[Newsletter] CryptoPH Wrap-Up – Incoming BSP Governor Not Keen on Crypto Regulation?

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We started last week with a not-so-optimistic view from the incoming governor of the Bangko Sentral ng Pilipinas (BSP), the country’s central bank. According to Felipe Medalla, he is not keen in regulating crypto. That statement could be good or bad to hear, depending on whether or not you want crypto to be regulated. If crypto is not regulated, maybe it would mean the current status quo when it comes to crypto in the country. 

But that would also mean bad actors might take advantage of the non-regulation to continue scamming people. Even if crypto scammers are caught, the money stolen from victims is almost certain to be forever gone. 

Still, what’s more concerning is Medalla’s view that 1) people only buy crypto because they think someone else will buy it from them at a higher price. And that 2) it’s a tool to hide money from the government. For the first one, I think it’s the same with stocks. Let’s be blunt, we don’t buy stocks because we want the company to grow. We buy stocks in the hopes of getting profit from it, whether through dividends or when we sell them at a higher value later. So in essence, it’s the same with why people buy crypto. 

Next, crypto is, really, not untraceable. See our article for more information

In another news, Moneygram said it is opening its crypto to cash service in the Philippines. Now let’s back up for a bit – Moneygram’s crypto efforts are also well documented in BitPinas, stretching all the way back to January 2018 (just after the 2017 Bitcoin peak) when it was partnering with Ripple. I am very interested to know whether this new announcement will be something that will be of benefit primarily to the retail crypto community. 

Speaking of events, YGG Pilipinas organized a successful meetup in SM City Baguio. Our writer Julian was in Baguio to participate in the Axie tournament, he was close to getting into the second bracket but luck was not on his side. 

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Finally, a meme: 

I’ve heard some stories. Unpublishable, sadly.

This article is published on BitPinas: [Newsletter] CryptoPH Wrap-Up – Incoming BSP Governor Not Keen on Crypto Regulation?

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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