December 21, 2018. In Blockchain 2018 Year in Review article series, BitPinas seeks the thoughts of key blockchain players in the Philippines for their insights on 2018 and what they look forward to in the blockchain landscape in the Philippines and globally this 2019.
Today’s Feature: Miguel Cuneta
Mr. Miguel Cuneta is the co-founder of SCI Ventures, one of the very few companies in the Philippines that is approved/licensed by the Philippine Central Bank (Bangko Sentral ng Pilipinas – BSP) to engage in cryptocurrency to fiat transactions and vice versa. Some of its products include BuyBitcoin.ph, Bitbit, and upcoming exchange Citadax.
Mr. Cuneta is a leading figure in the Philippine blockchain community and has spearheaded the initiative to spread blockchain awareness in the country.
BitPinas: What do you think is the most important global blockchain news this 2018?
Miguel Cuneta: It might be an unpopular opinion, but the collapse of the ICO market is probably the most important thing that happened to the industry in 2018. Too many people wanted to ride the hype train with little to no substance behind their ideas, blinded by greed and money. Speculators had taken over the market, which is unhealthy and has no long term value. The projects and companies that will be left standing after this crash will play a big role in developing the future of the industry.
What do you think is the most important blockchain development that happened in the Philippines this 2018?
Maturity in regulations, more involvement from the SEC, more involvement from mainstream financial institutions, and more companies being established in the industry. We also formed the Blockchain Association of the Philippines, which will be vital in legitimizing the industry as a whole.
What are you/is your company looking forward to this 2019? Any plans that you can share?
Looking forward to expanding and growing the business with new partners and investors. More competition is also coming in the PH, which is great for the users.
Personally, I am excited about the developments in Bitcoin (Schnorr, Mast, bulletproofs, more segwit adoption, many more), layer 2 developments like Lightning Network, and more mature infrastructure for ease of use and accessibility.
How do you see the Philippine blockchain landscape this 2019?
We foresee a lot of building now that the hype of 2017 has finally died down completely. Hopefully more clarity in regulation for businesses in the space, and more real use-cases for the end user. We also see more traditional financial institutions getting into the space.
This article is first published on BitPinas: Blockchain 2018 Year in Review – Miguel Cuneta of SCI Ventures