Opinion
The evolution of blockchain continues at pace. It’s time to examine progress, challenges and future potential in humanitarian and development sectors.
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Philippines News
The Philippines, officially the Republic of Philippines, is a unitary archipelagic country in Southeast Asia. The Philippines is the 63rd largest country in the world and 12th in terms of population. The Philippines is one of the most ethnically diverse countries and has a large amount of various religious confessions. Philippines had gross domestic product of $348 billion at the end of 2018, making it the 34th largest economy at the time. The economy is largely made up of manufacturing electronic products, transport equipment, petroleum and its products, and agricultural goods. The economy of the Philippines is becoming more and more tech-oriented, even though 30% of the labor force is employed in the agricultural sector. Cryptocurrency in the Philippines is legal due to Circular No. 944 form, which established guidelines for Virtual Currency exchanges on June 2, 2017. The Philippines control over Bitcoin exchanges is performed by the Central Bank of the Philippines.
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Philippine banks are collaborating to launch the PHPX stablecoin for real-time remittances, leveraging Hedera’s DLT network and cross-border payment solutions.
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According to a survey from blockchain firm Consensys, half of the respondents from Nigeria, South Africa, Vietnam, the Philippines and India already own a crypto wallet.
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The Philippines’ DOST-ASTI introduced blockchain, NFTs and crypto to youth, focusing on real-world applications and fostering innovation for the future.
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Stables Money already has a chunk of the $35 billion Philippine remittance market and will upgrade service with the new stablecoin.
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Ben&Ben, a nine-piece pop band with over 3 million YouTube followers, started livestreaming a fraudulent XRP advertisement.
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The Social Security System is a state-run social insurance program that serves employees in the official, informal and private sectors.
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For the first time in history, the price of one Bitcoin exceeded 11 million yen in Japan, while prices also peaked in Argentina and the Phillippines.
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The test aims to evaluate the PHPC stablecoin’s real-world performance, its impact on the local fiat ecosystem, and its potential uses, including payments, trading and DeFi applications.
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Cryptocurrency exchange Binance is under legal pressure in Canada and the Philippines, while U.S. prosecutors are demanding 36 months in prison for Changpeng Zhao.
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Jay Ricky Villarante, the CEO of Moneybees, said that the decision to ban Binance reflects the importance of regulatory compliance and oversight in the industry.
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The Philippines SEC mandates the removal of the Binance app from Google and Apple stores in the country citing security threats to investors and, potentially, the local economy.
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Thailand’s decision to block unlicensed firms was inspired by India and the Philippines, which recently banned all offshore exchanges that failed to comply with local regulatory mandates.
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SEC official Paolo Ong said that they’ve already given users three months and extended it a little to allow users to withdraw their funds from the exchange.
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Following a blockade of Binance in the country, the Philippines’ securities regulator is now targeting the online trading platform eToro.
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