Philippines’ special economic zone opens doors to crypto operators

Philippines’ special economic zone opens doors to crypto operators

Blockchain and cryptocurrency companies, the Philippines welcomes you with open arms. And tax breaks.

On Wednesday, Reuters reported that the Philippine government is opening the special economic zone to allow cryptocurrency and blockchain operators “to take advantage of tax perks while generating employment,” a move indicating that the country is looking to emulate the much-lauded Silicon Valley in California to give grist to the blockchain mill. It has to be noted that the reputation of cryptocurrencies has taken a bit of a beating of late with the wild swings in prices as well as several ICOs that either went bust before they started or were immediately identified as frauds and scams with investors losing several millions of dollars.

Raul Lambino, chief of the Cagayan Economic Zone Authority (CEZA), told the news agency that they are authorizing at least 10 companies to enter the Cagayan Special Economic Zone, where a financial services technology hub will be created. CEZA manages the special economic zone, which has always been noted for innovative business concepts like a freeport.

Lambino said the companies can offer cryptocurrency mining, ICO or exchange services. The initial group of operators were made up of Japanese, Hong Kong, Malaysians, and Korean companes, according to the CEZA chief.

Lambino, however, clarified that crypto-to-fiat and fiat-to-crypto exchange transactions must be done outside of the country “to avoid infringing Philippine regulations.” This is a common problem in many Asian countries that has seen lots of business move away from countries such as Hong Kong and Japan due to strict regulation.

Companies who set up in the Special Economic Zone are required to create employment in exchange for tax breaks. They will also be required to invest no less than $1 million over a two-year period and pay up to $100,000 in license fees. There are also plans to build a fintech and blockchain university to churn out suitably qualified employees for companies setting up in the area, according to the report.

CEZA’s announcement comes on the heels of reports that the Philippines Security and Exchange Commission is also looking to regulate the mining market, having issued a note on cryptocurrency Cloud Mining Contracts, in which it insisted that these be classified as securities.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
IBITX draws SEC ire over questionable crypto operations

IBITX draws SEC ire over questionable crypto operations

True to its assertion that it would begin an industry-wide crackdown on cryptocurrency-related companies, the U.S. Securities and Exchange Commission (SEC) has set its sights on another business. This time, the securities regulator has temporarily suspended all trading activities of IBITX Software.

The company was operating the IBITX over-the-counter (OTC) exchange as a “Dynamic new type of currency exchange which matches new Initial Currency Offerings (ICOs) and those interested in buying those currencies in a single platform.” It boasted of being one of the first cryptocurrency exchanges that brought together a fiat-to-crypto platform and crowd sales. It had been trading on the OTC Markets under the symbol IBXS and had a market cap of around $143 million before being suspended.

IBITX is registered as a New York corporation, but lists its primary place of business as the Philippines. The SEC took the decision to suspend the company due to the accuracy of unspecified information found in company press releases and disclosure statements that were published for investors.

One possible source of the SEC’s ire could come from a press release issued by the company on April 9. In it, IBITX announced the creation of cryptocurrency exchange software that could be licensed to financial service providers, brokerage houses and jurisdictions where cryptocurrency trading is allowed. The software purportedly offered the receiving companies the ability to create its own coins and ICOs, and gave the impression that these were automatically authorized for release without additional registration with the SEC.

SEC’s suspension order went into effect on April 23, and will end on May 4.

The SEC is beginning to take a seriously hard look at all companies in the cryptocurrency industry, especially those that offer ICOs. Several private companies, as well as exchanges, have already come under fire this year, and there are reports that the agency is working on “several dozen” more cases. After having its annual budget increased by 3% this year, the SEC is already finding ways to spend the extra funds.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
CoinGeek to fund StackLab’s blockchain training program

CoinGeek to fund StackLab’s blockchain training program

CoinGeek.com is committed to building Bitcoin BCH (also known as Bitcoin Cash) into a global, low-fee peer-to-peer digital currency and there are many strands that need enhancing for that to become a reality.

The first is merchant adoption which is happening as we speak and CoinGeek are hosting a bComm conference to showcase BCH to merchants in Hong Kong on May 18th.

