Philippine Stock Exchange hopes to become cryptocurrency exchange after approval

Philippine Stock Exchange hopes to become cryptocurrency exchange after approval
The Philippine Stock Exchange (PSE) hopes to become a platform for cryptocurrency asset trading when the country’s regulator releases long-awaited regulations, CNN Philippines reports.
Ramon Monzon, president and CEO of the Philippine Stock Exchange, told CNN that management first discussed the idea of ​​establishing a domestic cryptocurrency exchange two weeks ago. In addition, he said the Philippine Stock Exchange has the necessary trading infrastructure and investor protection measures to trade cryptocurrencies.
Monzon told CNN that the growing interest in cryptocurrencies means the Philippines can no longer ignore them. The PSE is currently awaiting guidelines from the Philippines Securities and Exchange Commission, which began seeking input from banks, investors and the public in 2019 on whether the country should start establishing a domestic cryptocurrency exchange.
The Philippine government has historically been friendly to digital assets. Although the central bank has been outspoken that it will not consider developing a central bank digital currency anytime soon, the bank has authorized more than a dozen cryptocurrency exchanges to operate in the country. Many Filipinos have become interested in cryptocurrencies as a way to make money in the country's struggling economy, and cryptocurrency mobile games like Axis Infinity have become a popular way to earn extra income.
Monzon told CNN that he believes the volatility of cryptocurrencies makes them attractive, which is why trading should be done under the supervision of the PSE. After all, such transactions can make people rich or poor in an instant.



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