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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 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 aims to regulate monies that are relevant 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 begin implementing the regulations and rules that govern operations of virtual currency exchanges in two weeks and bitcoin casino binary choices . The BSP circular notes that the guidelines aren’t endorsements of other and bitcoin currenciesbitcoin casino 0 confirmations at what rate bitcoin cashout ignition casino The Bank does recognize that money options have great potential. The governor 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 their ability to provide faster and more economical transfer of funds, both domestic and global, and may further support financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance specialist Luis Buenaventura

After the BSP circular statement, Bitcoin remittance specialist Luis Buenaventura revealed his opinion of the definitions and policies of the central bank. Buenaventura has done extensive research on Bitcoin’s relationship by studying strategies and startups in the crypto-remittance area like Bitspark and Abra. In his opinion, the latest guidelines in the Philippines specify all digital currency exchanges to be treated as companies.

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

The new guidelines do not offer 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 expect that it will not put the brakes on the innovative momentum that has been building up over the last few years, although I’m unsure what sort of effect 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 countrya href=””>777coin casino bonus Buenaventura states remittance startups and bitcoin exchanges have made plenty of progress but still have a ways 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 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 consider the Philippine central bank regulating Bitcoin? Let us know in the comments below!

Pictures via Shutterstock, BSP, Medium, and Pixabay. 

Do you need to discuss bitcoin in a comfortable (and censorship-free) environment? Check out the Forums — all the big players in Bitcoin have posted there, and we welcome all opinions.


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