Another important need is to train more developers to work in blockchain technology, because experienced blockchain developers are in short supply. CoinGeek.com and its own Calvin Ayre are doing their part by contributing over USD $150,000 to fund a blockchain developer training program in the Philippines, the world’s second largest IT outsourcing destination. CoinGeek are partnering on the venture with StackLab (a StackTrek Enterprises’ company), the on-the-ground operator for the training program.

StackLab seeks to create technology hubs in next-generation cities of the Philippines, and the first of its blockchain training programs will be in the city of Iloilo.

A minimum of 50 developers will be trained on developments skills focusing on the Bitcoin BCH blockchain. Trainees will be selected at a coding tournament using a the world’s most unbiased programmer capability evaluation test, which was funded by the World Bank and is recognized by the Institute of Electrical and Electronics Engineers (IEEE); only participants testing in the top two levels (top 2% and 11%) will qualify for the StackLab program. After the complete the 6-month training program, the developer trainees will receive support from StackLab to find employment – with the aim of transforming developing cities such as Iloilo into new technology centers for the Philippines.

Also joining the program will be nChain, the global leader in blockchain research and development based in London, United Kingdom. nChain will help shape the training program curriculum, and provide projects for the trainees to work on. The training programs will be focused on coding on the Bitcoin BCH chain, the one true public blockchain.

This initiative is another of Calvin Ayre’s many social initiatives for the Philippines.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Couple behind $17M BTC investment scam in the Philippines arrested

Couple behind $17M BTC investment scam in the Philippines arrested

Philippine authorities arrested a couple accused of using the popularity of cryptocurrencies like Bitcoin to scam dozens of would-be investors in the country, local media outlets reported.

The couple, Arnel and Leonay Ordonio, allegedly scammed 50 people into investing in SegWit-Coin BTC (otherwise known as Bitcoin Legacy or Core) in 2017. Police said the Ordonios convinced their victims to invest in a company called “NewG,” promising a 30% return on their investments every 15 days. The couple amassed an estimated PHP900 million (US$17 million) from this scheme, according to police officials.

One of the victims said she had a hunch that she was being scammed when the couple started posting on social media that they will be unable to pay their investors. Philippine National Police Chief Ronald Dela Rosa told reporters the value invested in the company could rise as more victims are expected to come out of the woodwork.

The PNP’s Criminal Investigation and Detection Group has filed fraud charges against the couple, although authorities are considering upgrading Ordonios’ case to economic sabotage.

Cases of pyramid schemes continue to grow in the country with many people falling into these traps.The proprietors of the scheme gave investors an opportunity to create an “upline system”that promised huge returns.In these cases, investors were required to bring in other people in order to create ‘down lines’ and, in the process, increase their commission.

Countries like India, China, Japan, Australia among others have their own share of these fraudulent activities. Despite the efforts taken by authorities to curb these criminal activities, many investors end up losing their hard-earned money. From using celebrities photos to creating lucrative upline systems, criminals are working hard to earn from the cryptocurrency market.

However, efforts by the authorities around to have cryptocurrency regulated are not in vain. Unlike before,people are better informed on cryptocurrency and other blockchain-related activities and there are clearer regulations governing cryptocurrencies around the world, making it easier to bring scammers like the Ordonios to justice.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Unregistered cloud mining operations face up to 21 years' prison time

Unregistered cloud mining operators face up to 21 years’ prison time, Philippine SEC warns

Even recruiters will not be spared from prosecution, SEC says.

Amid the rising number of businesses—both legitimate and dubious—in the cryptocurrency space, cloud mining operators have triggered alarm bells and are now on the Philippine Securities and Exchange Commission’s (SEC) radar.

In a release, the SEC has issued a warning to unregistered cloud mining operators—including their agents.

“The Commission has detected that certain individuals or groups of persons are enticing the public, through a popular social media platform or in their own independent websites, to invest in so-called cloud mining contracts,” the SEC wrote on their website. The warning mentions both local and foreign firms who solicit investors from the Philippines.

According to the SEC, such contracts can be classified as securities, and will therefore be subject to securities laws—they have to be registered and those soliciting these investments required to be licensed to operate.

