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 area. Now the BSP deputy governor, Nestor Espenilla, has released a circular (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the record, 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 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 rules and regulations that govern operations of virtual currency exchanges in two weeks and bitcoin casino binary choices . The BSP circular notes that the guidelines are not endorsements of other and bitcoin currenciesignition casino and bitcoin bitcoin casino how it works The Bank does recognize that virtual money solutions have great potential. The governor’s circular 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 ability to provide quicker and cheaper transfer of capital, both domestic and global, and may further support financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance specialist Luis Buenaventura
Following the BSP circular statement, Bitcoin remittance specialist Luis Buenaventura revealed his opinion 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 remittances. In his opinion, the guidelines in the Philippines define all digital currency exchanges to be treated as companies.
«It certainly appears like the purpose is to take care of any business dealing with Bitcoin for a remittance agent, even though remittances aren’t the primary goal of that firm,» explains Buenaventura.
The new guidelines don’t provide any concessions for order-book exchanges which don’t have any worldwide footprint, nor do they explain the situation for sole proprietors buying and selling BTC on Localbitcoins. I hope that it will not put the brakes, although I’m unsure what sort 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 countrybetcoin scam Buenaventura says bitcoin exchanges and remittance startups have made a lot of progress since 2013, but still have a ways to go. Furthermore, he is 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 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? Let us know in the comments below!
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