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 document, the BSP states that it aims to regulate monies that apply 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 start implementing the regulations and rules that govern operations of digital currency exchanges in two weeks and bitcoin casino binary choices . The BSP circular notes that the new guidelines aren’t endorsements of other and bitcoin digital currenciesbitcoincasino rating The Bank does recognize that money options have great potential. The governor states:

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

Bitcoin Remittance Expert Weighs In

Bitcoin remittance specialist Luis Buenaventura

Following the BSP announcement, Bitcoin remittance specialist Luis Buenaventura revealed his view of the bank’s definitions and policies. 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 latest guidelines in the Philippines specify all money exchanges to be treated as companies.

“It certainly appears like the purpose is to treat any business dealing with Bitcoin as a remittance agent, even if remittances aren’t the principal goal of the firm,” explains Buenaventura.

The new guidelines do not provide any concessions for order-book exchanges which have no international footprint, nor do they explain the situation for sole proprietors buying and selling BTC on Localbitcoins. I expect that it won’t put the brakes, 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 industry within the Philippines will have to wait and see how these policies take effect in the countrytop 5 bitcoin casino bitcoin casino free faucet Buenaventura states exchanges and remittance startups have made a lot 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 just how much of it is actually used for remittances.”

“From one angle, it is 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 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