The Central Bank is Learning About Bitcoin But Are Too Broad https bitcoincasinoreview info

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 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 currencies that apply to remittance platforms and all payment systems. 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 that govern operations of virtual currency exchanges in a couple of weeks and bitcoin casino binary choices . The BSP circular notes that the new guidelines aren’t endorsements of bitcoin and other digital currenciesbitcoin casino free bonus casino accept bitcoin via visa gift card However, the Bank does recognize that digital money solutions have great 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 the ability to provide quicker and cheaper transfer of capital, both domestic and global, and may further encourage financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance specialist Luis Buenaventura

After the recent BSP announcement, Bitcoin remittance expert Luis Buenaventura revealed his opinion of the central 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 opinion, the most recent guidelines in the Philippines specify all digital currency exchanges to be treated as businesses.

“It certainly appears like the intention is to take care of any business dealing with Bitcoin as a remittance agent, even if remittances are not the primary purpose of that company,” explains Buenaventura.

The new guidelines do not provide any concessions for order-book exchanges which have no worldwide footprint, nor do they explain the situation for sole proprietors buying and selling BTC on Localbitcoins. I’m unsure what sort of effect this will have on the Bitcoin startups operating within our borders, but I hope that it will not put the brakes.

The Central Bank is Learning About Bitcoin, But Definitions Are Too Broad

The Bitcoin industry within the Philippines will have to wait and see how these policies take effect in the countryHow does Oshi Casino bonus Buenaventura states remittance startups and exchanges have made a lot of progress but still have a long way to go. Furthermore, he is encouraged that the BSP spent a lot of time learning about Bitcoin, however, the central bank has”vastly overestimated 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 country,” Buenaventura adds.

What do you consider the Philippine central bank regulating Bitcoin? Let us know in the comments below!

Pictures via Shutterstock, BSP, Medium, and Pixabay. 

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Source: bitcoincasinoreview.net

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