“Applying the Howey Test as discussed by the Honorable Supreme Court in Power Homes Unlimited vs. SEC (G.R. No. 164182, February 26, 2008), a cloud mining contract is an investment contract falling within the purview of the term “securities” as defined by law,” the warning stressed.

The SEC explains that the activity ticks all the check boxes for securities: there is the requirement of investment money, the collected investment money is pooled to purchase mining equipment for profit, there is expectation of profit, and the distributed profits are generated from others people’s (cloud mining operators) efforts.

The SEC warns that violators can be prosecuted, and that even agents promoting such activities and recruiting others to engage in these activities are not exempt from prosecution.

“Likewise, those who act as salesmen, brokers, dealers or agents of these companies in selling or convincing people to invest in the investment scheme being offered by these cryptocurrency mining companies including solicitations and recruitment through the internet without the necessary license or authority from the Commission may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum penalty of twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.”

The SEC ultimately discourages people from investing in activities by unregistered entities. At a time when it’s easy to fake websites and profiles, get-rich-quick schemes and cons have become rampant. Several websites have instigated scams, collecting money from ill-informed “investors” and disappearing shortly after.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
nChain CEO Jimmy Nguyen: Philippines is the perfect market for virtual currency

nChain CEO Jimmy Nguyen: Philippines is the perfect market for virtual currency

Nguyen says there’s work to do, but that the BSP is doing right in creating sensible regulation to improve consumer confidence. 

In an interview with Bloomberg TV Philippines, nChain CEO Jimmy Nguyen gave insights on the blockchain and cryptocurrency development in the country and how it can impact overseas remittances. According to Nguyen, the country is in the early stages of cryptocurrency adoption, but is on the right path.

“I think the Philippines is in the early stages of adopting cryptocurrencies generally—and blockchain technology,” Nguyen said, adding however that there aren’t a lot of cryptocurrency exchanges in the country to help citizens participate in the new economy.

“I think it is headed in the right direction. This is the perfect market for virtual currency.”

The Philippine economy benefits highly from overseas foreign workers (OFWs) sending money back to their families in the country. Last year, the World Bank estimated that OFW remittances to the Philippines would hit almost $33 billion, bumping the archipelago up as the third biggest remittance-receiving country behind India and China. Nguyen, says the country’s remittance activities can be made better.

“Remittance and wire transfers could be much cheaper and more efficient. And that’s important to the Philippines.” Nguyen, whose company nChain is helping develop Bitcoin Cash (BCH) for cheap and fast transactions, went on to explain the value of BCH in comparison to BTC for daily transactions due to its usability, despite the former only having existed for only eight months.

As was the global trend, several scammers took advantage of the advent of blockchain technology to pull off Ponzi schemes and other cons, prompting the country’s central bank, Bangko Sentral ng Pilipinas (BSP) and the SEC to issue warnings to the public, along with a set of guidelines for businesses planning to open up exchanges in the country. The BSP has also been in talks with some industry players in the Philippines to help gain better understanding of the technology.

Nguyen commends the BSP’s openness despite the risks.

“I know the BSP issued some guidelines recently to warn people to be careful about investing in virtual currency. In addition to recognizing the risks, it recognized the value for a country like the Philippines.”

He adds that regulation would actually be good for cryptocurrencies. “I think, first of all, it’s a good step for the government to begin sensible regulations for virtual currencies. Some people in the Bitcoin world don’t like that. I, particularly because I’m a former lawyer, think regulation can be a good thing and create more consumer confidence,” Nguyen said.

In terms of the PHP 150 million ($2.9 million) minimum capital requirement imposed by the government on digital wallet operators, Nguyen thinks it’s quite low but “it’s a start.”

“That capital requirement is fairly low, but we are dealing with people’s money. I think it’s important to require the wallet operators and the exchange operators to have backing so that we avoid situations like in Japan—with the Mt Gox hack a number of years ago and a lot of people lost their bitcoin and didn’t have recourse against the company,” Nguyen explained.

“So I think that’s probably a start and over time, as the exchanges and wallets get bigger, they’ll probably raise the capital requirement. I think that’s a sensible step,” he added.

