Abra enters Philippine market with 7-Eleven tie-up

Cryptocurrency and investment company Abra has made its way to the Philippines, striking a partnership that promises to make it easier for the residents to purchase cryptocurrencies. Abra partnered with local payments company ECPay which will enable it to offer crypto at over 6,000 retail outlets, key among them all 7-Eleven stores.

Announcing the partnership, Abra expressed its belief that using new digital tools that open up financial access shouldn’t be complicated. Exchanging fiat to crypto and other digital assets should be simple and fast, the company stated.

That’s why we are really excited to announce our new partnership with ECPay and 7-Eleven stores. It’s one more step towards making cryptocurrency use and investing simple and accessible to everyone.

The users will be able to buy cryptos through 7-Eleven’s CLiQQ kiosks or mobile app. The minimum deposit is set at PHP500 ($9.5) while the maximum one can buy in a day stands at PHP100,000 ($1,915). The service will cost the user a 2% transaction fee. After depositing, the funds reflect on the user’s Abra account in two business days.

Bill Barhydt, the Abra CEO and founder stated, “Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”

This isn’t 7-Eleven’s first crypto venture. The retail giant partnered with crypto exchange and wallet provider Coins.ph in 2016 to offer a fiat-to-crypto platform across its 2,200+ stores in the Philippines. To deposit funds on their Coins.ph accounts, users initiated the deposit on the app, received a 7-digit reference number which they would then present to the cashier at a 7-Eleven store. After paying at the cashier, their Coins.ph account is instantly credited.

Abra has expanded its suite of products this year, announcing in February that it would begin to offer stocks, ETFs and commodities. The service was unique from many other similar platforms as it allows the users to invest using their crypto assets. It also allows the users to invest in fractional shares, with the minimum investment being set at a mere $5.

3 crypto exchanges suspended in Philippines’ economic zone

Three virtual currency exchanges in the Philippines province of Cagayan have been suspended by local authorities, in order to allow for more thorough due diligence into licensees, ABS-CBN reported.

The Cagayan Economic Zone Authority (CEZA) ruled that its crypto exchange licensees would face temporary suspensions amid a move to Cagayan, with some 40 firms currently holding licenses that would be subject to the suspension.

This includes 25 firms licensed by the authority on an off-shore basis alongside 15 firms holding regular licenses. As of Wednesday, only three of the firms are active.

Golden Millennial Quickpay, Liannet Technology Ltd and Asia Premier are based in Metro Manila. Their licenses will be temporarily halted as they move to oversight by the Cagayan Economic Zone Authority.

A senior official said this would allow the authority to conduct due diligence into the firms, amid reports of fraud in the sector.

Chinese-based offshore firm Golden Millennial Quickpay was raided by law enforcement officers last week, with 270 of the firm’s staff arrested as part of a probe into alleged investor fraud.

As part of the investigation, the firm has had its license suspended for 90 days, with the threat of revocation if wrongdoing is confirmed.

CEZA spokesperson and Fintech and Cryptocurrency business officer Mike David was quoted by the news outlet saying the suspensions would be temporary until the authorities could gain a better understanding of how its licensees operate.

Their operation is temporary. We are pushed by our circumstances because of the lack of our facilities in Cagayan. After the incident, there can be zero tolerance until movement to Cagayan.

Allegedly running a crypto investment scam, David said Golden Millennial Quickpay has alarmed the authority and was one of the main drivers of the licensing review.

“How can an exchange commit fraud? Maybe there are virtual agents or brokers that could have penetrated the exchange. We are alarmed by this incident. There are external factors, elements and we are looking into that also,” David said.

The move shows the challenges faced by regulators in upholding standards in the crypto sector.

Far too many scams and fraudulent companies continue to operate, sometimes even with official licenses to trade, highlighting the importance of effective governance and regulation for the sector.

Philippine police break up alleged crypto scam

On September 15, it was reported that Philippine National Police (PNP) raided the office of an alleged cryptocurrency scam that was targeting investors from China. According to the report, law enforcement officials were acting on a tip from the Chinese government when they discovered the online investment scam.

