The Rundown: A PH crypto hub ecozone? A Superconference? A Mini Mt. Gox?

Too busy these past few days and didn’t get to read the news? If you were, don’t worry, the FUD days are over (for the most part) and the cryptocurrency news team is here to give you The Rundown.  Here’s interesting news over the past days:

PH’s own crypto hub in the works?

As the Manila Times reported, The Cagayan Economic Zone Authority (CEZA) and Sinosun Subic Bay Holdings Corp. signed an agreement on Thursday to develop the Cagayan Special Economic Zone and Free Port (CSEZFP), where a “financial technology (fintech) city” is expected to be established with the help of a Chinese company. While the fintech city plan would include a power plant, an integrated road system and hotels and resorts, Sinosun will also study establishing the fintech city that will cater to fintech establishments, including a blockchain center, cryptocurrency mining farm, fintech start-up incubators and cryptocurrency exchange.  Sinosun will start with at least 50,000 cryptocurrency mining machines they said, and the power plant is primarily for supplying electricity to the mining machines.

A cryptocurrency hub would be a step in the right direction, as the Philippine government has made it clear that they believe in the innovation that the blockchain brings, while warning users to be cautious.

The Blockchain Superconference

The Bitcoin, Ethereum & Blockchain Superconference happened at Dallas, Texas last week and it was attended by more than 800 high-caliber attendees, 35 top-notch speakers, and 50+ exhibitors from the worlds of Bitcoin, Ethereum, and other blockchain assets. And overall the conference, as expected, was bullish on the future of Bitcoin (or the Bitcoin soft fork, Segwit B2X) and their message was loud and clear: the adoption of blockchain technology has been rapid and hopefully, the future of blockchain is an inevitable one.

It was believed that the crypto market cap would be $2 Trillion (or 120 Trillion PhP) by 2018 and they made it clear in this conference.

The conference featured big names like (apart from Bitcoin and Ethereum): Monero, ZCash, Litecoin, Dash and Qtum. Even up and coming names like SALT, Stratis, BOSCoin, Chainlink, among others. The Blockchain Superconference might have helped Bitcoin recover the past few weeks, as it now around 603K Php as of this writing.

On Bitgrail’s “Mini Mt. Gox” moment, they may declare bankruptcy

We’ve covered the Bitgrail fiasco before and admittedly the writer has also been affected by the shady actions of the exchange. Now, it seems after the hack, Bitgrail’s owner Francesco Firano is now considering filing bankruptcy proceedings. And that will not end well. Most accounts in Bitgrail are locked as Franceso does not want anybody withdrawing, and the exchange has been closed for some time now. The fiasco is comparable to Mt Gox, on a smaller scale.

While this all started with Firano stating that Bitgrail has been hacked and millions of Nano (XRB) was stolen, many pieces of circumstantial evidence now point to Bitgrail itself being at fault, from it’s faulty code, to double withdrawals, to potentially lying about mandatory KYC regulations. Due to these allegations, from the looks of it Franceso wants it to be over with. Most people are already skeptical of his actions.

“All these accusations convince myself that it is better to declare bankruptcy and let Italian justice take its time” – Francesco “The Bomber” Firano

Good thing the writer already terminated his account (he got back his BTC but at a large discount) before it was too late. Well, better to get something than nothing, and risks like these are common in the cryptocurrency space.

Its a harsh reminder that cryptocurrency is the wild west of investing.

Featured image is from The Manila Times.

*Exchange Rate: 1$ = 51 Php


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An avid cypto supporter, law school student, Certified Public Accountant, and a professional HODLer