Filipinos urged to in­vest in cryp­tocur­rency

Sun.Star Davao - - BUSINESS - By Ace June Rell S. Perez

FILIPINOS are urged to in­vest in cryp­tocur­rency, a dig­i­tal cur­rency op­er­at­ing in­de­pen­dently of a cen­tral bank, es­pe­cially those that are cur­rently in cheap prices.

Doxa chief trainer Gian Al­bano told re­porters dur­ing last Tues­day’s Davao Busi­ness Fo­rum at Dermpath, SM City Davao that cryp­tocur­rency can be an ef­fec­tive way to im­prove their lives.

“If you are a Filipino, you’ve done ev­ery­thing to im­prove your fi­nan­cial stand­ing but noth­ing hap­pened, buy cyp­tocur­rency, those that are very cheap today, hoard it for the next 7 years, and that’s go­ing to be your best in­vest­ment be­cause, it is proven with bit­coin, etherium and its go­ing to hap­pen again,” he said.

Doxa is a com­mu­nity of cryp­tocur­rency en­thu­si­asts and ex­perts, the only one in the Philip­pines. At present, there are some 3,000 play­ers en­gaged in cryp­tocur­rency.

He cited, for ex­am­ple, the suc­cess of bit­coin, a type of cryp­tocur­rency, which was first sold at P5 per coin when it was first in­tro­duced seven years ago and is now val­ued at more than P250,000 per coin.

Al­bano bared that there are some 900 cryp­tocur­rency that will un­dergo ini­tial coin of­fer­ing be­fore the end of this year. Of the fig­ure, 40 of which have al­ready made a mark­ing his­tory as their val­u­a­tion went as high as 7,000% an­nu­ally from when it was of­fered. Ac­cep­tance in PH Doxa Vice Pres­i­dent Rand Cris Bentson, for his part said, that Philip­pines has a long way to go with cryp­tocur­rency as it is not yet widely ac­cepted here.

Cryp­tocur­rency in the coun­try, how­ever, Bentson noted is pick­ing up and is slowly gain­ing pop­u­lar­ity here, eight years af­ter the dig­i­tal cur­rency was in­tro­duced.

He em­pha­sized that the prob­lem in the in­dus­try is the lack of ed­u­ca­tion and the skep­ti­cism be­cause it talks about vir­tual money.

“The rea­son why Philip­pines does not widely ac­cepted the con­cept be­cause there is lack in ed­u­ca­tion and in­for­ma­tion dis­sem­i­na­tion, lack of knowl­edge, that is what keep­ing us from tak­ing ad­van­tage of the very pow­er­ful in­no­va­tion,” he said. Lack of ed­u­ca­tion Al­bano said for cryp­tocur­rency to flour­ish in the coun­try, four stages should be con­sid­ered: ed­u­ca­tion; es­tab­lish mer­can­tile func­tion; im­prove avail­abil­ity of op­tions; and gov­ern­ment ac­cep­tance.

He noted that of the to­tal pop­u­la­tion in the coun­try, only a frac­tion of 1 per­cent has knowl­edge on cryp­tocur­rency.

Other goal is to es­tab­lish mer­can­tile func­tions or im­proved mer­chants ac­com­mo­dat­ing cryp­tocur­rency

“It is still part of the us­abil­ity and in­for­ma­tion dis­sem­i­na­tion is­sue. Not un­til that peo­ple would get to see that every time, their coin is ac­cepted any­where, peo­ple wouldn’t un­der­stand what’s cryp­tocur­rency is all about,” Al­bano.

He also men­tioned about im­prov­ing the avail­abil­ity of op­tions, es­tab­lish­ing that there are other cryp­tocur­rency avail­able than just bit­coin, that can be bought for as low as a cen­tavo, which the peo­ple has no knowl­edge about.

On gov­ern­ment ac­cep­tance, he said, the Bangko Sen­tral ng Pilip­inas is now start­ing to show some signs of go­ing to the level of cryp­tocur­rency.

Expo In a bid to in­crease aware­ness on cryp­tocur­rency, Doxa will stage the first Cryp­tocur­rency expo on Oc­to­ber 7 at the Davao Con­ven­tion Cen­ter, Davao City.

“The rea­son why we are hav­ing this expo is that we are try­ing to in­crease the ac­cept­abil­ity of the mer­can­tile, to get the mer­chants in­ter­ested be­cause it is the fu­ture thing,” Bentson.

He un­der­scored that the expo will also dis­cuss on the his­tory of money, its evo­lu­tion and the avail­abil­ity, and out­look of cryp­tocur­rency.

The or­ga­niz­ers are ex­pect­ing some 200 at­ten­dees.

“It is a niche mar­ket right now but we wanted it to be not a spe­cial thing but a normal thing, “Bentson added.

More­over, Al­bano said that af­ter the first expo, they plan to bring it to more ar­eas in the coun­try.

Also, they are eye­ing to have an open fo­rum with the gov­ern­ment.

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