The offices were raided as part of a joint task force involving several different law enforcement agencies in the country. According to the report, 277 Chinese nationals were arrested during the raid in Pasig City. Each was being held on suspicion of using cryptocurrency operations to trick unsuspecting investors back in mainland China.

The raid took place on September 11 and was led by agents with the Bureau of Immigration. The raid was conducted on Grapefruit Services Inc., which is located on the 37th floor of the One Corporate Center in Ortigas Center, the business hub of Pasig City. Grapefruit had received the proper authorization as a provider of Golden Millennial Quickpay Inc. Ltd., which is a cryptocurrency company located offshore and licensed by the Cagayan Economic Zone Authority (CEZA).

CEZA is a government-owned corporation which oversees the Cagayan Special Economic Zone and Freeport. These special economic areas were created to attract foreign and local investment. The government of the Philippines has allowed cryptocurrency firms to operate in this region since April 2018, but they must receive a license from the CEZA in order for them to do so. It appears from all reports that this company had received the proper licensure.

According to reports, the firm had been operating outside of the designated zone. This resulted in a violation which brought the entire operation to the attention of law enforcement officials. CEZA officials had no comment related to the matter.

While the scam appears to have been averted before investors were defrauded, there are far too many reports across the globe of individuals being cheated by these scammers. Country set his Saudi Arabia and Malta have been trying to warn their citizens against these types of scams.

Despite this, it is becoming far too frequent a story related to digital currencies. Recently, law enforcement officials in Australia reported that over $4.1 million was fraudulently obtained in 2018, a 190% increase over the previous year.

It is another cautionary tale that investors need to be on their toes and have their eyes wide open. Offers that sound too good to be true often are.

Philippines central bank approves two crypto exchanges

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, announced that it had approved two more cryptocurrency exchanges. This brings the total number of approved firms in the country to 13.

Melchor Plabasan, officer-in-charge of the Technology Risk and Innovation Supervision Department at the BSP, gave the report. He stated that BSP approved two companies, Atomtrans Tech Corp. and Tokyo-based Telcoin Corp. to operate as virtual exchanges in the region.

Atomtrans Tech Corp. International is a financial service with its headquarters at Manila. The company was founded in 2017 and has branches in other countries, including Hong Kong, Japan, and Argentina. Since its launch, the company has launched various products including ATC Remittance, ATC Digital Currency Exchange, and ATC Payment.

The company has achieved a lot in the last couple of year. Atomtrans has a strategic cooperation agreement with China UnionPay Electronic Payment Co., Ltd. and UnionBank of the Philippines. Currently, it is also exclusively representing Philippine-China remittance products.

Other approved VC exchanges include Bexpress, Coinville Phils., A BloomSolutions, Virtual Currency Philippines, ETranss Remittance International, BA Global Phils., Betur (Coins.ph), Rebittance, Fyntegrate, ZyBi Tech, and Bitan MoneyTech Co. Ltd. Inc.

Authorities in the countries have exercised great caution when it comes to crypto businesses. The law in the Philippines provides that all virtual exchanges should register with the BSP. They should also register with the Anti-Money Laundering Council (AMLC) and submit regular reports regarding their overall finances and transactions.

Earlier in June, the central bank expresses its concerns on cryptocurrencies by stating that it is still “lukewarm” on the industry. This might explain its reluctance in approving more firms on the space. A senior official at BSP stated:

“We have to be open to innovation except that we also have a responsibility to consumers. Let’s give it another three to five years.”

In addition, last month, the central bank issued a memo warning banks to be more vigilant when handling crypto businesses. In the memo, the deputy governor of the BSP, Chuchi Fonacier reminded banks to only transact with registered exchanges. The memo read:

“As a safeguard against unregistered virtual currency exchanges, BSP-supervised financial institutions, upon onboarding and during transaction monitoring, should exercise extra caution and vigilance as well as perform enhanced due diligence, as necessary, in accordance with their Money Laundering and Terrorist Financing Prevention Program as prescribed under existing regulation.”

Philippines’ special economic zone opens doors to crypto operators

Philippines’ special economic zone opens doors to crypto operators

Blockchain and cryptocurrency companies, the Philippines welcomes you with open arms. And tax breaks.

