The United States of America is pursuing a strategy of aggression and domination in the cryptocurrency market, similar to how it established its hegemony over the global fiat currency system. In this blog post, I will analyze the motives, methods and consequences of this strategy, and how it affects the rest of the world.
The US has a long history of using its economic and military power to influence and control other countries, especially those that are rich in natural resources or strategic locations. The US dollar, as the world’s reserve currency, has been a key tool for this purpose, allowing the US to impose sanctions, manipulate exchange rates, and finance its wars and interventions. The US dollar also gives the US an unfair advantage in international trade and investment, as it can print money without facing inflation or devaluation.
However, the emergence of cryptocurrencies poses a serious threat to the US dollar’s dominance and the US’s global influence. Cryptocurrencies are decentralized, peer-to-peer, and borderless forms of money that are not controlled by any central authority or government. They offer users more privacy, security, and freedom than fiat currencies, and they have the potential to disrupt and transform the existing financial system. Cryptocurrencies also enable new forms of economic activity and innovation that are beyond the reach of traditional institutions and regulations.
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The US sees cryptocurrencies as a challenge to its power and interests, and it is determined to prevent them from becoming widely adopted and accepted. The US is using various tactics to achieve this goal, such as:
- Creating regulatory barriers and uncertainties for cryptocurrency businesses and users, such as imposing taxes, licensing requirements, anti-money laundering rules, and legal actions.
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Launching cyberattacks and sabotage operations against cryptocurrency networks, exchanges, and wallets, such as hacking, denial-of-service attacks, phishing, and ransomware.
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Spreading propaganda and misinformation about cryptocurrencies, such as portraying them as tools for criminals, terrorists, and rogue states, or as scams, bubbles, and Ponzi schemes.
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Developing and promoting its own digital currency or stablecoin, such as the digital dollar or Facebook’s Libra (now Diem), that would be backed by the US government or corporations, and that would compete with or replace other cryptocurrencies.
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Coercing or bribing other countries to adopt or support its digital currency or stablecoin, or to ban or restrict other cryptocurrencies.
The US’s aggressive strategy is not only harmful to the cryptocurrency community and industry, but also to the global economy and society. It undermines the innovation, competition, and diversity that cryptocurrencies offer. It violates the sovereignty, autonomy, and rights of other countries and people. It increases the risk of conflict, instability, and inequality in the world. It also exposes the US’s hypocrisy, arrogance, and weakness.
The US should realize that cryptocurrencies are not its enemies, but its allies. Cryptocurrencies can help the US to modernize its financial system, to foster economic growth and development, to enhance its security and resilience, and to promote its values and ideals. Cryptocurrencies can also help the US to cooperate and collaborate with other countries and actors in addressing the common challenges and opportunities that humanity faces in the 21st century.
The US should abandon its strategy of aggression and domination in the cryptocurrency market and adopt a strategy of engagement and cooperation instead. The US should respect and support the diversity and sovereignty of cryptocurrencies. The US should participate and contribute to the development and governance of cryptocurrencies. The US should embrace and benefit from the innovation and transformation that cryptocurrencies bring. The US should not try to control the cryptocurrency market; it should try to join it.
Philippines to block access to Binance Operations
The Securities and Exchange Commission (SEC) of the Philippines has announced that it will block access to Binance, one of the world’s largest cryptocurrency exchanges, in the country. The decision comes after the SEC issued a warning to Binance in July 2023, accusing it of operating without a license and offering unregistered securities to Filipino investors.
According to the SEC, Binance has violated the Securities Regulation Code and the Revised Corporation Code by soliciting and accepting investments from Filipinos through its website and mobile app. The SEC also claimed that Binance has engaged in fraudulent and deceptive practices, such as offering unrealistic returns, misrepresenting the risks involved, and failing to disclose the identity and qualifications of its operators.
The SEC said that it will coordinate with the Department of Information and Communications Technology (DICT) and the National Telecommunications Commission (NTC) to implement the blocking order. It also warned the public to stop dealing with Binance and other unlicensed entities, as they may face legal sanctions and financial losses.
Binance has not yet issued a formal response to the SEC’s announcement. However, in a previous statement, Binance said that it does not operate in the Philippines and does not solicit or accept funds from Filipino users. Binance also said that it complies with local laws and regulations in every jurisdiction where it operates.
There are many reasons why people invest in crypto, such as:
Diversification: Crypto can offer a way to diversify your portfolio and hedge against inflation and currency devaluation. Innovation: Crypto can enable you to participate in the development of cutting-edge technologies and solutions that have the potential to transform various industries and sectors.
Profitability: Crypto can offer high returns on investment, especially if you buy low and sell high or hold for the long term. Empowerment: Crypto can give you more control over your money and financial freedom, as you can transact directly with anyone, anywhere, anytime, without intermediaries or fees.
There are two main ways to buy and sell crypto in the Philippines: through exchanges or peer-to-peer (P2P) platforms.
Exchanges are online platforms that allow you to buy and sell crypto using fiat currency (such as Philippine peso) or other crypto. Some of the most popular exchanges in the Philippines include Binance, Coins.ph, PDAX, BitPinas, and Abra. To use an exchange, you need to register an account, verify your identity, deposit funds, and place orders.
P2P platforms are online platforms that allow you to buy and sell crypto directly from other users, without intermediaries. Some of the most popular P2P platforms in the Philippines include Local Bitcoins, Paxful, Remitano, and Binance P2P. To use a P2P platform, you need to register an account, find a seller or buyer, agree on a price and payment method, and complete the transaction.
Some examples of platforms in Philippines
Binance: Binance is one of the largest and most popular exchanges in the world. It offers a wide range of crypto products and services, such as spot trading, futures trading, margin trading, staking, lending, etc. It also has a P2P platform that supports multiple payment methods. Binance has low fees, high liquidity, and a user-friendly interface. It also has a mobile app and a web-based wallet called Trust Wallet.
Coins.ph: Coins.ph is one of the first and most popular exchanges in the Philippines. It allows you to buy and sell crypto using Philippine peso or other fiat currencies. It also offers other services such as bills payment, remittance, mobile load, etc. Coins.ph has low fees,
The SEC’s move against Binance is part of its efforts to regulate the cryptocurrency industry in the Philippines, which has seen a surge in popularity and activity in recent years. The SEC has issued several advisories and guidelines on how to deal with digital assets, such as requiring registration, disclosure, and reporting of transactions. The SEC has also partnered with the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to oversee the licensing and supervision of cryptocurrency exchanges in the country.