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 document, the BSP states that it aims to regulate virtual monies that apply to all payment systems and remittance platforms. Basically, 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 which govern operations of virtual currency exchanges in a couple of weeks and bitcoin casino binary choices . The BSP circular notes that the guidelines are not endorsements of bitcoin and other digital currenciesget bitcoin casino method best free bitcoin casino However, the Bank does recognize that money options have great potential. The deputy 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 the ability to provide faster and cheaper transfer of capital, both domestic and international, and might further encourage financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance expert Luis Buenaventura
Following the recent BSP statement, Bitcoin remittance expert Luis Buenaventura revealed his opinion of the bank’s policies and definitions. Buenaventura has done extensive research on Bitcoin’s connection with remittances by studying strategies and startups in the area like Bitspark and Abra. In his opinion, the most recent guidelines in the Philippines specify all virtual money exchanges to be treated as companies.
“It certainly appears like the intention is to take care of any business handling Bitcoin for a remittance agent, even if remittances are not the primary purpose of the firm,” explains Buenaventura.
The new guidelines do not provide any concessions for order-book exchanges which have no worldwide footprint, nor do they clarify the situation for sole proprietors buying and selling BTC on Localbitcoins. I hope that it won’t put the brakes, although I’m unsure what sort of effect this will have on the Bitcoin startups operating within our borders.
The Central Bank is Learning About Bitcoin, But Definitions Are Too Broad
The industry within the Philippines will have to wait and see how these policies take effect in the countryhttps://casinobitcoins.io/bitcoin-casino-bonus/รข best bitcoin casino free play Buenaventura says bitcoin exchanges and remittance startups have made a lot of progress but still have a ways to go. Furthermore, he is 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’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? Tell us in the comments below!
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Source: bitcoincasinoreview.net
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