The Philippine National Stock Exchange (PSE) is watching cryptocurrency trading. He also indicated that cryptocurrency is an asset class that we can no longer ignore.
Specifically, as reported by CNN Philippines, Ramón S. Monzón, president of PSE, said that management first discussed the idea of establishing cryptocurrency trading two weeks ago.
“If there is going to be a cryptocurrency trading in the Philippines, that should be with us. So that we can participate in education.
Furthermore, he added: «It must be carried out in the PSE. Why? First, because we have the commercial infrastructure. But most importantly, we will be able to protect investors».
Preparing the Philippines for cryptocurrency trading
In fact, the PSE is currently awaiting guidance from the Philippine Securities and Exchange Commission (SEC). Which, began seeking comments from banks, investors and the public in 2019. Mainly, on whether the country should start building a cryptocurrency trading.
According to Ramón Monzón: «Unfortunately, we are not in a position to do that now. We are waiting for the rules of the Securities and Exchange Commission (SEC), on cryptocurrency trading».
It should be noted that so far the Central Bank of the Philippines (BSP) has registered 17 cryptocurrency service providers.
«It is time to broaden the scope of existing regulation in recognition of the changing nature of this financial innovation. And, formulate proportional risk management expectations».
In this regard, Darren Blaine T. Pangan, an investor in Timson Securities, Inc. stated: «It can benefit local investors by granting easier access to a wider range of assets. Thus providing avenues for more ways to diversify your wallet».
It is worth noting that the Philippine Stock Exchange (PSE) wants to be in the forefront, when regulators give the signal for cryptocurrency trading.
What about the CBDC?
In this regard, the Central Bank of the Philippines (BSP), although it has been frank about not considering the development of a CBDC in the short term. It has authorized more than a dozen exchanges to operate in the country. And many Filipinos have become interested in cryptocurrencies, as a way to make money.
Like, for example, the game “Axie Infinity”. Which allows users to raise and trade digital pets as non-fungible tokens (NFTs).
So one YouTube user commented: «This is how I have been able to support my boyfriend in the Philippines by giving him an Axie account, since I live in Australia. It has absolutely changed his life and that of his family. Axie has allowed you to complete and pay for your nursing and transportation tuition for the past six months».
As a curious fact, Ramón Monzón said: «Instant riches can also be instant poverty».
In closing, do you think that the Philippine Stock Exchange should offer cryptocurrency trading? Leave your opinion in the comment box.
I say goodbye with this phrase from Tom Baldwin: «What separates the 1% from the other 99% is a tremendous amount of effort. It is perseverance. You have to like to do it».