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Philippine central bank governor says no plan to ban crypto

New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.

Central banks in Asia have made clear their position on cryptocurrency. While some welcome it as an emerging technology, some want it banned.

The Reserve Bank of India proposed an outright ban on cryptocurrencies earlier this year. On the other hand, the Monetary Authority of Singapore wants to beef up its crypto regulations, even as it stated that cryptocurrencies have “no fundamental value.”

As for new Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, banning cryptocurrency in the country is out of the question. That’s good news for crypto users in the Philippines, which is the world’s fifth-largest crypto market, according to polling and survey site Finder.

Forkast’s Jenny Ortiz-Bolivar spoke one-on-one with Medalla about his position on cryptocurrency, the BSP’s plan on a central bank digital currency (CBDC) and the future of digital banking in the country.

Jenny Ortiz-Bolivar: What’s your take on cryptocurrency?

Felipe Medalla, BSP Governor: I don’t want it banned, but I don’t want to call it cryptocurrency. Because it has really very little use for actual payments, especially when the price is so volatile. Because if the price is rising very fast, the people who own it will naturally not want to use it. But, if you use it to buy something and its value rises, you’ll regret it.

On the other hand, for the person selling, if the price is going down, you don’t want to receive it, right? Because you will, by the time you change the money to actual cash, the value will be much lower. So to me, currency [is] something [that] cannot be very, very volatile. So in that sense, maybe you can call it crypto assets.

In the case of Bitcoin, it’s also bad for the environment because the amount of electricity that the miners use is bigger than the electric consumption of some countries. So what is its saving grace? Its saving grace is that in countries with so much financial and economic repression, it’s a good thing because they, in countries with terrible financial systems and so on, it’s an alternative to government.

Now, the other thing that it’s useful for is evading monitoring by government. The question is what social good does that achieve? Of course, if you are in a country where [the] government itself is the problem, maybe it does. But in most countries where the government is not perfect but is largely contributing to the common good, you don’t necessarily want to weaken the government. So my view is its valuation may be too high because of all the things I said. Of course, if I’m wrong, then it’s not necessarily the case.

And in fact, it’s already happened that the bubble has collapsed. Right? Some of the crypto assets have fallen by almost two-thirds in a very, very short period. So my advice always is if you go to buy this, don’t put in money that you cannot afford to lose.

Our policy standpoint, it must not be used for evading anti-money laundering and know your customer rules. We in the central bank, our policy is those exchanges where you exchange crypto assets for bank deposits or physical currency, all the rules that are needed to prevent money laundering, especially to finance crimes, should be enforced.

Ortiz-Bolivar: Human history shows that the medium of exchange of money has always evolved. We had barter, gold, and then paper bills. As we’ve seen, the world tends to be more digital now. Isn’t that what Bitcoin is?

Medalla: Why is it that the national currencies have no gold and yet they are okay for transacting? They’re okay for denominating the values of contracts? The answer is they are backed by governments that have taxing power. So at least you [have] basis for valuing the currency.

By the way, what you will note is [if] the global markets do not trust the way a country is run, you will note that the value of its currency will also be falling. So in other words, fiat currency at least has a leg to stand on — the sovereign. The sovereign that backs it up.

Ortiz-Bolivar: What’s the update on Project CBDC PH?

Medalla: The BSP would rather do it only at the wholesale level. Under this project, the BSP is set to undertake a pilot activity by the end of this year that will prototype inter-bank fund transfer. The pilot’s project target use case to enable fund transfer across a limited number of financial institutions, potentially on a 24/7 basis. So the CBDC will make it 24/7.

Now learnings from this pilot activity will then be used in determining the next steps. By the way, it’s extremely useful in the case of cross-border payments and for instance, settling payments for payment of securities. So the project is one major capacity building effort to ensure that BSP will be abreast of fast-evolving technologies which drive the emergence of alternative payment instruments.

So at the core of that system is that IT system called real-time gross settlement. But as you can see, not everyone has balances with the central bank. Indeed, not all rural banks. In fact, most rural banks do not have balances with us. So, we’re thinking that maybe this new technology will be more efficient than what we have now at the wholesale level.

So our goal is to leverage from the learnings from the pilot project, eventually pursuing bigger enhancements of the existing payment systems, enhancements that are aimed to mitigate pain points in the national system, particularly in intraday liquidity facilities, equity, equities and securities settlement. And especially if such payments are cross-border, it’s between two countries.

Ortiz-Bolivar: Looking ahead, will the Philippines consider having retail CBDC just like what they piloted this year in China?

Medalla: I think the safe thing to do is learn from the experience of the countries that are far ahead of us. Now, there are advantages to being ahead which is you were able to enjoy the benefits of the technology sooner. And, to the extent that there’s international global competition, those who are ahead will, of course, have a bigger gain.

But there’s also a big advantage to being behind, which is you copy the good parts of the system, you don’t copy the mistakes. So for a small country like the Philippines, I think being a follower, not the first mover in retail CBDC is the more practical and realistic alternative.

Ortiz-Bolivar: Last month, you said that BSP won’t accept any more digital bank applications. What’s the reason for this?

Medalla: Well, the reason for this is that we are not really sure what the market potentials are. And number two, we are also just learning how to regulate it ourselves. So, what we did was approve only six players which includes granting the license to operate to four new, totally new banks and two currently existing banks that converted to digital.

By the way, that requires some explanation because we want to be very strict about which bank can be called a digital bank. It has to be all digital, both on the deposit-taking side and the lending side. Of course, nothing prevents existing banks from having digital features.

One bank, for instance, is very, very powerful in getting deposits digitally. That will save them a lot of money in reducing the number of branches, for instance. But the lending remains the old-fashioned way. But we don’t want to call those banks digital banks. And there’s no limit as to how many banks can have digital processes but are not fully digital.

So that’s what we have to remember, we are not preventing an existing big bank to have a major campaign that gets deposits digitally and onboarding those clients digitally as well. But, if you want to call yourself a digital bank, you have to be fully digital.

https://forkast.news/philippine-central-bank-governor-no-to-ban-crypto/

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Ripple CEO on partnership with BNY to serve as custodian of stablecoin
00:01:12
Brad Garlinghouse In Washington 🚀

It’s time for a fair and open level playing field.

Under Gary Gensler it was quite the opposite.

  • Brad Garlinghouse
    July 9, 2025
00:01:56
More Of The Same...l

🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.

👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton

00:01:30
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.

Need help getting started? Check out our knowledge base to get the info you need: https://veridao.freshdesk.com/support/solutions/articles/51000487052-what-are-the-nft-activation-steps

👉Interested in which NFTs have been activated? Check them out here:
https://basescan.org/token/0x4516a5d613c30a36d157d3b579813734cbb929a4

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🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!

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Brinc Launches Web3 Accelerator with Octopus, XDC & IDA

Brinc Launches Web3 Accelerator with Octopus, XDC & IDA to Transform Hong Kong’s Loyalty and Payment Systems.

Read more: https://www.brinc.io/blog/brinc-launches-octopus-backed-web3-accelerator-program-to-revolutionize-hong-kongs-retail-loyalty-and-payment-ecosystem-with-xdc-and-ida-as-key-web3-infrastructure-partners/

🔗 Startups can apply from July 10

📅 Launching Sept 8

Learn more about the Web3 Accelerator program and apply now: https://www.brinc.io/stablecoin-accelerator/

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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