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 aims to regulate virtual 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 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 new guidelines aren’t endorsements of other and bitcoin digital currenciesbitcoin casino usa reddit best paying bitcoin casino The Bank does recognize that virtual currency 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, especially for payments and remittance, in view of their ability to provide quicker and more economical transfer of capital, both domestic and international, and might further support financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance specialist Luis Buenaventura
After the recent BSP statement, Bitcoin remittance expert Luis Buenaventura revealed his opinion of policies and the central bank’s definitions. 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 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 though remittances aren’t the principal purpose of the company,” 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 kind of impact this will have on the Bitcoin startups operating within our borders, but I expect that it will not put the brakes.
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 countrybitcoin casino mobile app android bitcoin casino bonus ohne einzahlung Buenaventura says bitcoin exchanges and remittance startups have made plenty of progress but still have a long way 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 good news that the government is finally recognizing that we exist and acknowledge that our efforts do have a positive social effect on our nation,” Buenaventura adds.
What do you think about the Philippine central bank regulating Bitcoin? Let us know in the comments below!
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