BSP Wants Quick Refunds for Failed InstaPay, PESONet Transfers | Key Points | June 12, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.
Market Analysis and Updates 📈
Crypto Price Update
Here are the crypto highlights of the day:
- Bitcoin (BTC): $67,380, down 1.4% over the last 24 hours.
- Ethereum (ETH): $3,505, down 2.5% over the last 24 hours.
- Solana (SOL): $149, up 4.2% vs the previous day.
Trending Coins Update
- Taki Games: $0.0262, up 52% vs the previous day.
- Swarm: $0.6244, up 26% over the last 24 hours.
- Toshi: $0.0003, down 13% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: BSP Wants Quick Refunds for Failed InstaPay, PESONet Transfers
The announcement: The Bangko Sentral ng Pilipinas (BSP) has introduced new rules to help customers resolve issues with electronic fund transfers (EFTs).
How it will work:
- Banks must inform customers about the status of their fund transfers.
- If a transfer fails, funds must be returned within one hour for InstaPay and within two hours for PESONet.
Why is this important? Currently, under the “usual” circumstances, it takes 3 to 5 days before the funds are returned. This can cause problems such as when you really need to pay utilities like rent on due dates.
These rules are designed to build trust in digital payments by making sure problems are fixed quickly and clearly.
However: Banks and other participants have until January 1, 2025, to follow these new rules.
Zoom out: There are 86 InstaPay participants and 112 PESONet participants, including local virtual asset service providers (VASPS) like Coins.ph, Maya, and PDAX.
- In a Senate hearing, then-Finance Chief Benjamin Diokno highlighted the need to maintain and improve both InstaPay and PESONet instead of creating a Central Bank Digital Currency.
Local Crypto News 🇵🇭
- Cryptobilis recaps successful Bitcoin Pizza Day
- Bicol community wraps up successful Solana Ecosystem Call in Albay.
- BlockchainSpace’s YEY Technology unveils YEY Quests, a new feature to further reward members and fans.
- PDAX drops “Let’s Go to the Moon” ad.
Educational Corner 🎓
Hamster Kombat continues to be popular, so we updated our article about it today. Also check out the airdrop details for ZKsync, probably the most important crypto news of the day.
- Daily Combo and Cipher Guide
- ZKsync announced 3.6 billion airdrop.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Crypto.com now registered as a VASP in Ireland.
- Trump says he will advocate for bitcoin miners in White House.
- France’s market regulator thinks crypto remains a high risk vehicle for money laundering.
- PleasrDAO sues “pharma bro” Martin Shkreli over album rights.
Community Spotlight 🔦
Meet the Bicol Crypto Community: We have been covering the crypto and blockchain developments in Region V since BitPinas started in 2017. Now let’s check out their latest news:
- Bicol crypto community co-organize June 2024 Solana Ecosystem Call.
- Ownly outlines 2024 roadmap and mainnet token launch.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- The AI skills you need in the age of artificial intelligence.
- AI is getting very popular among students and teachers, very quickly.
- Polygon community treasury announces grants program for builders.
- Optimism celebrates stage 1 decentralization with permissionless fault proofs.
- Elon Musk drops lawsuit vs OpenAI’s Sam Altman.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Axie Infinity’s Bounty Aid goes live.
- Metamask will introduce web3 game directory by Hyperplay.
- Arbitrum DAO votes to approve $215 million gaming fund.
- Pudgy Penguins mobile game coming to Polkadot.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space.
- Blockchain Campus Conference: June 13 – 14, 2024.
- Check out the next BitPinas webcast where we will discuss crypto wallets and security of your crypto assets.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Friend Tech to develop own blockchain.
- Tokenized treasuries soar past $1.5 billion market cap.
- Meme sector sees sharp sell off.
- Cardano is on track for Voltaire upgrade this month.
Stay Connected:
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- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
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This article is published on BitPinas: BSP Wants Quick Refunds for Failed InstaPay, PESONet Transfers | Key Points | June 12, 2024
