By Shelly Melancon (Switzerland)
According to various media reports, Ramon Monzon, the Philippine Stock Exchange (PSE) president, plans to ensure that the country’s apex stock exchange is the only platform where crypto trading can occur. Monzon said, “if any crypto exchange is to take place, it must be performed on the PSE.”
He opined that the apex exchange already has the necessary framework for crypto trading, especially investors’ security. This security is necessary with a highly volatile product like the crypto market. The PSE president further said that the PSE had been forced to acknowledge the digital currency industry as an asset class because the interest in that space keeps growing every day.
While Monzon derided the asset class, citing its lack of fundamentals, he admitted that investors are only attracted to it because of its high volatility. But the Philippines ‘ security and exchange commission would need to grant the PSE approval before it can start allowing crypto trading on its platform.
Though the country’s authorities have been making several crypto-related policies recently, it is unlikely that it would grant the PSE’s desires.
Philippine Authorities Not Entirely Opposed to Digital Currency Trading
Most authorities, including the Philippines, are not being against crypto but on how the industry won’t facilitate fraud and how investors can be protected. It is no wonder why the authorities are taking proactive crypto measures, one of which is the launch of a Central Bank Digital Currency (CBDC).
Also read:Earlier this year, the Philippines’ Central Bank revisited its digital currency policies with the sole aim of reducing risk exposure for new investors and supporting creativity. It further updated its crypto policies to include any crypto-related transaction to be considered as a remittance service.
While the bank also revealed that it would soon test run its CBDC program, it failed to provide any timeline of events for that purpose. The only update regarding this CBDC wasn’t encouraging news, and it came from the apex bank’s president, Benjamin Diokno, who revealed that there is no scheduled time for the release of the CBDC.
Hence, we can only conclude that this CBDC may be launched around the same time as the digital euro, whose release schedule won’t happen soon.
Contactless Payments with The Digital Yuan Now Available
Meanwhile, the global times report that the Beijing rail transit now accepts payment with the digital yuan. China’s industrial and commercial bank is issuing a digital yuan mobile wallet for those who want to make such payments. Beijing rail transit is following the path set by Suzhou rail transit which had previously allowed such payments.
Also, Chengdu province has revealed that its preliminary test system for accepting digital yuan payments is now completed, and soon, buses and subways will start accepting digital yuan payments. A rep from the Beijing rail transit service revealed that “anyone willing to use this service must download the wallet’s mobile app and link his bank account.”
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