New BSP governor had blockchain plans for gov’t budget

[Unblock_news]

Benjamin Diokno replaced the late Nestor Espenilla, whose term saw the BSP adopt a stance that regulated blockchain and cryptocurrencies, while remaining open to innovations in these technologies.

Full article here: https://www.unblock.news/news/new-bsp-governor-had-blockchain-plans-for-govt-budget

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[jseverson]

It's pretty cool how open they are to the idea, but it's kind of disappointing that they didn't describe the system to be transparent. I get that it could be cheaper and easier to maintain, but shouldn't it also be open to the public? The original blockchain was certainly designed to be that way.

As things currently stand, governments are going to be using tools that stand for freedom to be able to steal more efficiently lmao.

[Kevin77]

Benjamin Diokno replaced the late Nestor Espenilla, whose term saw the BSP adopt a stance that regulated blockchain and cryptocurrencies, while remaining open to innovations in these technologies.

Full article here: https://www.unblock.news/news/new-bsp-governor-had-blockchain-plans-for-govt-budget

I had to check what is BSP to understand the importance of this news. Maybe it could have been detailed more in the title or at least in the article here, BSP seems to be a bank in Philippines which we know is very very favorable for crypto, they are really into crypto currencies and have been getting good news from that country for a while now so it is not a shock to anyone that they are really working to create funding for blockchain right now.

It won't be right away of course, when a government or a bank decides to put money into something you do not see results in one day, it takes time to see the results of that kind of funding but in the end it appears they will be one of the leading countries in the crypto currency world we are heading towards.

[dothebeats]

While I personally don't like Diokno's past and his lack of attention to details when it comes to making the government a better organization than it once was, I applaud the man for looking into possibilities regarding blockchain and the development of the crypto scene in the Philippines. This just goes to show that the government is very supportive of the innovation that is already happening within the other parts of the world and looks to become one of the major hotspots in the SEA region for crypto developments. The growth of the scene here is very promising with a supportive government.

[Harlot]

It looks like all sectors of the Philippines' government is doing their part on making the country a cryptocurrency friendly. The first one is accepting two local cryptocurrency wallets doing business in the country, the next one is the major move when it comes through CEZA aiming to have a multi million dollar crypto investment deal, now their central bank will be participating and this will only boost the attractiveness of the Philippones when it comes to crypto businesses. If they become successful PH's economy will be bigger.

[Upgrade00]

The original blockchain was certainly designed to be that way.

As things currently stand, governments are going to be using tools that stand for freedom to be able to steal more efficiently lmao.

The blockchain could be manipulated in different ways. It is not always advisable to have an open source protocol, in some cases permission has to be restricted to a need to know basis.
If permissions we're restricted where it isn't supposed to be, that would raise suspicion.

[jseverson]

-snip-

The blockchain could be manipulated in different ways. It is not always advisable to have an open source protocol, in some cases permission has to be restricted to a need to know basis.
If permissions we're restricted where it isn't supposed to be, that would raise suspicion.

Yeah, I wasn't even talking about any of that. What I want is for the data to be publicly view-able a la Bitcoin. This way, everyone knows where their taxes are going, and they could even keep copies to make sure it's not altered on a later date.