In the Philippines, large institutions are increasingly interested in cryptocurrencies. recently, Binance, the country’s largest digital asset exchange, attended a Senate hearing involving government institutions. Together they discussed the policies and guidelines to be adopted regarding digital assets in the country. In this context, some universities will provide to students cryptocurrency exchange rates.
The importance of financial education
The Philippine Senate has been a place of exchange for the country’s great institutions. The Securities and Exchange Commission (SEC), the central bank Bangko Sentral Pilipinas (BSP) and the Cagayan Economic Zone Authority (CEZA) participated, and of course Binance. Fintech Alliance Philippines, a crypto advocacy group in the region, also participated in the hearing.
According to Binance CEO Kenneth Stern, the Philippines has all the tools to succeed cryptocurrencies the mainstay of its economy. “We strongly believe that the cryptocurrency industry can greatly benefit the Filipino population, addressing the need for financial inclusion through digitization,” the manager pointed out.
To achieve the defined goals, Binance has already entered the ua partnership with universities and professional groups to give free blockchain courses and to cryptocurrencies like bitcoin (BTC). With good reason, at the end of the discussion, it was concluded that access to financial education is the basis for building a framework to facilitate the integration of digital assets into the habits of Filipinos.
“78% of Filipinos still don’t have a bank account, but cryptocurrency can help reduce this number as digital asset owners will soon outnumber credit card holders in the country,” Mr. Stern said during the hearing.
Ensuring security in the crypto industry
Apart from financial education, the question consumer protection was also discussed during the discussion. In this regard, the Deputy Governor of the BSP explained that the central bank does not want to inhibit the growth of the cryptocurrency ecosystem. On the contrary, it wants to gain the trust of consumers. Therefore, even if financial education is needed, it will not be enough.
The institutions gathered at the discussion believed that the establishment of a mechanism for ensure growth and innovation in the digital asset sector would be essential. Furthermore, a secure framework should also be established in the digital economy.
In order to give as many Filipinos as possible easy access to sound financial education on cryptocurrencies, universities will hold courses on blockchain and digital assets. But financial education is not the only point on which the authorities in the country insist. They also want to create a a safe framework for the benefit of future users.
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