Although the value of cryptocurrencies may be estimates, they cannot be considered “based on nothing”, as their value depends on a common group of like -minded people with similar values. , executive of financial technology (fintech) industry. hoy.
“Cryptocurrencies and digital assets cannot generally be based on nothing and have the same risks and benefits. You must be able to distinguish between digital assets as a use symbol, stable currency, meme currency or NFT, etc .; based on real cases, ”Viridian Technologies Inc. CEO Emmanuel Navalan told BusinessMirror.
Navalan spoke after European Central Bank President Christine Lagarde criticized cryptocurrencies as “worthless”.
While Navalan agrees that the government providing protection to digital investors is a good move, he said Lagarde’s stance on cryptocurrencies will cause more harm than good. He also added that regulators must find better ways to protect not only new investors but the current community that engages in cryptocurrencies.
“One of the reasons why crypto is so popular is because of its financial integration and the concept of a creative economy that allowed early investors to achieve their financial goals and that has inspired many,” he said. said Navalan.
While institutional money access to Internet 3.0 is considered a platform, he said crypto enthusiasts have seen evidence that the technology works and is here to stay.
In addition, Navalan said regulators should have an open mind and look more deeply at Web 3.0 technologies such as blockchain and cryptocurrencies. Blockchain, he added, is not a stand-alone environment but is very effective when integrated into a variety of situations.
Navalan said it will be a challenge for regulators to monitor and control cryptocurrencies because it is a new area, most of which is neutral and highly volatile. In general, he said, Web 3.0 can improve the quality of life of many and the way forward is through proper education and awareness, and a way of using technology. .
Navalan said Filipinos should have an open mind about investing in real estate class equipment. He added that there is potential for great power because larger companies like Binance, Coinbase, and others are optimistic because they know this will open the way for more builds than usual.
Navalan urged the Central Bank of the Philippines to provide protection to crypto investors as it will give them confidence and follow their formation if done properly.
“Our government has seen the potential for the technology in general but while the protection of crypto investors still has a lot to be done and that is due to the rapid adoption of Web 3.0 connectivity,” he said.