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The Philippine Stock Exchange (PSE) has allegedly accepted that cryptocurrency is an asset class that cannot be disregarded, aspires to be the country’s crypto trading platform in Bitcoin and other crypto-assets among Filipinos.
The Philippine Stock Exchange To Be The Country’s Crypto Trading Platform
According to CNN Philippines, PSE President and CEO Ramon Monzon state that the local market should also serve as the country’s crypto trading platform for digital assets, adding that the subject shall consider in a senior management meeting.
Monzon also outlined the reasons any cryptocurrency trade should take place at the PSE.
“This is because we have the trading infrastructure. But we will provide investor safety measures, which is especially crucial with a product like a cryptocurrency,” Monzon stated.
17 Crypto Exchange Service Providers Register
So far, the Bangko Sentral ng Pilipinas approves the operation of 17 cryptocurrency exchange service providers in the nation.
In response to a spike in interest in digital assets, the central bank tightened its restrictions on crypto assets in January.
“In the last three years, we have seen sped-up growth in using virtual currency exchanges, and it is high time we broaden existing regulations in recognition of the growing nature of this financial innovation and set out commensurate risk management expectations,” BSP Governor Benjamin Diokno said.
Filipinos Drawn Towards Cryptocurrency’s Volatility
Monzon stated that cryptocurrencies have no fundamentals, but because of their volatility, many Filipinos are drawn to this new asset class.
“It’s all capital gains, so the price I get for my cryptocurrency is the amount you are ready to pay… Because of the instability, many individuals are drawn to it.”
Monzon warns about the risks of quick wealth. He stated if organized cryptocurrency trading occurs in the Philippines, it should be regulated by the PSE.
After the flagship cryptocurrency, Bitcoin, reached new highs this year, there’s been growing interest in Bitcoin and other cryptocurrencies in the Philippines.
The leading cryptocurrency skyrocketed to moreover $63,000 in April before plummeting to approximately $30,000 in response to billionaire Elon Musk’s comments on Bitcoin’s environmental effect and China’s ban on mining farms.