October 29, 2020 — Albay Representative and Chairman of the House Committee on Ways and Means filed House Bill 7864, also known as the “Blockchain Digital Technology Act” which aims to identify the uses of blockchain technology and encourage its use in the broader economy.
A key benefit of a CBDC, Gov. Diokno said, is the reduction in the need to print physical cash, which could then lead to cost savings for the central bank.
SEC said Forsage continued to solicit investments from the public and attempted to discredit the SEC by spreading false information that they are outside the Commission’s jurisdiction.
The FATF document consists of six red flag indicators that may indicate suspicious activities or attempts to evade law enforcement.
BitPinas’ introductory article about the Financial Action Task Force or FATF.
In a paper published by Atty. Rafael Padilla, Co-Founder and Trustee of BlockDevs Asia and Professor of Law at San Beda Alabang, the application of blockchain and smart contracts in finance gives financial regulators no choice but to revisit existing rules and, at the same time, assess their relevance in the world of Decentralized Finance (DeFi) and open finance.
The Commission advised the public to stop investing in any scheme offered by Bitcoin Revolution.
SEC said the mandatory grace period under the Bayanihan Act shall no longer be applied to loans falling due during the General Community Quarantine (GCQ) or Modified General Community Quarantine (MGCQ) throughout the Philippines starting from June 1, 2020.
This development poses a stronger security threat with the presence of Foreign-Trained-Fighters (FTF) from regional terrorist organizations like the Jemaah Ansharut Daulah (JAD) and the Mujahideen Eastern Timur (MIT) in Mindanao.
The scheme of PayAdStars, SEC said, involves the offering and sale of securities in the form of investment contracts to the public.