Experts Urge Public to Study Blockchain & Avoid Scams
Pioneers from NEM Philippines and the Blockchain Asia Forum stress the importance of education in cryptocurrency and blockchain to avoid scams.
In an interview with Ms. Cathy Yang on ANC’s Market Edge, Mr. Vincent Choy of the Blockchain Asia Forum and Mr. Emerson Fonseca, NEM PH Head, talked about cryptocurrencies and blockchain.
On Scams
During the interview, Mr. Fonseca shared that he started bitcoin trading in early 2016. The next year, there was a dramatic rise in bitcoin and other cryptocurrency prices, prompting bad actors to use bitcoin as a front for scams.
“What I can advise to the newbies is that they really need to study about cryptocurrencies and blockchain, because there are a lot of peopl trying to scam people and giving misconceptions about cryptocurrencies and blockchain,” – Mr. Emerson Fonseca, NEM PH Head
In terms of cryptocurrencies being used for illegal activities, Mr. Choy shared the importance of government regulations to help the industry grow.
“Once the cryptocurrencies can be settled, I think blockchain will grow in terms of adaptability, in terms of acceptability by [the] general public. Only from then this technology will really improve the lives of the businesses that it will transform.” – Mr. Vincent Choy, Blockchain Asia Forum
It should be remembered that a bill is filed in the Philippine Senate to impose harsher penalties on crimes that involve cryptocurrencies.
On Regulation
When it comes to regulation, Mr. Fonseca shared the Bangko Sentral ng Pilipinas (BSP) and SEC’s efforts and positive attitude when it comes to cryptocurrency, stressing that the public should focus more on education and awareness.
On Blockchain vs Cryptocurrency
The two blockchain and cryptocurrency experts were asked about the difference between cryptocurrency and blockchain. Mr. Fonseca simply answered that cryptocurrencies lean more on trading and investments and blockchain is for business and government use cases. Mr. Choy also agreed and added that blockchain has the ability to transform businesses.
On Initial Coin Offerings (ICOs)
Along with cryptocurrencies, ICOs are also getting a lot of traction. Mr. Choy said that some ICOs or initial coin offerings of businesses are not practical or sustainable. He then gave an advice that if people want to invest in an ICO, it is important to study its white paper and get to know what the company is trying to do or achieve.
Source: abs-cbn
