Binance and regulators came together during a Senate hearing and discussed policies surrounding digital assets. 

According to Bitcoin Magazine, Binance has partnered with Philippine universities and various professional groups to offer free Bitcoin and blockchain technology courses. It was discussed during the hearing that providing access to financial literacy would be required to establish a functional framework.

Approximately 78% of Filipinos are unbanked, but Bitcoin and cryptocurrencies have the potential to eventually decrease that number as digital asset holders are expected to eventually surpass the number of credit card holders in the Philippines according to Kenneth Stern, Binance’s general manager for the Philippines.

Among the discussions in the hearing, the Philippines central bank’s deputy governor expressed that they do not want to stifle innovation and growth in the ecosystem, however, they would like to develop a method to ensure consumer protections are put in place in order to earn consumer confidence. 

Therefore, it was agreed that with proper regulatory frameworks in tandem with financial literacy, growth and security within the digital asset economy might blossom.

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