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 region. Now the BSP deputy governor, Nestor Espenilla, has released 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 virtual monies that apply to all payment systems and remittance platforms. 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 rules and regulations that govern operations of digital currency exchanges in a couple of weeks and bitcoin casino binary options. The BSP circular notes that the new guidelines are not endorsements of other and bitcoin digital currenciesbonus code bitcoin casino bitcoin casino bonus free However, the Bank does recognize that currency solutions have potential. The 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 their capacity to provide faster and more economical transfer of capital, both domestic and international, and might further encourage financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance specialist Luis Buenaventura
After the recent BSP statement, Bitcoin remittance specialist Luis Buenaventura revealed his opinion of the bank’s policies and definitions. Buenaventura has done extensive research on Bitcoin’s relationship with remittances by studying strategies and startups in the area like Bitspark and Abra. In his view, the guidelines in the Philippines specify all currency exchanges to be treated as remittance businesses.
“It certainly appears like the intention is to treat any business handling Bitcoin as a remittance agent, even though remittances aren’t the principal purpose of the company,” explains Buenaventura.
The new guidelines don’t provide any concessions for order-book exchanges that don’t have any worldwide footprint, nor do they clarify 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 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 nationonline casino bitcoin faucet bitcoin casino with no deposit bonus Buenaventura states remittance startups and bitcoin exchanges have made a lot of progress since 2013, 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 is good news that the government is finally recognizing that we exist and acknowledge that our efforts do have a positive social impact 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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