Watch the interview below:

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Philippines sees surge in cryptocurrency exchange applications

Philippines sees surge in cryptocurrency exchange applications

The number of businesses applying to operate cryptocurrency exchanges in the Philippines has been growing as the sector gains popularity, a senior official of the Bangko Sentral ng Pilipinas (BSP) confirmed.

BSP Deputy Governor Chuchi Fonacier told local reporters over the weekend that the applications have become so many in the last couple of months. Investors are also having a great interest in virtual currency exchanges.

Since the beginning of 2018, cryptocurrency exchanges have had to face various regulations with many businesses either shutting down or thriving. Governments, central banks,and other institutions have set measures to regulate virtual currency exchanges across the world.Despite the growing scrutiny that cryptocurrencies have faced, the industry is still growing with more investors, buyers and entrepreneurs joining the virtual currency exchanges market.

In the Philippines, the BSP has already taken steps to regulate cryptocurrency-related businesses. This was done to help protect those who wished to participate in the cryptocurrency market through virtual currency exchanges. The central bank issued Circular 944 in February 2017, which aimed to help reduce the increased number of criminal activities like money laundering and terrorism funding. Virtual currency exchanges are required to follow the guidelines in their operations.

At the moment, Fonacier said there are 29 applications under different stages of the application process—twice the number of applications recorded by the central bank in December 2017.

As of March 15, there are only two cryptocurrency exchanges accredited to operate in the Philippines: Rebittance Inc. and Betur Inc., which operates coins.ph. According to reports, the two virtual currency exchanges earned an average of $8 million per month in the past months.

The BSP’s circular requires intensive analysis of applicants to eliminate all businesses that do not comply with the set regulations. Interested companies will have to register with the central bank and the Anti-Money Laundering Council, and are required to submit periodic reports on their operations and finances.

The virtual currency exchange business in the Philippines is quite lucrative as cryptocurrencies like SegWit-Coin BTC (otherwise known as Bitcoin Legacy of Core) and other cryptocurrencies have become quite popular with the locals. Central bank authorities said they are still waiting for more documentation from the applicants before they can make any approvals. Members of the public, meanwhile, have been advised to exercise caution when dealing with matters relating to cryptocurrency.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/philippines-sees-surge-cryptocurrency-exchange-applications/

Coins.ph opens digital exchange to private beta

Coins.ph opens digital exchange to private beta, launches BCH/PHP trading pairs

Philippine-based digital currency wallet Coins.ph announced the forthcoming launch of its Coins Exchange (CX) platform, which will serve as a digital currency exchange and is the first order-book exchange in the country.

In a statement, Coins.ph said that after receiving requests for “lower bitcoin (BTC) conversion fees” for the past couple of months, they wanted to let their users know that they’ve taken these requests to heart and are now working on a private beta of the platform.

Once officially launched, the exchange will allow unlimited trading (no balance limits, no deposit limits) at lower fees. According to its live trading page, it currently accepts Bitcoin Cash, Ethereum, Litecoin, Ripple, and legacy Bitcoin (BTC).

Here’s a screenshot of CX’s trade page with the BCH/PHP trading pair selected as default when the page first loads:

With the proposed regulation of cryptocurrencies and ICOs from the Philippine Securities and Exchange Commission, startups in the country have been preparing their documents and filing for compliance with the local government.

Coins.ph is a blockchain services platform which started operating in the Philippines in 2014. According to CX’s about page, Coins.ph has secured a Certificate of Registration from the Bangko Sentral ng Pilipinas to “formally operate as a virtual currency exchange.”

The CX project is “to make access to digital currency cheap and fast,” according to the company, noting that such efforts to offer a professional-grade order-book would result to reduced costs for trading digital currency in the country.

The platform’s consumer base forms about 2 million active users who buy and sell cryptocurrencies, send remittances to their families, and do online payments without requiring them to have bank accounts or registrations with other financial institutions.

The blockchain company previously stated that it has been evaluating the possibility of supporting Bitcoin Cash (BCH), a move that would reflect the cryptocurrency community’s vision to “bank the unbanked” and empower users with low fees and reliable confirmations over a secure network.

