Boost The Bitcoin Price: Analysis
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Samsung Just Added Bitcoin Support To Its Blockchain Keystore
Regulation2 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Blockchain News4 days ago
BitMEX Loses The Leading Position To Emerging Competition
Bitcoin News4 days ago
Dallas Mavericks Is The Second NBA Team To Accept Bitcoin
Bitcoin Scams3 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Bitcoin News4 days ago
Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins
Altcoin News4 days ago
Coinbase Ditched Zcash And Here’s The Real Reason Why
Bitcoin News1 day ago
Bitcoin Price Hesitates But Further Recovery Is Likely