Topic: Upcoming 2024 SEC Crypto Guidelines: What to Expect? (Read 89 times)

Yup, they're the digital/e-wallets are in the competition and the same goes for the credit cards as well. If their main goal is for transfers, we've got a bunch of it but I think this is just creating another money out of thin air.

While people speaks against KYC, we still have options not to. But if this is a government backed cryptocurrency, you'd expect something like this that users of it will be asked by either the provider or the exchange where it is supported.

Exactly, people use Bitcoin mostly for online gambling and investment, while stablecoins are more for transactions. But stablecoins aren’t anonymous, so I’d rather use altcoins with lower fees compared to stablecoins, or even CBDCs. I mean, what’s the real difference between CBDCs and something like GCash or Maya?


Easier if we are complying to the KYC, if the opposite it's not. Crypto is suppose to give us privacy, with KYC, it defeats the purpose.

Unless there are clear terms or guidelines explaining the purpose of this CBDC, I can’t fully comment on it yet. For now, I’m just hoping it will actually be helpful.

I don't see it as a competitor against Bitcoin but with stable coins.

IMHO, it's a good move. We don't want to see them take actions against Bitcoin and the crypto market and movement in our country so, this makes it easier for all of us. Especially right now that there are more people that are understanding what cryptos are for.

The positive effect that I am seeing about it is that, it is going to be another gateway and source of flow of money for Bitcoin. The negative effect, I don't think that there will be much volume coming from it.

Now, to be clear, this is only my opinion; whenever CBDC is implemented in our nation and approved by our government, I will list the advantages and disadvantages for it.
In such case, what is the question?

To begin with, the benefits of CBDC include its ability to lessen counterfeiting. For what reason? This is so that they can lessen fraudulent operations and are intrinsically difficult to counterfeit. However, instability and public trust are always destroyed by cyberattacks, which might affect the CBDC as well. In addition, they have access to personal information and can monitor every transaction.

There was a report earlier ^{(check sources)}  about the cryptocurrency guidelines that the Philippine SEC is planning to release, but as of now, there has been no official release.

Although we don’t have the complete guidelines yet, we remember that one of the biggest crypto exchanges in the world, Binance, was already targeted. As of now, Binance’s app is no longer working, and its website is reportedly blocked ^{(though some of us can still access it using simple tweaks to our network).}

Additionally, the Bangko Sentral ng Pilipinas (BSP) is planning to launch its own Central Bank Digital Currency (CBDC), similar to what other countries have already introduced.

Here’s a quick definition of CBDC:

The main advantages of CBDC include faster transactions and lower fees compared to cryptocurrencies. It's also considered more transparent since it’s under the control of the central bank, which aims to prevent money laundering and fraud.

So, what we see happening is that, while the government may regulate crypto, they are also introducing their own alternative - CBDC. This creates a competition between centralized digital currencies (CBDC) and decentralized currencies (Bitcoin). As crypto enthusiasts, maybe we should consider using crypto more as an investment tool rather than for daily transactions, since CBDCs offer cheaper and faster alternatives although we haven't tested it yet . Plus, with the new guidelines, crypto exchanges that will operate here will be required to implement KYC, which is mandated by BSP or AMLC to ensure regulated platforms.

Thoughts on this mga kabayan... Is it a good move for the Philippine government to regulate crypto? Or will it just make things harder for us? And regarding CBDC, feel free to share your thoughts on its potential positive and negative effects so we can discuss them further.


sources :

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https://www.coinspeaker.com/philippines-securities-commission-crypto-2024/
https://cryptonews.com/news/philippines-set-to-unveil-crypto-guidelines-in-second-half/
https://cointelegraph.com/news/philippines-digital-transformation-could-make-it-a-new-crypto-hub
https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp