BANGKOK-BASED Global Crypto Hub wants to work with the Philippine Securities and Exchange Commission (SEC) in crafting rules and regulations on the use of virtual currencies.
“We would like to be catalysts. There are so many people that have been cheated and scammed. Our expo is set up to educate the people. There is no other objective but to educate people,” Global Crypto Hub founder Shahin Pili said.
The company started operations in the Philippines recently by setting up in Ortigas. It has also launched its own digital token called Usereum, which it hopes to register with the SEC soon.
“We have witnessed the era where it started with coins, then paper, then credit and debit card, and now the cryptocurrency. It shows where the world is moving towards and our ambitious plan includes India too, and we are just waiting for concerned authorities to communicate their clear stand on the subject,” Pili said.
Earlier this year, the SEC announced plans to formulate its own rules and regulations on the use of cryptocurrencies to protect Filipino investors from fraud amid the rising popularity of such securities.
The SEC, however, cleared that the proposed rules and regulations will not totally ban the use of such securities as they are still deemed beneficial, especially to overseas Filipino workers, due to the lower transaction cost.
But such currencies should be first registered with the Commission, the SEC has said.
“The company is looking forward to having a dialogue with the government to consider using Usereum and cryptocurrency as a mode of payment like any other fiat currency for e-commerce, real estate purchase, remittance, daily commodities, and public utilities, since it is far more secure and scalable than any fiat currency of the world,” Global Crypto Hub co-founder Jagdish Pandya said.
Global Crypto Hub also conducts events on cryptocurrency awareness, shows, and a global crypto expo. It is present in other countries such as Thailand, India, Malaysia, and Dubai.
The company aims to market other digital tokens other than Usereum.