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The crypto community rejected a suggestion by Eagle Equities Inc. president Joey Roxas, who suggested that banning cryptocurrency trading in the Philippines could help accelerate growth in the local stock market.
Proposed Crypto Ban
In a report from One News, Roxas, whose firm is a trading participant of the Philippine Stock Exchange (PSE), argued that crypto “does not do anything at all for the Philippine economy” and that prohibiting it could draw more attention to stocks.
“I think one thing that can get this market moving faster and higher and getting more attention from the general public is a ban on crypto because it does not do anything at all for the Philippine economy. Zero.”
Joey Roxas, Eagle Equities Inc., President
His remarks came shortly after the Securities and Exchange Commission (SEC) clarified that its recently released rules on Crypto Asset Service Providers (CASPs) allow, rather than prohibit, crypto trading.
Web3 Leaders Reaction
The local community of the crypto space dismissed Roxas’ position as misguided.
In the caption of his shared news post, Luis Buenaventura, GCash Executive, likened the argument to banning music streaming platform Spotify to push people back to radio, noting that users would simply find ways around restrictions.
“It assumes that everything is black and white, and switching something off will immediately redirect all the users to the alternative. But we know that technology and societies in the Internet age don’t work that way. The more likely outcome is that people will just find a way to circumvent a ban. And in case it hasn’t been repeated enough, the SEC IS NOT BANNING CRYPTO TRADING.”
Luis Buenaventura, Executive, GCash
Raine Laluna, Founder of WAV3 and Co-founder of Web3 Cebu, also criticized the proposal on her shared post as a move driven by fear rather than strength, arguing that instead of erasing crypto, leaders should study how it empowers communities.
“Crypto gave many access, voice, and a shot at something better. We need leaders who choose to understand, not just control. Kasi kung takot palagi ang basehan ng decision, we’ll never move forward.”
Raine Laluna, WAV3, Founder, and Web3 Cebu, Co-founder
Myrtle Anne, founder and CEO of Block Tides, also commented on the news and said shutting down a trillion-dollar industry won’t bring investors back to stocks and urged leaders to improve the system instead of blaming crypto.
“Don’t demonize what you don’t understand. You really think shutting down a trillion-dollar industry will suddenly make retail go back to stocks? Let’s not blame crypto for being more attractive, not just because you don’t understand it.Enlighten the system. Upgrade the rails.”
Myrtle Anne, founder and CEO, Block Tides
In the post itself, the overall sentiment in the comment section is mostly negative toward the idea of banning crypto and toward the Philippine stock market.
One of the comments suggested that instead of banning crypto, the Philippines should encourage local companies to invest in Bitcoin and crypto. Their argument is that doing so could boost company revenues, attract both foreign and local investors, and ultimately strengthen the stock market itself.
Some comments also pointed out that banning crypto is regressive and impractical, as it excludes ordinary investors, drives people to trade elsewhere, highlights the stagnancy of the local stock market, and contrasts sharply with other nations that are embracing crypto for growth and reserves.
Moreover, in the BitPinas post about the news, the local web3 community also expressed their views with many not in favor of the proposal.
Several comments emphasized that the proposal pushes the country backward, contrasting it with other nations that are embracing web3 while the Philippines clings to outdated approaches.
They also stressed that crypto is more accessible and liquid than the Philippine stock market, and criticized regulators for being backward compared to other countries that are embracing crypto and even adding it to their reserves.
Some comments also voiced skepticism over claims that banning cryptocurrency would boost the local stock market, citing poor liquidity, outdated systems, and widespread corruption. Others even called for structural reforms and greater investment in education to address long-term governance issues and restore market confidence.
This article is published on BitPinas: Call to Ban Crypto Trading Suggested to Boost PH Stock Market
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