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Angelo Madrid, President of Maya Bank briefly shared his insights on the topic of blockchain regulation. Should blockchain be regulated or not? This was raised by reporters who thought there appears to be a contradiction on blockchain being regulated yet it is decentralized. Madrid set the record straight.
- Blockchain is the technology and anyone can utilize this technology. It is free.
- Madrid used the analogy of water. Water is not regulated but companies that provide water services do.
- “Blockchain is not regulated but the entity is.”
Madrid also said that while it’s a technology that anyone can access and utilize, there’s still a question on whether to trust the companies providing services leveraging blockchain:
“Blockchain is a technology that you can access on your own but at the same time you trust the person providing that to you. That’s why regulation has to come. You are not regulating the technology; you are regulating the entity that is providing and accessing it to deliver financial services. Those are two different things,” Madrid added.
The Philippine Blockchain Week is ongoing until December 2, 2022.
This video is published on BitPinas: Maya Bank President on Blockchain Regulation