On Wednesday, Reuters reported that the Philippine government is opening the special economic zone to allow cryptocurrency and blockchain operators “to take advantage of tax perks while generating employment,” a move indicating that the country is looking to emulate the much-lauded Silicon Valley in California to give grist to the blockchain mill. It has to be noted that the reputation of cryptocurrencies has taken a bit of a beating of late with the wild swings in prices as well as several ICOs that either went bust before they started or were immediately identified as frauds and scams with investors losing several millions of dollars.

Raul Lambino, chief of the Cagayan Economic Zone Authority (CEZA), told the news agency that they are authorizing at least 10 companies to enter the Cagayan Special Economic Zone, where a financial services technology hub will be created. CEZA manages the special economic zone, which has always been noted for innovative business concepts like a freeport.

Lambino said the companies can offer cryptocurrency mining, ICO or exchange services. The initial group of operators were made up of Japanese, Hong Kong, Malaysians, and Korean companes, according to the CEZA chief.

Lambino, however, clarified that crypto-to-fiat and fiat-to-crypto exchange transactions must be done outside of the country “to avoid infringing Philippine regulations.” This is a common problem in many Asian countries that has seen lots of business move away from countries such as Hong Kong and Japan due to strict regulation.

Companies who set up in the Special Economic Zone are required to create employment in exchange for tax breaks. They will also be required to invest no less than $1 million over a two-year period and pay up to $100,000 in license fees. There are also plans to build a fintech and blockchain university to churn out suitably qualified employees for companies setting up in the area, according to the report.

CEZA’s announcement comes on the heels of reports that the Philippines Security and Exchange Commission is also looking to regulate the mining market, having issued a note on cryptocurrency Cloud Mining Contracts, in which it insisted that these be classified as securities.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
IBITX draws SEC ire over questionable crypto operations

IBITX draws SEC ire over questionable crypto operations

True to its assertion that it would begin an industry-wide crackdown on cryptocurrency-related companies, the U.S. Securities and Exchange Commission (SEC) has set its sights on another business. This time, the securities regulator has temporarily suspended all trading activities of IBITX Software.

The company was operating the IBITX over-the-counter (OTC) exchange as a “Dynamic new type of currency exchange which matches new Initial Currency Offerings (ICOs) and those interested in buying those currencies in a single platform.” It boasted of being one of the first cryptocurrency exchanges that brought together a fiat-to-crypto platform and crowd sales. It had been trading on the OTC Markets under the symbol IBXS and had a market cap of around $143 million before being suspended.

IBITX is registered as a New York corporation, but lists its primary place of business as the Philippines. The SEC took the decision to suspend the company due to the accuracy of unspecified information found in company press releases and disclosure statements that were published for investors.

One possible source of the SEC’s ire could come from a press release issued by the company on April 9. In it, IBITX announced the creation of cryptocurrency exchange software that could be licensed to financial service providers, brokerage houses and jurisdictions where cryptocurrency trading is allowed. The software purportedly offered the receiving companies the ability to create its own coins and ICOs, and gave the impression that these were automatically authorized for release without additional registration with the SEC.

SEC’s suspension order went into effect on April 23, and will end on May 4.

The SEC is beginning to take a seriously hard look at all companies in the cryptocurrency industry, especially those that offer ICOs. Several private companies, as well as exchanges, have already come under fire this year, and there are reports that the agency is working on “several dozen” more cases. After having its annual budget increased by 3% this year, the SEC is already finding ways to spend the extra funds.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
CoinGeek to fund StackLab’s blockchain training program

CoinGeek to fund StackLab’s blockchain training program

CoinGeek.com is committed to building Bitcoin BCH (also known as Bitcoin Cash) into a global, low-fee peer-to-peer digital currency and there are many strands that need enhancing for that to become a reality.

The first is merchant adoption which is happening as we speak and CoinGeek are hosting a bComm conference to showcase BCH to merchants in Hong Kong on May 18th.

