The Central Bank of the Philippines considers bitcoin regulatory standards

nBankruptcy comment: As the current large amount of legal currency and cryptocurrencies are traded, the Central Bank of the Philippines and the country’s regulator plan to set regulatory standards for digital assets such as Bitcoin, which may involve both transactions and the currency itself. Some of the exchange-rate license applications have also been approved by the central bank, and the government said it will actively cooperate with innovation and development. Only the national currency of the virtual currency exchange will be regulated.n
nTranslation: Annie_Xun
Bangko Sentral ng Pilipinas (BSP) and regulators in the country plan to set regulatory standards for digital assets such as bitcoin. Chuchi Fonacier, vice president of BSP this week, said the bank has partnered with the Securities and Exchange Commission to establish regulatory guidance for Filipino companies and exchanges involving cryptocurrencies.n

The GMA Network recently reported that the Central Bank of the Philippines wants to regulate bitcoin. Central Bank Deputy Governor Chuchi Fonacier said the agency is working with the SEC on ICO and digital exchange licenses, but now they are also considering the regulation of bitcoin.n
n”At the moment we are focusing on the deal, but we know we might consider overseeing Bitcoin in the light of recent developments.”n
nn”This is done in coordination with the SEC, and if there is a chance of making such an adjustment, there is already an investment, not just the BSP but also the SEC.”n
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Only fictitious currency french currency needs to be regulatedn
Banks began to notice millions of dollars in Bitcoin transactions or exchange of Philippine national currency. So far, BSP is already reviewing domestic bitcoin and crypto currency exchange license applications. And 12 companies have applied for regulatory approval, and recently five other companies have joined the application industry. Both trading platforms have received BSP approval: Coins.ph and Rebittance.n

BSP President: Nestor Espenillan
November BSP President Nestor Espenilla talked about ICO regulation and Bitcoin as legitimate securities. “Open-mindedness towards financial technology means that we are motivated to ensure that policies provide innovative opportunities.”n
The recently drafted regulatory guidelines indicate that banks will only regulate companies that exchange virtual currencies for U.S. dollars or other government-issued alternative currencies.n

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