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 involving Bitcoin businesses in the area. Now the BSP deputy governor, Nestor Espenilla, has released a circular (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the document, the BSP states that it intends to regulate currencies that are relevant to all payment systems and remittance platforms. 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 begin implementing the regulations and rules which govern operations of virtual currency exchanges in two weeks and bitcoin casino binary options. The BSP circular notes that the new guidelines aren’t endorsements of other and bitcoin currenciesbitcoin casino signup bonus bitcoin casino with high payout chance However, the Bank does recognize that digital currency solutions have great potential. The governor states:

Bangko Sentral recognizes that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of the capacity to provide faster and cheaper transfer of capital, both domestic and international, and might further support financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance expert Luis Buenaventura

Following the recent BSP statement, Bitcoin remittance expert Luis Buenaventura revealed his view of the policies and definitions of the bank. By studying strategies and startups in the 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 define all money exchanges to be treated as companies.

“It certainly appears like the intention is to treat any business dealing with Bitcoin as a remittance agent, even though remittances aren’t the primary purpose of the company,” explains Buenaventura.

The new guidelines do not provide 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 expect that it won’t put the brakes, 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 countryOneHash site Buenaventura states remittance startups and exchanges have made a lot of progress but still have a ways to go. Furthermore, he’s 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 admit that our efforts do have a positive social effect on our nation,” Buenaventura adds.

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

Pictures via Shutterstock, BSP, Medium, and Pixabay. 

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