BSP governor not keen on banning crypto in the Philippines

[cheezcarls]

Source: https://bitpinas.com/regulation/bsp-governor-no-plans-to-ban-crypto-but-what-social-good/

Kaka publish lang ito sa BitPinas mga kababayan kong cryptonians. Anung stand nyu dito sa statement ni BSP governor Felipe Medalla? So not only he isn't keen on regulating it, but also when it comes to banning.

Sa akin kasi guys parang neutral stance itong statement dahil neither he support or against it kasi ni acknowledge nya na walang control itong government natin kahit mag impose pa yan ng ban.

I'll be waiting your comments regarding this one guys. Salamat sa lahat.

[blockman]

Nabasa ko yung unang quote na tungkol na hindi daw talaga actual payment kasi nga volatile. May point naman siya dun pero hindi lang siya siguro din aware sa kung gaano na ka-mainstream ang crypto sa bansa natin. Para sa akin, ok yang stance niya kasi malayo sa banning pero hindi rin natin alam ang iniisip niya pati na rin siguro mga consultant niya. Pinopoint niya rin yung point ni Elon dati tungkol sa energy consumption. Sa ngayon, ok na yan kung ano ang stance niya meaning to say na parang hindi papakialaman kasi nga hindi siya pamilyar at meron siyang negative thoughts.

[mk4]

However, the governor said he does not want to call it “cryptocurrency” as well.

“Because it has very little use for actual payments, especially when the price is so volatile.”

Bad take from Mr. Medalla. Hindi porke tingin niyang hindi ok para sa payments ang crypto e ibig sabihin hindi na agad masyadong nagagamit for payments. Nadala masyado ng opinyon instead of facts.

Maiintindihan ko pa sana kung ang reasoning niya is that hindi naman lahat ng crypto ay gusto maging currency; which is true.

[jakelyson]

Sa pansamantala okay din na hindi niya balak na i-ban ang crypto pero habang binabasa ko yung article, sa tingin ko ay may negative connotation sa kanya ang crypto. Dahil sabi nga niya

... “what social good” does Bitcoin achieve...

So, sa palagay ko ay makaka apekto ito kung may magpupush na i-ban ang Binance at mapwersa sila na desisyunan ito.

The biggest crypto exchange in the world, Binance, is also eyeing to secure a virtual asset provider (VASP) license in the country. Although a think tank – Infrawatch – is trying to block this from happening, with the group even penning a letter to the BSP and the Department of Trade and Industry (DTI) to ban the exchange from operating.

[gunhell16]

Magandang balita ito dahil magkakaroon ng higit na kalayaan tayong mga crypto enthusiast sa pagengage sa mga cryptocurrency related activities.  Napaisip lang ako, ano kaya ang naging dahilan bakit biglang nagbago ang pananalita ni BSP governor regarding sa cryptocurrency?

Oo nga maganda, kaya lang parang pansamantala lang sa ngayon sang-ayon sa aking nakikita, kumbaga, ang market ng cryptocurrency ay unpredictable, sa balitang ito ay unpredictable din na masasabi dahil at any moment pwede ring magbago ang isip ni BSP governor regarding sa cryptocurrency. Or pupwede rin na sa ngayon ay binabalanse nya muna ang sitwasyon dahil sa kabilang banda hindi naman nagiging problema ang bagay na ito sa ating bansa.

[rhomelmabini]

Source: https://bitpinas.com/regulation/bsp-governor-no-plans-to-ban-crypto-but-what-social-good/

Kaka publish lang ito sa BitPinas mga kababayan kong cryptonians. Anung stand nyu dito sa statement ni BSP governor Felipe Medalla? So not only he isn't keen on regulating it, but also when it comes to banning.

Sa akin kasi guys parang neutral stance itong statement dahil neither he support or against it kasi ni acknowledge nya na walang control itong government natin kahit mag impose pa yan ng ban.

I'll be waiting your comments regarding this one guys. Salamat sa lahat.

Hoping na hindi ito mabago ng kung ano mang mga external factors na mangyari na pwedeng ma involve ang crypto. Maraming case na ganyan pero in the end magkakaroon parin ng sinasabing pangingialam sa mga bagay-bagay. Good thing na neutral lang ito sa ngayon pero we heard rumors na more like he's against dito kaya give him the benefit of the doubt nalang muna.

[cheezcarls]

Sa pansamantala okay din na hindi niya balak na i-ban ang crypto pero habang binabasa ko yung article, sa tingin ko ay may negative connotation sa kanya ang crypto. Dahil sabi nga niya

... “what social good” does Bitcoin achieve...

So, sa palagay ko ay makaka apekto ito kung may magpupush na i-ban ang Binance at mapwersa sila na desisyunan ito.

