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 area. 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 intends to regulate monies that are relevant to remittance platforms and all payment systems. 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 which 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 currenciesonline casino bitcoin list casino bitcoin no deposit bonus The Bank does recognize that virtual currency options have great potential. The governor’s circular 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 capacity to provide quicker and more economical transfer of funds, both domestic and global, and may further support financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance expert Luis Buenaventura
Following the BSP announcement, Bitcoin remittance expert Luis Buenaventura revealed his opinion of the central 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 relationship of Bitcoin with international remittances. In his view, the guidelines in the Philippines specify all virtual money exchanges to be treated as businesses.
“It certainly appears like the purpose is to take care of any business dealing with Bitcoin as a remittance agent, even though remittances are not the primary purpose of that firm,” explains Buenaventura.
The new guidelines do not offer 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’m unsure what sort of effect this will have on the Bitcoin startups operating within our borders, but I hope that it will not put the brakes.
The Central Bank is Learning About Bitcoin, But Definitions Are Too Wide
The industry within the Philippines will have to wait and see how these policies take effect in the nationno id online casino when you deposit with bitcoin bitcoin casino usa reddit Buenaventura states remittance startups and bitcoin exchanges have made a lot of progress since 2013, but still have a long way to go. Furthermore, he is encouraged that the BSP spent a lot 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’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 the nation,” Buenaventura adds.
What do you consider the Philippine central bank regulating Bitcoin? Let us know in the comments below!
Images via Shutterstock, BSP, Medium, and Pixabay.
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