As the cryptocurrency market has been attracting more and more users, governments are forced to watch over the industry to protect the citizens against numerous scams and risks. Thus, the government of the Philippines issued a warning against unauthorized Bitcoin and cryptocurrency projects that might be scams.
The Philippines presents a very unique case in the world not only for its high internet user figures (over 80%) but in the cryptocurrency technology as well. In the middle of the COVID-19 global pandemic that has prompted most traditional banks around the world to close or work for only a few hours a day, the Philippines seems to get away with this inconvenience.
Giant electronic payment system provider to offer users of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and other digital assets in the Philippines the ability to purchase cryptocurrencies at around 6,000 retail stores in different parts of the republic.
Philippines Department of Trade and Industry (DTI) recently signed a Memorandum of Understanding (MoU) with a United States startup, Monsoon Blockchain Storage Inc., to enhance the effectiveness of the technology implementation.
The Cagayan Economic Zone Authority (CEZA), Philippines’ “fintech city”, has drafted new rules for the acquisition and trading of digital currencies such as Bitcoin, Ripple, and Ethereum in the Philippines meant to efficiently regulate and shield investors from the risks and danger associated with cryptos, MediaOutReach reports.
Ethereum, the third-largest virtual coin by market capitalization, has been widely used in different parts of the world. The most successful implementation of this digital currency is observed in developing countries such as Chile and the Philippines, reports Ethereum’s co-founder Joseph Lubin.
The Philippines government is constructing a Cryptocurrency Valley of Asia, a Crypto and FinTech center identical to the one built in Canton BPOs Zug, in Switzerland. The great estate will be constructed at the Cagayan Special Economic Zone and Freeport while partnering with Northern Star Gaming & Resorts Inc, a private property developer. The zone is in position to handle 25 cryptocurrency companies which will function within the area.