Philippine boxer-turned-senator Manny Pacquiao is known for his cryptocurrency ambitions, but just recently came out in support of regulations on the market he wants to launch his own coin in.
He argues that, “it is already regulated in other countries.”
Pacquiao picked a turbulent moment to launch a cryptocurrency, as markets in Asia are starting to scrutinize them more closely, especially after the region has experienced firsthand the effects of the Coincheck heist in Japan and the hacking of Youbit in South Korea.
Philippine authorities are more concerned, however, with scams. Seemingly flinging its sword at a windmill, the Securities and Exchange Commission of the country said that anyone running a cloud mining operation could face up to 21 years in prison. Aside from this harsh measure, however, the country has truly enforced little in other regulations related to the cryptocurrency market.
Currently, there is a bill being discussed in the Philippine Congress that would impose harsher punishments for those engaging in crimes using cryptocurrencies to cover their tracks. Senator Leila de Lima considers this measure necessary as the country’s “laws must adapt with the changing times” and its justice system “must come prepared in the event that [cryptocurrencies are] used in illegal activities.”
It’s unclear that Pacquiao’s views on the matter are similar to de Lima’s. He does appear to have the confidence that the Philippine government won’t go as far as to make his own cryptocurrency project unfeasible.
He told interviewers that he is moving forward with his plans to launch his own coin after making the announcement over a month ago. “It can be a way to be in touch with the fan base and [there are] a lot of things we can do with this cryptocurrency,” he said during an interview with Agence France-Presse.
The Filipino boxer’s cryptocurrency will reportedly be used to sell merchandise and allow fans to interact with him in his live streams. He also wouldn’t be the first athlete to engage in his own coin aspirations, as Floyd Mayweather and Michael Owen have also walked this path.
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