enero 9, 2018 | Posted in:Blog

New Virtual Currency Policies Coming to the Philippines

Philippine Central Bank Deputy Governor Nestor A. Espenilla

Bitcoin.com reported last June that the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), was preparing new guidelines towards Bitcoin companies in the region. Now the BSP deputy governor, Nestor Espenilla, has published a round (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the document, the BSP says that it aims to regulate virtual monies that are relevant to all payment systems and remittance platforms. Basically, it applies to any operation that may have»material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability,» explains the BSP.

The central bank will start implementing the regulations and rules that govern operations of digital currency exchanges in a couple of weeks and bitcoin casino binary options. The BSP circular notes that the guidelines aren’t endorsements of other and bitcoin digital currenciesmBit bitcoin casino The Bank does recognize that currency options have great potential. The governor states:

Bangko Sentral recognizes that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, especially for payments and remittance, in view of the ability to provide quicker and more economical transfer of funds, both domestic and international, and may further support financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance expert Luis Buenaventura

After the BSP announcement, Bitcoin remittance specialist Luis Buenaventura revealed his opinion of the policies and definitions of the central bank. By studying strategies and startups in the area like Abra and Bitspark buenaventura has done extensive research on the relationship of Bitcoin with remittances. In his view, the latest guidelines in the Philippines define all virtual money exchanges to be treated as remittance companies.

«It certainly appears like the purpose is to take care of any business dealing with Bitcoin as a remittance agent, even if remittances are not the principal goal of the company,» explains Buenaventura.

The new guidelines don’t offer any concessions for order-book exchanges that don’t have any international footprint, nor do they explain the situation for sole proprietors buying and selling BTC on Localbitcoins. I’m unsure what kind of impact this will have on the Bitcoin startups operating within our borders, but I hope that it won’t put the brakes on the innovative momentum that has been building up over the last few years.

The Central Bank is Learning About Bitcoin, But Definitions Are Too Broad

The industry within the Philippines will have to wait and see how these policies take effect in the countryfortune bitcoin casino Buenaventura says remittance startups and exchanges have made a lot of progress but still have a ways to go. Furthermore, he is encouraged that the BSP spent a lot of time learning about Bitcoin, however, the central bank has»vastly overestimated how much of it is actually used for remittances.»

«From one angle, it’s very good news that the government is finally recognizing that we exist and admit that our efforts do have a positive social impact on our nation,» Buenaventura adds.

What do you consider the Philippine central bank regulating Bitcoin? Tell us in the comments below!

Pictures via Shutterstock, BSP, Medium, and Pixabay. 

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Source: bitcoincasinoreview.info

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