Bitcoin business was severely suppressed, the new president of Philippines

Bitcoin business was severely suppressed, the new president of Philippines


Philippines’s current political situation has aroused our attention. Allegedly sponsored by the new president Rodrigo Dutewart called the war on drugs and gambling into the wild west.

Now, the police frequently attack involving bitcoin transactions, digital currency will become the next target? Perhaps not, encryption currency industry VIPs, co-founder of SatoshiCitadelIndustries MiguelCuneta said. He answered in an interview with financial publications.

Kunita (Satoshi) pointed out that Philippines’s gambling industry wind mutation, in less than two months, hundreds of gambling platform by Duthel Te close. After the new presidential decree, Philippines entertainment and gaming company (PAGCOR) of the person in charge is the anti gambling movement to a free port, which is the company operating in Asia many gambling site.

Most of the people in the panic in the dark, bitcoin online and the area related to drug sales decline. Online gambling platform is facing a similar fate. However, bitcoin as an exchange of value, legal transaction is likely to continue normal operation. MiguelCuneta shows that the degree of autonomy by the country’s central bank has to win the trust.

“I think this should not influence the development of this industry, the central bank from the beginning of the establishment of a relatively independent of the government, and there is a lot of work to do, but not what happened on the sidelines of the things around. In addition, the central bank is one of the most effective government institutions, so I think the political situation will be on the block / chain bitcoin development in Philippines has certain influence.” Cuneta said.

He also pointed out that the government and the central bank to ensure that economic growth is not affected by the standard block chain technology is almost impossible. However, he mentioned the possibility of encryption currency regulation in Philippines.

Philippines is one of the largest bitcoin remittance market, SatoshiCitadelIndustries runs the country’s well-known remittance platform Because of the company’s business is heavily dependent on encryption currency, in doing a lot of effort to accept other encryption currency bitcoin and the region. However, encryption currency industry of Philippines’s new government policy uncertainty poses a risk. If the government ordered the encryption currency platform all tomorrow is closed, people will not feel surprised.

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