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

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 businesses in the area. 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 record, the BSP states that it aims to regulate virtual monies that apply to all payment systems and remittance platforms. Essentially, it applies to any operation that may have»material effect 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 rules and regulations which govern operations of virtual currency exchanges in two weeks and bitcoin casino binary choices . The BSP circular notes that the guidelines are not endorsements of bitcoin and other currenciesonehash site The Bank does recognize that virtual currency solutions have potential. The governor states:

Bangko Sentral admits 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 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

After the recent BSP statement, Bitcoin remittance expert Luis Buenaventura revealed his view of policies and the bank’s definitions. By studying strategies and startups in the area like Abra and Bitspark buenaventura has done extensive research on the relationship of Bitcoin with remittances. In his opinion, the guidelines in the Philippines specify all digital currency exchanges to be treated as remittance businesses.

«It certainly appears like the purpose is to take care of any business dealing with Bitcoin as a remittance agent, even though remittances aren’t the principal purpose of the firm,» explains Buenaventura.

The new guidelines don’t offer any concessions for order-book exchanges that have no 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 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 countryBest best paying bitcoin casino Buenaventura states exchanges and remittance startups have made plenty of progress but still have a ways to go. Furthermore, he is 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’s good news that the government is finally recognizing that we exist and admit that our efforts do have a positive social impact on our nation,» Buenaventura adds.

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

Images via Shutterstock, BSP, Medium, and Pixabay. 

Do you need to talk about bitcoin in a comfortable (and censorship-free) environment? Have a look at the Bitcoin.com Forums — all of the big players in Bitcoin have posted there, and we welcome all opinions.

Source: bitcoincasinoreview.info


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