First and foremost I want to take this opportunity to promote a one friend that newly joined here. He's my friend and he start his journey on this platform, his username is @Lazysnail, I hope you could support him just like you support me, best regards let's give him a warm treat and show to him how fun in this community. Yesterday I wrote an article about the situation of cryptocurrency here on Philippines, I conclude to last part that Filipinos are not yet ready to Adapt and use cryptocurrency as a digital money. In today's article I will share my opinion about the advantage and disadvantage of cryptocurrency also what are the plans of government in cryptocurrency. Without further a do, let's start exploring this topic. I know that some of you already mastered how cryptocurrency works, how to trade, invest, buy and sell, HODL, and analyze the market. It's because some users here read lots of articles, make a research and simulate how to engage on those things.
In Philippines, there re lots of people who spread awareness about cryptocurrency but when you approach someone and asked them if they knew cryptocurrency, some people don't know about that thing. On my experience I've tried to spread awareness about BCH by promoting this platform. I posted on my day on how this platform works and how to earn on it but it is difficult to convince a person because they need a proof. I've given a proof but when I say that it needs perseverance in order to gain, they will suddenly say they are too lazy to write an article. Also, I recommend to them noise.cash which is the easiest way to earn, still they have no interest about it. I also introduced to them the crypto BCH. They asked me if it is a real money then I say yes, it is but it is a digital and there are few process in order to become a real money. Hopefully, there's a person who respond and that was a person that person that I tagged above, his willing to wait until he gain. I told him things need to do and how to earn. I hope all Filipinos are positive just like him but unfortunately, Filipinos are stick to reality that To see is to believe and that's awful. Maybe Filipinos are already immune to scams that's the reason why it's hard for them to try. In addition, some Filipinos are not Familiar with cryptocurrency, the only thing I see to solve this dilemma is too teach Filipinos about cryptocurrency and how to use it because in the future there's a high possibility that it will become a new digital money.
Yesterday Kuya Eunoia shared an article on my comment section about the plan of Philippine government on digital money. I agree to the plan that in 2025 Philippines will become a cashless country 9n which Filipinos will use digital money to transact. For me it is a good plan of government specially on this time of pandemic that real money is a gateway for spread of CoVid-19. Government knew that if a person which positive on Corona Virus then hold a money to buy goods, there's a possibility that the virus is passed to money then the person holds that money will get infected. As a solution, government is planning to permit digital money to be used by Filipinos. Those digital money from G cash, Coins.ph, Paymaya, PayPal, etc. It is the best way to prevent Covid from spreading but as I read deeper on article, I notice that there's no information about the plan of government to cryptocurrency, it is widely used by some Filipinos but it is not yet allowed by the government.
What is the plan of Philippines Government in Cryptocurrency?
On my opinion, Philippine Government doesn't allow yet the cryptocurrency to become legal here on Philippines due to the fact that it is a big lost for the government. It means they can't benefit on cryptocurrency, we all know that Cryptocurrency is a digital money that controlled by the owner and he or she has the freedom to control the money. If cryptocurrency is allowed in Philippines within control of Citizen, the government will no longer gather taxes from people, it means there will be no money they can steal opsss I didn't mean that. Have you heard a news that United States will allow cryptocurrency but there's a condition. The government will control all the transaction, they will hold the company who owning the data, transactions and money that the holder had. It means there's no privacy, the government will track all your transactions, also those companies that didn't register to government is illegal. It's a bad news for those huge investors that owns large assets, those investors don't need to pay taxes but when the government are controlling it, that means they will required to pay taxes to government. Sad to say, it will implement this incoming October but for those people who enjoying spending their cryptocurrency in shopping, it is a big news for them. This kind of idea will become a domino effect, it means all the countries will follow the US regulations on cryptocurrency. Specially here on Philippines, I think the government will allow cryptocurrency but they will control and manage all the transactions that users have. Bad news also for those Filipino who hiding from big taxes. If this will happen, will you allow the government to control the money you have? Is it beneficial for users?
Author's Note:
What can you say about this idea? Do you think the security of your account is safe because the government are the one who hold it? Is it an invasion of privacy and limiting you for using your assets? There are lots of questions that will pop up once it is implement here on Philippines. It is automatic that it will become a big debate from intelligent people who knows about this thing. For me, I'll just sit back and prepare some popcorn then watch what will happen and when the war comes, I wish that it won't affect cryptocurrency here on Philippines.
thank youuu senseiiii