The biggest crypto exchange in the world, Binance, is also eyeing to secure a virtual asset provider (VASP) license in the country. Although a think tank – Infrawatch – is trying to block this from happening, with the group even penning a letter to the BSP and the Department of Trade and Industry (DTI) to ban the exchange from operating.

About this one naman, it was clear that the DTI has no jurisdiction to ban Binance dahil wala pang formal regulations itong BSP. At since hindi siya interested na i-ban at regulate ang cryptocurrency, so it's most likely that the Binance ban hindi talaga mangyari. Sa ngayon ang neutral stance nitong BSP is kinda okay naman pero syempre si gov kulang pa yan sa kaalaman talaga kung ano talaga ang galaw, teknolohiya at purpose ni cryptocurrency kaya nag comment xa about the questionable "social good" stuff.

Itong Infrawatch na toh, ewan ko kung bakit Binance target nya at hindi nya naisama ang ibang exchanges like KuCoin, OKX, etc., especially who are offering P2P services? Baka na liquidated ata siya sa futures using Binance? Hmmm....

[goaldigger]

BSP made a clear statement with regards to this one, there’s no plan on banning Bitcoin but also, there’s no assurance na hinde nila ito ireregulate in the future. We’ve seen so many different statements from BSP, so mas ok na wag tayo pakampante at lagi tayo maging ready kase anytime, the government can change their statements. Sa ngayon ok ito, pero sana maging ok paren sya in the future.

About this one naman, it was clear that the DTI has no jurisdiction to ban Binance dahil wala pang formal regulations itong BSP. At since hindi siya interested na i-ban at regulate ang cryptocurrency, so it's most likely that the Binance ban hindi talaga mangyari. Sa ngayon ang neutral stance nitong BSP is kinda okay naman pero syempre si gov kulang pa yan sa kaalaman talaga kung ano talaga ang galaw, teknolohiya at purpose ni cryptocurrency kaya nag comment xa about the questionable "social good" stuff.

Mukang malabo maban si Binance dito kase simula pa lang, available na ang Binance sa banda naten kase wala ngang regulation patungkol dito at kung meron man, sana nuon pa nila ginawang issue ito.

[lionheart78]

“Every Bitcoin buyer that I know does not use (cryptocurrency) for anything… The only reason you’re using this is you think somebody else will buy it from you at a higher price. That’s a very scary investment.”

Reaction ko lang sa sinabi ni  BSP Governor Medalla regarding Bitcoin investment.  Di ba lahat naman kapag bumibili sa stock market, they assume na may bibili na ibang tao sa mas mataas na halaga.  Same way din sa mga goods sa market.  Kaya bumibili ang mga retailer ng mga gamit dahil inaasahan nila na may bibili sa kanila ng mas mahal.  That is the nature of trading, at investment.  Pagbumili ka ba ng share sa stock market ginagamit  ba natin yung share na nabili natin?  Di ba nakastock lang din iyon, unless ibenta natin.  Para namang may kinikilingan yang sinabi ni  BSP governer Medalla. Sana lang hindi siya magassume ayon sa nakapaligid sa kanya but tingnan nya ang whole ecosystem ng Bitcoin para makita nya talaga na maraming gumagamit ng Bitcoin as mode of payment.  Dapat din ifully verify nya ang mga information na nakakarating sa kanya.

[acroman08]

reading the article at yung articles na naka link dun sa na share mo na artcle. it seems na neutral stance nya as BSP Governor but I have a feeling na personally for him,  hindi nya talaga gusto ang cryptocurrency or at least extremely sceptical sya regarding it. also, as for him saying na "cryptocurrency has very little use for actual payments because of its volatility", he should realize that cryptocurrency is still being adopted and every day (at least I think so) people are incorporating it into their business and more and more people using it as a payment method.

[arwin100]

reading the article at yung articles na naka link dun sa na share mo na artcle. it seems na neutral stance nya as BSP Governor but I have a feeling na personally for him,  hindi nya talaga gusto ang cryptocurrency or at least extremely sceptical sya regarding it. also, as for him saying na "cryptocurrency has very little use for actual payments because of its volatility", he should realize that cryptocurrency is still being adopted and every day (at least I think so) people are incorporating it into their business and more and more people using it as a payment method.

Masyado din naman kasing volatile ang crypto at napaka dangerous nito sa mga pangkaraniwang investors kaya expected na ganito talaga ang verdict ng mga makalumang tao. Pero since neutral naman ang stance ng governor maganda nadin yun atleast hindi sya totally negative sa crypto at malay natin in future ma realize nya na kasama na sa sistema ang crypto at maganda itong tangkilin dahil maraming benifits ang bawat gumagamit nito.