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 businesses in the region. Now the BSP deputy governor, Nestor Espenilla, has released a round (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the document, the BSP states that it intends to regulate virtual currencies that apply to all payment systems and remittance platforms. Essentially, 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 rules and regulations that govern operations of virtual currency exchanges in a couple of weeks and bitcoin casino binary choices . The BSP circular notes that the new guidelines are not endorsements of other and bitcoin currenciesthe highest payout for casino bitcoin bitcoin casino slot machines However, the Bank does recognize that virtual money solutions have potential. The governor’s circular states:

Bangko Sentral admits that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, especially for payments and remittance, in view of the capacity to provide quicker and cheaper transfer of funds, both domestic and international, and might further encourage financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance expert Luis Buenaventura

After the recent BSP circular announcement, Bitcoin remittance expert Luis Buenaventura revealed his view of policies and the bank’s definitions. Buenaventura has done extensive research on Bitcoin’s connection with remittances by studying strategies and startups in the space like Bitspark and Abra. In his view, the latest guidelines in the Philippines define all currency exchanges to be treated as companies.

“It certainly appears like the purpose is to take care of any business handling Bitcoin for a remittance agent, even though remittances are not the principal goal of the firm,” explains Buenaventura.

The new guidelines don’t provide 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 hope that it won’t put the brakes on the innovative momentum that has been building up over the last 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 business within the Philippines will have to wait and see how these policies take effect in the nationa href=”https://bitcoincasinoreview.info/zigzag777-casino-review”>zig zag 777 casino review Buenaventura says exchanges and remittance startups have made a lot of progress since 2013, but still have a long way to go. Furthermore, he’s encouraged that the BSP spent a lot of time learning about Bitcoin, but the central bank has”vastly overestimated just 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 acknowledge that our efforts do have a positive social impact on our country,” Buenaventura adds.

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

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Source: bitcoincasinoreview.net