By Revin Mikhael D. Ochave, Reporter
ARLONE P. ABELLO, founder and chief executive officer at Global Miranda Miner Group, is pushing investor education to boost the adoption of cryptocurrencies in the Philippines.
“We should orient every Filipino,” he said in an interview. “It is a multi-stakeholder approach. It takes a community to educate someone. I think everyone needs to have a concerted effort on what digital assets are all about.”
“We want to have a continuous level of education. We’re telling Filipinos that it doesn’t end with the stock market and mutual funds,” he added.
Before his cryptocurrency journey, Mr. Abello was senior director of operations for Telus International, Inc.
“I was bored with the Philippine stock market. There’s no volume. Then I said why don’t I dabble into cryptocurrency? There’s volume and liquidity. Volume is the kingmaker on trading setups,” he said.
“Cryptocurrency, particularly Bitcoin, is the greatest equalizer between a first-world country and a third-world country. I’m just looking forward to educating people,” he added.
Mr. Abello said he wants to remove the stigma of cryptocurrency and help people avoid scams through increased investor education.
“I’m seeing slow but steady adoption,” he said. “From an adoption standpoint, we’re slowly getting there. The goal is for Filipino traders to introduce Bitcoin to their families. If I educate one college student, I am confident that the family is already protected against scams.”
Mr. Abello said the presence of GCrypto on mobile wallet GCash and local cryptocurrency wallets and exchanges Coins.ph and Philippine Digital Asset Exchange has helped boost crypto adoption in the country.
“The infrastructure is already there. Although people don’t believe it, at least they don’t ignore cryptocurrency. From a learning standpoint, awareness is already present,” he said.
“Investors need to be financially mature. They need to have emergency funds — six months’ worth of their operating expenses. They need to have insurance before going to speculative assets,” he added.
In November, Coins.ph said its trading volume grew more than 10 times year on year with more users after the surge in Bitcoin’s value.
Mr. Abello said the Philippines should also have clear regulations on cryptocurrency trading. “We should also have regulatory clarity in the Philippines. At some point, people are still walking on eggshells. It’s like you’re walking on landmines.”
“Clear guidelines will help entice more participants into cryptocurrency,” he added.
The Securities and Exchange Commission (SEC) issued draft rules on cryptocurrency providers on Dec. 20. The draft is open for public comment until Jan. 18, 2025.
Under the rules, crypto providers must be a SEC-registered stock corporation, have at least four staff members living in the Philippines and meet the minimum capital requirements.
Mr. Abello said cryptocurrency adoption is expected to be boosted under US President-elect Donald J. Trump.
“I expect over the next 24 to 36 months that more institutions are going to be opening just because the upcoming US president is a proponent of Bitcoin,” he said. “The Philippines usually mirrors the blueprint in the US.”
Bitcoin hit a record high above $107,000 on Dec. 17 after Mr. Trump reiterated plans to create a US bitcoin strategic reserve, stoking the enthusiasm of crypto bulls.
