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.
More News and Features on BitPinas:
- Solana DeFi Platform SOLEND Approves Whale Wallet Takeover, Raising Fears About ‘Decentralization’
- What is Celsius? Crypto Lender Freezes Withdrawal, Says Things Will Take Time
- Bill Gates Pokes Fun at Bored Apes, NFTs, Crypto
- Solana DeFi App Votes Again to Stop Whale Account Takeover
- Terra Employees Banned from Leaving South Korea
- OpenSea Launches New Security Features To Protect Users From NFT Scams
- Axie Infinity Launches Creator Academy, Teaches Player How to Make Axie Content with Nas Academy
- Elon Musk Says He’ll Keep Buying Dogecoin Despite Lawsuit
- SG Deputy Prime Minister: Web 3.0, NFT, DAO, are Potential Game Changers
- BSP Unlikely to Approve More Digital Banks in Near Future – Incoming BSP Governor
- Facebook to Launch Meta Pay, a Metaverse Wallet
- Mark Zuckerberg Announces NFT Integration in Facebook
- Lawyer Disagrees That Elon Musk Never Told Anyone to Buy Dogecoin
- BIS: CBDCs Will Be the Future of Monetary Systems, Are Better than Crypto
- How to Select the Right Blockchain for Your Organization (English and Tagalog)
- Sphere.ART: A 3D Sphere NFT Marketplace
- Stepn Guide Philippines: ‘Move-to-Earn’ NFT App Pays You to Walk
- Can Crypto Transactions Be Traced?
- Cryptocryophobia (ang Takot sa Crypto Winter) – Cryptoday 086 – Tagalog
- 17 Move-to-Earn Apps That Pays You Crypto to Walk or Run | Move to Earn Philippines
Events This Week:
Check out BitPinas Events Page
- METAWOMAN: Meet the Woman of the Future, NOW! (June 29, 2022)
- Meet-A-Verse 2.0 (June 30, 2022)
- Agaw Dilim Sigya Conference 2022 (July 2, 2022)
Finally, a meme:
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.