Another important need is to train more developers to work in blockchain technology, because experienced blockchain developers are in short supply. CoinGeek.com and its own Calvin Ayre are doing their part by contributing over USD $150,000 to fund a blockchain developer training program in the Philippines, the world’s second largest IT outsourcing destination. CoinGeek are partnering on the venture with StackLab (a StackTrek Enterprises’ company), the on-the-ground operator for the training program.

StackLab seeks to create technology hubs in next-generation cities of the Philippines, and the first of its blockchain training programs will be in the city of Iloilo.

A minimum of 50 developers will be trained on developments skills focusing on the Bitcoin BCH blockchain. Trainees will be selected at a coding tournament using a the world’s most unbiased programmer capability evaluation test, which was funded by the World Bank and is recognized by the Institute of Electrical and Electronics Engineers (IEEE); only participants testing in the top two levels (top 2% and 11%) will qualify for the StackLab program. After the complete the 6-month training program, the developer trainees will receive support from StackLab to find employment – with the aim of transforming developing cities such as Iloilo into new technology centers for the Philippines.

Also joining the program will be nChain, the global leader in blockchain research and development based in London, United Kingdom. nChain will help shape the training program curriculum, and provide projects for the trainees to work on. The training programs will be focused on coding on the Bitcoin BCH chain, the one true public blockchain.

This initiative is another of Calvin Ayre’s many social initiatives for the Philippines.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Couple behind $17M BTC investment scam in the Philippines arrested

Couple behind $17M BTC investment scam in the Philippines arrested

Philippine authorities arrested a couple accused of using the popularity of cryptocurrencies like Bitcoin to scam dozens of would-be investors in the country, local media outlets reported.

The couple, Arnel and Leonay Ordonio, allegedly scammed 50 people into investing in SegWit-Coin BTC (otherwise known as Bitcoin Legacy or Core) in 2017. Police said the Ordonios convinced their victims to invest in a company called “NewG,” promising a 30% return on their investments every 15 days. The couple amassed an estimated PHP900 million (US$17 million) from this scheme, according to police officials.

One of the victims said she had a hunch that she was being scammed when the couple started posting on social media that they will be unable to pay their investors. Philippine National Police Chief Ronald Dela Rosa told reporters the value invested in the company could rise as more victims are expected to come out of the woodwork.

The PNP’s Criminal Investigation and Detection Group has filed fraud charges against the couple, although authorities are considering upgrading Ordonios’ case to economic sabotage.

Cases of pyramid schemes continue to grow in the country with many people falling into these traps.The proprietors of the scheme gave investors an opportunity to create an “upline system”that promised huge returns.In these cases, investors were required to bring in other people in order to create ‘down lines’ and, in the process, increase their commission.

Countries like India, China, Japan, Australia among others have their own share of these fraudulent activities. Despite the efforts taken by authorities to curb these criminal activities, many investors end up losing their hard-earned money. From using celebrities photos to creating lucrative upline systems, criminals are working hard to earn from the cryptocurrency market.

However, efforts by the authorities around to have cryptocurrency regulated are not in vain. Unlike before,people are better informed on cryptocurrency and other blockchain-related activities and there are clearer regulations governing cryptocurrencies around the world, making it easier to bring scammers like the Ordonios to justice.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Unregistered cloud mining operations face up to 21 years' prison time

Unregistered cloud mining operators face up to 21 years’ prison time, Philippine SEC warns

Even recruiters will not be spared from prosecution, SEC says.

Amid the rising number of businesses—both legitimate and dubious—in the cryptocurrency space, cloud mining operators have triggered alarm bells and are now on the Philippine Securities and Exchange Commission’s (SEC) radar.

In a release, the SEC has issued a warning to unregistered cloud mining operators—including their agents.

“The Commission has detected that certain individuals or groups of persons are enticing the public, through a popular social media platform or in their own independent websites, to invest in so-called cloud mining contracts,” the SEC wrote on their website. The warning mentions both local and foreign firms who solicit investors from the Philippines.

According to the SEC, such contracts can be classified as securities, and will therefore be subject to securities laws—they have to be registered and those soliciting these investments required to be licensed to operate.