CX is still in private beta to a limited number of Coins.ph users, but its site has opened a waitlist for new users to register.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
BCH Jeepney brings Bitcoin Cash to the streets of Manila

BCH Jeepney brings Bitcoin Cash to the streets of Manila

In what can be considered to be one of the most creative and ground roots of projects concerning Bitcoin Cash, comes the BCH Jeepney. Jeepneys (or simply Jeeps), are the most popular means of public transportation in the Philippines. An idea was born to purchase a Jeepney, and use it to promote BCH around the busy streets of Manilla in the Philippines, with a view then, to see this project turn into a fleet, and potentially span other cities and countries.

BCH Jeepney brings Bitcoin Cash to the streets of Manila

The project masterminds have asked to be named by their aliases “MrG”, “WildCard” and “MrSkatman”.

“It’s all MrG’s creation… he lured me in to his mind with an InitialLamborghiniOffering which inconspicuously morphed into a Jeepney. Not knowing what a jeepney was nor how to wrap it with BCH artwork I called on the skills of MrSkatman who jumped in with brilliant ideas to move the concept forward. Within a matter of tweets he escalated our thinking by asking the purchase price, we then started to discuss ways to cycle profits back in and keep the project running. From that, the #InitialJeepneyOffering was born, and more creative people have been included as the project continues to grow…,” said ‘Wildcard’.

This is an excellent opportunity for Bitcoin Cash to shine with a real world use case, through busy cities with a payment system that’s safe. ‘Wildcard’ adds, “Aside from that, it’s also a great way to connect people from different cities around the world through social media and a peer to peer electronic cash system. I really have no idea how it will play out, I just know that the people involved are all committed to this project working and somehow through this we’ll get BitcoinCash flowing from one side of the planet to the other.”

MrSkatman agrees, “I would add for me it is also a way to show all onlookers that we are real, we mean business, we have momentum, and we are willing to put our time and resources on the line to see this happen. As a chairholder I have a chair on the Jeepney — a seat in this project as a participant in helping promote BCH and spread the good news.  This is purely out of love for BCH and the people of Manilla. I’d love to see this pilot project succeed and repeated. The number of people who will be impacted is hard to calculate. It is more than just the riders.  Their stories, the press, twitter, and the coverage this project gets… It does well for the Philippines, but also for those watching and seeing it happen. It has the potential of being quite impactful for a minimum cost.”

MrG who is leading the project says he wants to “see this project reach millions of people and give people the tools they need for a successful future. Staying in the Philippines has shown me that everyday people need more ways to remit their funding from abroad. Families over here send their children and loved ones overseas to work and send money back home. This country has so much potential to grow and the monetary system in place is very limiting for them to advance. This project will help students, elderly and entire country in my own opinion by showing them that there are more ways use money, and BCH is the answer. I would love to see this project repeated and used to reach the other regions of this country. I think the profits from the BCHjeepney should be reinvested back into the project and using it as a self-promotional tool to upgrade the Jeepney and get more users excited about BitcoinCash. I would love to see a massive fleet of these in all the major cities here locally and globally to help spread the word of BitcoinCash.”

He has been so excited and encouraged by the project, that he’s taken it further to sponsor a local basketball team.  MrG says “their name is Team BCH, in Bulacan City, Philippines. We wanted to get to the hearts of the Philippines for which basketball is played everywhere… It gives us a chance to speak with the locals and get questions answered about Bitcoin Cash and support their community. Every game we have about 5 to 10 people watching and answering question about Bitcoin Cash. Also on how they can download and start using it. We are working on a hand out in Tagalog and English”.

The Jeepney route covers a little over 10km in the heart of Manila. Travelling from Philcoa to Quiapo to Kalaw. MrG says that the Jeepney will very easily be seen by over 500k to 1 million people each day. The route goes around Quezon Memorial Circle, which is a national park located in Quezon City, also known for being the capital of the Philippines from 1948 to 1976. The park is located inside a large traffic circle in the shape of an ellipse and bounded by the Elliptical Road. – https://en.m.wikipedia.org/wiki/Quezon_Memorial_Circle
Quezon Memorial Circle is the 10th-largest city square in the world by size.

