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 region. Now the BSP deputy governor, Nestor Espenilla, has published a circular (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the document, the BSP says that it intends 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 start implementing the rules and regulations 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 currencieswithdraw bitcoin to usd using online casino bitcoin casino winning odds The Bank does recognize that money options have great potential. The governor’s circular 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 funds, both domestic and global, and might further support financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance expert Luis Buenaventura

Following the BSP circular statement, Bitcoin remittance specialist Luis Buenaventura revealed his opinion of the definitions and policies 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 remittances. In his view, the most recent guidelines in the Philippines define all currency exchanges to be treated as remittance companies.

“It certainly appears like the purpose is to take care of any business handling Bitcoin as a remittance agent, even though remittances aren’t the principal goal of the firm,” explains Buenaventura.

The new guidelines do not offer any concessions for order-book exchanges which have no worldwide footprint, nor do they clarify the situation for sole proprietors buying and selling BTC on Localbitcoins. I expect that it won’t put the brakes on the innovative momentum that has been building up over the past few years, although I’m unsure what kind 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 Bitcoin business within the Philippines will have to wait and see how these policies take effect in the nationwhat casino accepts bitcoin bitcoin casino live dealer Buenaventura says exchanges and remittance startups have made a lot of progress but still have a long way to go. Furthermore, he’s encouraged that the BSP spent a lot of time learning about Bitcoin, but the central bank has”vastly overestimated 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 impact on our country,” Buenaventura adds.

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

Images via Shutterstock, BSP, Medium, and Pixabay. 

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