enero 17, 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 involving Bitcoin companies in the region. Now the BSP deputy governor, Nestor Espenilla, has published a circular (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the record, the BSP states 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 effect on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability,» explains the BSP.
The central bank will begin implementing the regulations and rules which govern operations of digital currency exchanges in two weeks and bitcoin casino binary options. The BSP circular notes that the new guidelines are not endorsements of bitcoin and other currenciesbest casino bitcoin bonuses bitcoin online casino for us players However, the Bank does recognize that digital money solutions have great potential. The deputy governor states:
Bangko Sentral recognizes that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their capacity to provide quicker and cheaper transfer of capital, both domestic and global, and might further encourage financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance expert Luis Buenaventura
Following the BSP circular statement, Bitcoin remittance specialist Luis Buenaventura revealed his view of the central bank’s policies and definitions. By studying strategies and startups in the crypto-remittance space like Abra and Bitspark buenaventura has done extensive research on the connection of Bitcoin with global remittances. In his opinion, the guidelines in the Philippines define all money exchanges to be treated as remittance businesses.
«It certainly appears like the purpose is to take care of any business dealing with Bitcoin for a remittance agent, even if remittances aren’t the primary purpose of the company,» explains Buenaventura.
The new guidelines don’t offer any concessions for order-book exchanges that have no worldwide footprint, nor do they explain the situation for sole proprietors buying and selling BTC on Localbitcoins. I expect that it will not put the brakes on the momentum that has been building up over the past few years, although I’m unsure what kind of impact this will have on the Bitcoin startups operating within our borders.
The Central Bank is Learning About Bitcoin, But Definitions Are Too Wide
The Bitcoin business within the Philippines will have to wait and see how these policies take effect in the countrybitstarz bitcoin casino Buenaventura states exchanges and remittance startups have made plenty of progress but still have a ways to go. Furthermore, he’s encouraged that the BSP spent plenty 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 is good news that the government is finally recognizing that we exist and admit that our efforts do have a positive social effect on our country,» Buenaventura adds.
What do you think about the Philippine central bank regulating Bitcoin? Tell us in the comments below!
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