MrG adds: “The Jeepney will create revenue by its daily passengers. Each passenger will pay 8 pesos for the standard rate. There is a discount for elderly and students and that’s 7 pesos. We will take cash payments in the beginning and plan to fit out the Jeepney with either QR code or a RFID BCH loadable prepaid card. That way, each passenger can get a wallet and start using BCH. We want to add more to it and this will be a test pilot for that to hopefully expand and to see what users want so we can migrate that into our design. The bounty for the day will pay for our drivers to be driving around the clock. Any extra money the Jeepney makes will be pulled together and the whole team can decide which improvements from the daily suggestions we get while operating the BCHjeepney.”

This “whole team” that MrG speaks of is made of a list of “chairholders”. These are, BCH fans and supporters from across the globe that have agreed to sponsor a “chair” on the Jeepney. All up there are 20 seats, and the following twitter names have funded a chair for 0.5 BCH.

@a3456gf
@hopetrustgood
@Scottbuszard
@MindStatex
@stackmyBCHup
@nChainGlobal
@justicemate
@bsmith12251960
@MADinMelbourne
@JGPI2017
@brad1121
@BCHplsmomma
@BigRedMurphy

+1 user who wish to remain anonymous.

There are six seats left, which will complete the funding for the project. “We have other ways to contribute to the project, including advertising on, or in the vehicle… such as on the ceiling, which looks like a big blank canvas waiting for some BCH activity. Bitcoin.com will be the first to get their logo painted on the sides, and they are kindly gifting us merchandise to give away as prizes during the jeepney journeys. We are open to all ways to make this project interactive,” said Wildcard.

By all means if anyone interested in helping fund this exciting project, or become a fellow “chairholder” should contact the project by tweeting directly to @BCHjeepney – This is the official channel for the Jeepney’s communication. @BCHjeepney posts photographs, updates, progress and more. Wildcard says “If anybody wants to spread the project and manage it on other platforms, please, let’s talk.”

While Bitcoin Cash has had an incredible six months of technical developments, it’s certainly reassuring to see developments coming about on creative fronts such as these, which also make a very positive impact in a very different way. We at CoinGeek will be keeping a very close eye on the developments in Manila.

Eli Afram
@justicemate

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Blockchain and Bitcoin Conference Philippines 2018 summary

The recently concluded Blockchain and Bitcoin Conference Philippines 2018 was held at the Marquee Hall of the Shangri-La in Manila. This event has brought together over 350 enthusiasts and specialists of cryptocurrencies and blockchain technologies from the Philippines and other countries around the globe.

A first in the country by event producer Smile Expo, this conference has created an opportunity for the crypto currency communities to network, and for experts for to share their experiences into integrating the blockchain technology into various business sectors.

Zach Piester, co-founder of Intrepid Ventures, opened the sessions with understanding the basics – what bitcoin is, how blockchain technology works, and the risks that come with Initial Coin Offerings (ICOs).

Piester also encouraged those who plan to integrate blockchain and cryptocurrencies into their businesses to think of the importance of user interface and customer experience. Thus, he shared how businesses should give value to the role of designers, not just developers.

A number of speakers have touched on the topic of ICOs and tokens, and these have become the center of queries among the participants too.

Only the rose among the thorns, Nithinan Boonyawattanapisut, CEO and Founder of Hotnow, ran down the ways to identify quality ICOs during her session. She included the red flags every ICO enthusiast should look into such as:

1. Too much of minted coin is reserved for the team
2. The White paper focuses more on the potential appreciation of token
3. There is no underlying economy to drive demand

Moderator and speaker Jimmy Nguyen, CEO of the nChain Group, had the most interesting and engaging session during the conference by opening up to the audience the idea of the bitcoin commerce (bComm) world. He discussed how the ecommerce sector will change with the emergence of cryptocurrency and how it will move to bComm.

Nguyen pointed out one of the five keys for this to be achieved is thru sensible regulation. He brought up how a lot of people in the crypto community are afraid of law and regulation. “The reality is you can’t regulate the network because it’s decentralized but all of the companies including people in this room who operate businesses interfacing with Bitcoin and real life consumers, I’m going to tell you, regulation is coming and it’s OK. You should be thankful for it, [as] it would normalize and support the industry,” he stated.

To learn more about blockchain and the latest crptyo news, subscribe to Coingeek.com.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.