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 region. 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 record, the BSP states that it aims to regulate monies that apply to remittance platforms and all payment systems. Essentially, 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 regulations and rules that govern operations of digital currency exchanges in a couple of weeks and bitcoin casino binary choices . The BSP circular notes that the guidelines aren’t endorsements of bitcoin and other digital currenciesbitcoin casino deposit bonus free faucet bitcoin casino However, the Bank does recognize that money solutions have potential. The deputy governor’s circular 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 ability to provide faster and more economical transfer of funds, both domestic and global, and might further support financial inclusion.
Bitcoin Remittance Expert Weighs In
Bitcoin remittance expert Luis Buenaventura
Following the recent BSP announcement, Bitcoin remittance expert Luis Buenaventura revealed his opinion of policies and the 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 remittances. In his opinion, the latest guidelines in the Philippines define all digital money exchanges to be treated as businesses.
“It certainly appears like the purpose is to take care of any business handling Bitcoin as a remittance agent, even if remittances aren’t the principal goal of the company,” explains Buenaventura.
The new guidelines don’t offer any concessions for order-book exchanges which 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 won’t 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 Broad
The industry within the Philippines will have to wait and see how these policies take effect in the countrybest bitcoin casino sites bitcoin casino golden globes Buenaventura states exchanges and remittance startups have made a lot of progress since 2013, but still have a long way to go. Furthermore, he is encouraged that the BSP spent plenty 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 acknowledge that our efforts do have a positive social effect on the nation,” Buenaventura adds.
What do you think about the Philippine central bank regulating Bitcoin? Tell us in the comments below!
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