- A Senate meeting in the Philippines future Binance`s officials.
- Binance is already working to offer free courses to the Filipino people.
- A regulatory structure wIll be required to promote innovation.
According to a report from the local news outlet Inquirer, Binance, the largest cryptocurrency exchange in the world, recently attended a Senate meeting in the Philippines where authorities and business executives reviewed policies and rules for the nation surrounding digital assets.
The Securities and Exchange Commission (SEC), Bangko Sentral Pilipinas (BSP), and the Cagayan Economic Zone Authority (CEZA) attended the Senate hearing. Along with the Senate Banking Committee, prominent cryptocurrency exchange Binance, and Fintech Alliance Philippines, a local advocacy group for digital assets, also attended.
According to the discussions in the meeting, Binance is already working with colleges and other professional organizations in the Philippines to provide free courses on blockchain technology and cryptocurrencies like bitcoin. It was apparently discovered throughout the hearing that making financial literacy accessible would be crucial to building a strong framework.
To the report of Kenneth stern, Binance`s general manager for the Philippines, Binance strongly believes that the crypto industry can be greatly beneficial to the Filipino people by addressing the necessity of financial inclusion through digitalization.
The deputy governor of the BSP noted that while the central bank didn’t want to strangle or obstruct ecosystem growth, it also wanted to win the trust of consumers, making proper consumer protections a key topic of discussion.
Therefore, it was decided that a proper regulatory structure would be required to promote innovation, growth, and security within the digital economy, even though a large focus will still be placed on financial literacy.
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