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 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 record, the BSP says that it aims to regulate monies that are relevant to remittance platforms and all payment systems. 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 a couple of weeks and bitcoin casino binary options. The BSP circular notes that the new guidelines are not endorsements of other and bitcoin currenciescasino bitcoin que es bitcoin casino news india The Bank does recognize that money solutions have potential. The deputy governor’s circular 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 the ability to provide faster and more economical transfer of capital, both domestic and global, and may further encourage financial inclusion.
Bitcoin remittance specialist Luis Buenaventura
After the recent BSP statement, Bitcoin remittance expert Luis Buenaventura revealed his view of the bank’s definitions and policies. By studying strategies and startups in the space like Bitspark and Abra buenaventura has done extensive research on the connection of Bitcoin with remittances. In his view, the guidelines in the Philippines define all digital money exchanges to be treated as remittance companies.
«It certainly appears like the purpose is to treat any business handling Bitcoin for a remittance agent, even if remittances aren’t the primary purpose of the company,» explains Buenaventura.
The new guidelines do not provide any concessions for order-book exchanges which have no international footprint, nor do they clarify 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 on the innovative momentum that has been building up over the past few years.
The Bitcoin industry within the Philippines will have to wait and see how these policies take effect in the countrya href=»https://bitcoincasinoreview.net/cryptogames-review-rating»>Cryptogames sign up Buenaventura states exchanges and remittance startups have made a lot of progress since 2013, but still have a ways to go. Furthermore, he is encouraged that the BSP spent a lot 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 impact on the country,» Buenaventura adds.
What do you think about the Philippine central bank regulating Bitcoin? Tell us in the comments below!
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