SCI Head of Legal Emphasizes Investing in Bitcoin & Blockchain Education
“This is the best time to study about the blockchain and cryptocurrency”, said Mr. Rafael Padilla in an interview with Bitpinas during the Digital Transformation Summit 2018.
Investing in Learning
That was his answer when we asked him for advice to those who are ipit. Those who bought bitcoin at $15,000 and above. As the saying goes, you only lose when you sell. This is especially true for those who did not cut loss. Those who did not buy near support. However, bitcoin is too volatile that sometimes, it is best not to predict its value the next day.
The value of bitcoin has been on the swing lately. From its all-time high of almost $20,000 in December, bitcoin is testing the $5,000 – $6,000 range. If you bought bitcoins at $20K, you have just experienced a massive loss.
But are there people who follow this advice to learn? Apparently, there are.
“We’ve seen a lot of people whose interest in blockchain and crypto is triggered after they bought their first bitcoins.”
For Mr. Padilla, now is the right time to gain knowledge of bitcoin and the blockchain. “Not just trading,” he said. Opportunities are present in other industries, whether in business or in code. “If you are a businessman, develop some business ideas. If you are a developer, learn the blockchain and offer your coding services to companies that want it.”
Applying for an e-Money Issuer License
The interview also presented an opportunity for Bitpinas to ask about SCI Ventures. More recently, the company disabled peso withdrawals on Bitbit.cash, directing users to Rebit.ph to do the withdrawals. Rebit.ph is the website with a remittance exchange license, not Bitbit.
Mr. Padilla said this is because they are currently applying for an e-money issuer license to the Bangko Sentral ng Pilipinas. “We need to disable it to comply with regulations,” he said. He assured that the feature will be available immediately once they get the approval.
Ripple Integration
Last year, SCI mentioned in a blog post their partnership with Ripple. So when will we be able to purchase XRP on SCI’s mobile apps? “Very soon,” Mr. Padilla said.
Rafael Padilla is the Head of Legal and Compliance at SCI Ventures. The company is engaged in blockchain remittances, with products that include Buybitcoin.ph, Rebit.ph, and Bitbit.cash.