“Applying the Howey Test as discussed by the Honorable Supreme Court in Power Homes Unlimited vs. SEC (G.R. No. 164182, February 26, 2008), a cloud mining contract is an investment contract falling within the purview of the term “securities” as defined by law,” the warning stressed.

The SEC explains that the activity ticks all the check boxes for securities: there is the requirement of investment money, the collected investment money is pooled to purchase mining equipment for profit, there is expectation of profit, and the distributed profits are generated from others people’s (cloud mining operators) efforts.

The SEC warns that violators can be prosecuted, and that even agents promoting such activities and recruiting others to engage in these activities are not exempt from prosecution.

“Likewise, those who act as salesmen, brokers, dealers or agents of these companies in selling or convincing people to invest in the investment scheme being offered by these cryptocurrency mining companies including solicitations and recruitment through the internet without the necessary license or authority from the Commission may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum penalty of twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.”

The SEC ultimately discourages people from investing in activities by unregistered entities. At a time when it’s easy to fake websites and profiles, get-rich-quick schemes and cons have become rampant. Several websites have instigated scams, collecting money from ill-informed “investors” and disappearing shortly after.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
nChain CEO Jimmy Nguyen: Philippines is the perfect market for virtual currency

nChain CEO Jimmy Nguyen: Philippines is the perfect market for virtual currency

Nguyen says there’s work to do, but that the BSP is doing right in creating sensible regulation to improve consumer confidence. 

In an interview with Bloomberg TV Philippines, nChain CEO Jimmy Nguyen gave insights on the blockchain and cryptocurrency development in the country and how it can impact overseas remittances. According to Nguyen, the country is in the early stages of cryptocurrency adoption, but is on the right path.

“I think the Philippines is in the early stages of adopting cryptocurrencies generally—and blockchain technology,” Nguyen said, adding however that there aren’t a lot of cryptocurrency exchanges in the country to help citizens participate in the new economy.

“I think it is headed in the right direction. This is the perfect market for virtual currency.”

The Philippine economy benefits highly from overseas foreign workers (OFWs) sending money back to their families in the country. Last year, the World Bank estimated that OFW remittances to the Philippines would hit almost $33 billion, bumping the archipelago up as the third biggest remittance-receiving country behind India and China. Nguyen, says the country’s remittance activities can be made better.

“Remittance and wire transfers could be much cheaper and more efficient. And that’s important to the Philippines.” Nguyen, whose company nChain is helping develop Bitcoin Cash (BCH) for cheap and fast transactions, went on to explain the value of BCH in comparison to BTC for daily transactions due to its usability, despite the former only having existed for only eight months.

As was the global trend, several scammers took advantage of the advent of blockchain technology to pull off Ponzi schemes and other cons, prompting the country’s central bank, Bangko Sentral ng Pilipinas (BSP) and the SEC to issue warnings to the public, along with a set of guidelines for businesses planning to open up exchanges in the country. The BSP has also been in talks with some industry players in the Philippines to help gain better understanding of the technology.

Nguyen commends the BSP’s openness despite the risks.

“I know the BSP issued some guidelines recently to warn people to be careful about investing in virtual currency. In addition to recognizing the risks, it recognized the value for a country like the Philippines.”

He adds that regulation would actually be good for cryptocurrencies. “I think, first of all, it’s a good step for the government to begin sensible regulations for virtual currencies. Some people in the Bitcoin world don’t like that. I, particularly because I’m a former lawyer, think regulation can be a good thing and create more consumer confidence,” Nguyen said.

In terms of the PHP 150 million ($2.9 million) minimum capital requirement imposed by the government on digital wallet operators, Nguyen thinks it’s quite low but “it’s a start.”

“That capital requirement is fairly low, but we are dealing with people’s money. I think it’s important to require the wallet operators and the exchange operators to have backing so that we avoid situations like in Japan—with the Mt Gox hack a number of years ago and a lot of people lost their bitcoin and didn’t have recourse against the company,” Nguyen explained.

“So I think that’s probably a start and over time, as the exchanges and wallets get bigger, they’ll probably raise the capital requirement. I think that’s a sensible step,” he added.

