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 businesses in the area. Now the BSP deputy governor, Nestor Espenilla, has published a round (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the document, the BSP says that it intends to regulate currencies that are relevant to remittance platforms and all payment systems. 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 two weeks and bitcoin casino binary choices . The BSP circular notes that the guidelines are not endorsements of other and bitcoin digital currenciescasino that takes bitcoin bitcoin high limit casino games The Bank does recognize that money options have great potential. The governor states:
Bangko Sentral recognizes that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, especially for payments and remittance, in view of their capacity to provide quicker and more economical transfer of funds, both domestic and international, and might further support financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance expert Luis Buenaventura
After the recent BSP statement, Bitcoin remittance specialist Luis Buenaventura revealed his view of the policies and definitions of the bank. By studying strategies and startups in the crypto-remittance area like Abra and Bitspark buenaventura has done extensive research on the relationship of Bitcoin with global remittances. In his opinion, the most recent guidelines in the Philippines define all virtual money exchanges to be treated as companies.
“It certainly appears like the purpose is to treat any business handling Bitcoin as a remittance agent, even though remittances are not the primary goal of the firm,” explains Buenaventura.
The new guidelines do not provide any concessions for order-book exchanges that don’t have any international footprint, nor do they clarify the situation for sole proprietors buying and selling BTC on Localbitcoins. I expect that it will not put the brakes on the innovative momentum that’s been building up over the past few years, 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 industry within the Philippines will have to wait and see how these policies take effect in the countryCafé bitcoincasinoreview.net 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 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’s very 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? Tell us in the comments below!
Images via Shutterstock, BSP, Medium, and Pixabay.
Do you need to discuss bitcoin in a comfortable (and censorship-free) environment? Have a look at the Bitcoin.com Forums — all of the big players in Bitcoin have posted there, and we welcome all opinions.
Source: bitcoincasinoreview.info
