First cryptocurrency cafè in Singapore assures digital money trading is safe

admin   •   January 9, 2018   •   4117

Ronny Tome, the chief executive officer of the newly opened cryptocurrency café in Singapore, Ducatus Café,  said they are taking advantage of the of public’s acceptance of the cryptocurrency trading and with this, they seek to make them understand how the trading works in real life.

“They thought it’s very complicated. They think it’s difficult to use. It’s risk and you know, they didn’t see the usage in real life,” said Tome.

In Ducatus Café, customers can buy food, coffee, and even eco-friendly beauty products. However, the café is not accepting cash.

“This is Ducatus Cafè’s own bitcoin machine. To facilitate the use of bitcoins, customers can buy or top-up some cryptocurrency while waiting for their coffee,” he said.

For its operation, the cryptocurrency café created its own digital money for a faster transaction in their coffee shop.

“It’s more like a barter. I’m giving you my crypto, you’re giving me my product, whatever it is, my coffee, or my bread or anything. That’s where the value comes from. If people are going back to that original idea and I don’t see any downside,”
said the executive officer.

Ronny said the public does not have to worry about using digital money as it is used to directly pay for products and services the company is offering.

The problem, Ronny said, is that others view digital money differently.

He cited as an example the investment in the stock market.

“The downside at the moment is that a lot of people are looking at cryptocurrencies as speculation only. You know, they are all trying to buy cheap and sell high but that is not what the cryptocurrency is meant for,” said Tome.

The CEO also laments that governments act slowly in terms of creating public awareness on the benefits of the technology.

“Why not invest in bitcoin, right? It’s not scary since cryptocurrency is becoming popular now,” said Jay Llaguno, a bitcoin player.

The Ducatus Café, meanwhile, is confident that the virtual money industry would help the economy of countries grow faster.

For now, Tome noted that the public has to understand it and governments should give cryptocurrency the chance to further grow.

“Cryptocurrency and the underlying technology of blockchain will change the world. I’m one hundred percent sure of that. It’s here to stay,” he said.

“I only see upsides and it just requires all of us, all players, the government as well as the businesses, to play together and find the best way of making use of this new amazing technology,” added Tome. — Maila Guevarra | UNTV News and Rescue

DOTr warns against malicious websites using Tugade’s name as clickbait

Aileen Cerrudo   •   September 10, 2020

The Department of Transportation (DOTr) is warning the public against malicious websites that use the name of Transportation Secretary Arthur Tugade as clickbait.

In an advisory, the department said these websites use Tugade’s driver’s license to lure internet users to a bitcoin website. The website requests users to supply personal information including phone numbers, email address, and passwords.

“The Department of Transportation (DOTr) is warning the public not to access and engage a malicious web page that uses a photo of a fake driver’s license of Transport Secretary Arthur Tugade as clickbait,” the advisory reads.

ADVISORYThe Department of Transportation (DOTr) is WARNING the public NOT TO ACCESS AND ENGAGE a malicious web page…

Posted by Department of Transportation – Philippines on Wednesday, September 9, 2020

The DOTr reiterates that the department and Secretary Tugade are not connected or affiliated with the said websites.

The department also reminds the public to be careful in accessing websites and providing information since it can be used for criminal purposes. AAC

Singapore explores rules to protect investors in cryptocurrencies

UNTV News   •   March 2, 2018

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration

SINGAPORE (Reuters) – Singapore’s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, an official said in a speech released on Thursday.

The city-state – which is aiming to be a hub for financial technology and so-called initial coin offerings in Asia – does not regulate virtual currencies and last year called for the public to exercise“extreme caution” over investment in cryptocurrencies.

Its central bank does regulate activities involving virtual currencies if they pose specific risks. For example, it imposes anti-money laundering requirements on intermediaries providing virtual currency services.

“We are assessing if additional regulations are required for investor protection,” Ong Chong Tee, deputy managing director (Financial Supervision), Monetary Authority of Singapore said.

Other countries such as South Korea, where trading in cryptocurrencies is more popular, are looking at ways to regulate that activity.

Reporting by Aradhana Aravindan and John Geddie; Editing by Kim Coghill

Gibraltar moves ahead with world’s first initial coin offering rules

UNTV News   •   February 12, 2018

FILE PHOTO: Cryptocurrencies are seen on a website that tracks the value of initial coin offerings (ICO) in this illustration photo taken September 5, 2017. REUTERS/Thomas White/Illustration/File Photo

LONDON (Reuters) – Gibraltar will introduce the world’s first regulations for initial coin offerings with dedicated rules for the cryptocurrency sector whose fast growth has triggered concern among central bankers.

They are worried about financial stability and protecting consumers but regulators have so far adopted a patchwork approach to ICOs, ranging from bans in China to applying existing securities rules in the United States.

This has created legal uncertainty for transactions that sometimes straddle many countries.

An ICO involves a company raising funds by offering investors tokens in return for their cash or cryptocurrency such as bitcoin, as opposed to obtaining shares in the company from a traditional offering.

Over $3.7 billion was raised through ICOs last year, up from less than 82 million euros in 2016, a leap that has rung alarm bells among central bankers as some firms rush to issue tokens before new rules are introduced.

Gibraltar’s government and Gibraltar Financial Services Commission (GFSC) said lawmakers will discuss a draft law in coming weeks to regulate the promotion, sale and distribution of tokens connected with the British overseas territory.

The GFSC said it would represent the first set of bespoke rules for tokens in the world.

“One of the key aspects of the token regulations is that we will be introducing the concept of regulating authorized sponsors who will be responsible for assuring compliance with disclosure and financial crime rules,” said Sian Jones, a senior adviser to the GFSC.

The regulation will establish disclosure rules that require adequate, accurate and balanced information to anyone buying tokens, the government and Financial Services Commission said in a joint statement.

Central bankers have lined up in recent weeks to call for cryptocurrencies and ICOs to be regulated, saying that while innovation in finance can bring benefits, consumers must be protected.

“Tokens could post substantial risks for investors and can be vulnerable to financial crime without appropriate measures,” the finance ministers and central bank governors of France and Germany said in a letter on Friday.

“In the longer run, potential risks in the field of financial stability may emerge as well,” said the letter calling on the Group of 20 economies (G20) to discuss cryptocurrencies at their next meeting.

Gibraltar’s move is being closely watched by regulators from across the world, including Britain and Singapore, who may come forward with their own rules.

Jay Clayton, head of the U.S. Securities and Exchange Commission, said on Tuesday that tokens are securities and subject to the same investor protection rules as share offerings.

French markets watchdog AMF published a discussion paper last October on ICOs, but it has not yet said if it will push ahead with rules.

Gibraltar is looking to boost its thriving financial services industry beyond gaming after Britain, along with Gibraltar, leave the European Union in 2019.

It blazed a trail in January by introducing the world’s first bespoke license for “fintech” firms using the blockchain distributed ledger technology that underpins ICOs.

“We remain fully committed to ensuring that we protect consumers and the reputation of our jurisdiction,” said Albert Isola, Gibraltar’s commerce minister.

Gibraltar is also reviewing its rules for investment funds that involve cryptocurrencies and tokens.

($1 = 0.8159 euros)

Editing by Anna Willard

 

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