Watch the interview below:

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Philippines sees surge in cryptocurrency exchange applications

Philippines sees surge in cryptocurrency exchange applications

The number of businesses applying to operate cryptocurrency exchanges in the Philippines has been growing as the sector gains popularity, a senior official of the Bangko Sentral ng Pilipinas (BSP) confirmed.

BSP Deputy Governor Chuchi Fonacier told local reporters over the weekend that the applications have become so many in the last couple of months. Investors are also having a great interest in virtual currency exchanges.

Since the beginning of 2018, cryptocurrency exchanges have had to face various regulations with many businesses either shutting down or thriving. Governments, central banks,and other institutions have set measures to regulate virtual currency exchanges across the world.Despite the growing scrutiny that cryptocurrencies have faced, the industry is still growing with more investors, buyers and entrepreneurs joining the virtual currency exchanges market.

In the Philippines, the BSP has already taken steps to regulate cryptocurrency-related businesses. This was done to help protect those who wished to participate in the cryptocurrency market through virtual currency exchanges. The central bank issued Circular 944 in February 2017, which aimed to help reduce the increased number of criminal activities like money laundering and terrorism funding. Virtual currency exchanges are required to follow the guidelines in their operations.

At the moment, Fonacier said there are 29 applications under different stages of the application process—twice the number of applications recorded by the central bank in December 2017.

As of March 15, there are only two cryptocurrency exchanges accredited to operate in the Philippines: Rebittance Inc. and Betur Inc., which operates coins.ph. According to reports, the two virtual currency exchanges earned an average of $8 million per month in the past months.

The BSP’s circular requires intensive analysis of applicants to eliminate all businesses that do not comply with the set regulations. Interested companies will have to register with the central bank and the Anti-Money Laundering Council, and are required to submit periodic reports on their operations and finances.

The virtual currency exchange business in the Philippines is quite lucrative as cryptocurrencies like SegWit-Coin BTC (otherwise known as Bitcoin Legacy of Core) and other cryptocurrencies have become quite popular with the locals. Central bank authorities said they are still waiting for more documentation from the applicants before they can make any approvals. Members of the public, meanwhile, have been advised to exercise caution when dealing with matters relating to cryptocurrency.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/philippines-sees-surge-cryptocurrency-exchange-applications/

Coins.ph opens digital exchange to private beta

Coins.ph opens digital exchange to private beta, launches BCH/PHP trading pairs

Philippine-based digital currency wallet Coins.ph announced the forthcoming launch of its Coins Exchange (CX) platform, which will serve as a digital currency exchange and is the first order-book exchange in the country.

In a statement, Coins.ph said that after receiving requests for “lower bitcoin (BTC) conversion fees” for the past couple of months, they wanted to let their users know that they’ve taken these requests to heart and are now working on a private beta of the platform.

Once officially launched, the exchange will allow unlimited trading (no balance limits, no deposit limits) at lower fees. According to its live trading page, it currently accepts Bitcoin Cash, Ethereum, Litecoin, Ripple, and legacy Bitcoin (BTC).

Here’s a screenshot of CX’s trade page with the BCH/PHP trading pair selected as default when the page first loads:

With the proposed regulation of cryptocurrencies and ICOs from the Philippine Securities and Exchange Commission, startups in the country have been preparing their documents and filing for compliance with the local government.

Coins.ph is a blockchain services platform which started operating in the Philippines in 2014. According to CX’s about page, Coins.ph has secured a Certificate of Registration from the Bangko Sentral ng Pilipinas to “formally operate as a virtual currency exchange.”

The CX project is “to make access to digital currency cheap and fast,” according to the company, noting that such efforts to offer a professional-grade order-book would result to reduced costs for trading digital currency in the country.

The platform’s consumer base forms about 2 million active users who buy and sell cryptocurrencies, send remittances to their families, and do online payments without requiring them to have bank accounts or registrations with other financial institutions.

The blockchain company previously stated that it has been evaluating the possibility of supporting Bitcoin Cash (BCH), a move that would reflect the cryptocurrency community’s vision to “bank the unbanked” and empower users with low fees and reliable confirmations over a secure network.

CX is still in private beta to a limited number of Coins.ph users, but its site has opened a waitlist for new users to register.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.