July 24, 2020
Yesterday, July 23, the Bangko Sentral Ng Pilipinas (Central Bank of the Philippines) released an order to suspend the operations of Lyka app as an Operator of Payment System. Due to the reason that it is not yet registered with the regulator.
Lyka allows users to earned gems through likes or interacting with other users within the app. These gems can be used to buy and exchange goods, or even claimed gift cards. Currently, it only operates on the Philippines and backed by a Hongkong based company. Basically, its like an social media platform that reward its users.
Bangko Sentral ng Pilipinas suspend the operations of Lyka based on the Republic Act No. 11127 or The National Payment Systems Act (NPSA). BSP invites the said entity to register and comply with the law.
Reference: https://news.abs-cbn.com/business/07/23/21/bsp-orders-lyka-suspend-payment-system-register
This news immediately became a number one discussion on Twitter. Regardless of the situation, many Filipino netizens lift the mood and showed their wittiness and humor regarding the matter, and I have a fun time reading their tweets!
For non-Filipinos, there's a famous child singer here in the Philippines that also named Lyka. Hello, Lyka Gairanod!
On the other hand, in my opinion, what happened to Lyka is an opportunity to introduce Bitcoin Cash. Why did I say so?
To be frank, Lyka is just used by its users because of money. Aside from that, none. If that's the case, why don't we invite them to join noise.cash? Noise.cash also rewards their users, except it is in the form of Bitcoin Cash, and I think that’s not a problem since Filipinos are techies and easy learners – they can easily understand how things work.
Fun fact: In the third quarter of 2020, according to Datareportal, Filipinos spend approximately 10.6 hours on the internet.
This is great evidence that supports the claim that Filipinos are techies and easy learners. We are exposed to it, lol
Source: Statista
Noise.cash is a microblogging site that pays Bitcoin Cash as a reward to its users by posting quality content. Unlike Lyka, in noisecash you don’t need to be a clout chaser just to gain likes and BCH. Here you can be yourself and the community will be the first one who will guide and support you!
Since the users of Lyka are finding another source of income if they found out about noise.cash, they may share it with their other friends, and the cycle will repeat thus spreading the word about Bitcoin Cash and making the adoption faster.
I believe the Philippines is an excellent country in introducing Bitcoin Cash because we are already on crypto acceptance. Just last time there's news that the Philippine Stock Exchange wants to be a site for crypto trading saying that cryptocurrencies are the assets we cannot ignore anymore.
In addition, the leading mobile wallet here in the Philippines, GCash is open to the possibility of offering cryptocurrencies.
Source: https://www.coindesk.com/philippines-gcash-crypto-offering-mobile-wallet
Given that Filipinos' interest in digital assets is growing, this is a great time to introduce them to Bitcoin Cash and educate them why it is better than Bitcoin. Just imagine that what if most of the population is owning BCH and is well informed of its advantage, it may become mainstream and the government may consider using it as a currency. We may become the next Puerto Rico; except we are using Bitcoin Cash.
Thank you to my sponsors, upvoters, silent readers, commenters, and critics for keeping me motivated in writing 💯. I am just a speck of dust floating in the wind without you
Special remarks...
Hello, everyone! I think I will use this opportunity to share my sentiments about the recent issues happening on this platform.
Plagiarism and other forms of cheating are unacceptable to me. The two recent plagiarism cases embarrass me because the two persons implicated are also Filipinos. The first one was proven to be stealing someone's work and the second one is not proven yet (just an accusation).
Regardless, I am still proud because these two people managed to be professional and calm in explaining their side. They show how respectful the Filipinos are. These two people who are involved in plagiarism proved that they are far way more intelligent compared to those individuals who cursed someone and generalized the whole Philippines.
In case, you've encountered the same allegation, always be calm. Brain over emotion. Think of a better response and show that you have manners. For others, do the same who are not involved. I-unsubscribe mo nalang or block. Hayaan mo nalang langawin profile at articles nya. Odiba peaceful revenge.
I hope this will serve as a lesson for us. You can use this website to check your article before publishing. Mahirap na at maraming mata ang nakatingin sa'tin.
https://plagiarismdetector.net/
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When Lyka app was released, it doesn't caught my attention. Hindi yata ako naging interested dun hahaha besides, may noise.cash na yata that time and madaming issues about security.
Dalawang tao pala 'yung sa plagiarism? Hahaha hindi ko pinakialaman 'yang issue na 'yan eh lumalaki lang pagpinapansin pa😆