The Philippine government has had a lot to say on bitcoin as of late. Initially, the authorities wanted to make sure that they warned their citizens to invest responsibly. They classified digital currencies as “extremely risky investments”.

They still acknowledged the benefits of the currency, though. They talked about the platform and overall improvements in life that it can bring to their citizens and about the remittance benefits for Filipino workers sending their earnings home. Bangko Sentral conducted some research and stated that remittance transactions using the cryptocurrency bitcoin are now worth about $6 million a month, a significant jump in volume since last year. Yet lawmakers still stressed the need to have a regulatory framework for the protection of the customers.

The government has progressed in laying down blueprints for how they will approach bitcoin. They have also given permission to several companies to operate in the virtual currency space. The lawmakers keep leading the way forward in writing up their digital assets regulation, working with the relevant parties in their nation like their Securities and Exchange Commission and others to bring about cryptocurrencies into the legal realm. The nation will be one of the first regulate virtual assets and provide a legal foundation for all of those who are involved in the crypto sector.

The country has progressed in how they are looking at initial coin offerings and other matters regarding the virtual space but have not yet made any decisions to accept the virtual currency as a legal means of exchange. They are working on putting it into place with enough safeguards so that there might be more stability across the board.

Private Sector

The people of the country seem to be bolstered by the stance that the government is taking and is looking to add to the ecosystem, grow the space, and bring more awareness. The capital of the nation of Philippines, Manila,  will be hosting a Blockchain and Bitcoin Conference, focused on the state of digital currencies, blockchain, and matters related to initial coin offerings.

There will be a variety of parties who will be participating in this conference, with crypto professionals coming from across the world to be at this event. The types of professionals that are expected to attend are agents from traditional financial institutions, banking professionals involved in many capacities of the banking sector, entrepreneurial leaders, investors, legal experts, blockchain technologists, young companies, and expert traders.

Those who attend can expect to take part in the conference and an exhibition that is to follow. The purpose of the event is to provide a venue for everyone to connect in person and streamline the process of creating new ventures around the space. The idea is to allow people to share knowledge and develop relationships to build together in the long term. As part of the event, speakers will be focused on talking about what’s going on in the Philippines, especially in regards to legal matters that will affect the field of cryptocurrencies in the nation, including token sales,  preparations for initial coin offerings, and other matters. Topics that are to be discussed will also contain information on what the future looks like for digital assets as they progress into the new year, as well as coverage on the underlying technology of the blockchain and its potential for use in business.

Quick Details

Who: Hosted by Smile Expo, a company that hosts events pertaining to the Blockchain and Bitcoin sphere in many nations across Europe and Asia.

Where: Shangri-La Hotel, Manila.

Attendees: International communities involved in the blockchain and virtual currency space. The exhibition will also have community members such as suppliers of mining equipment and farms, blockchain projects, and investors.

For more info: Visit Philippines