The government of Philippines to establish the legal status of encryption currency
In the field of bitcoin remittance popularization has pushed the Philippines government to draft a new regulatory policy for the.
This decision was made by the deputy governor of the Central Bank of Philippines Nestor? Pengnila ACE (NestorEspenilla) publicly announced. Espenilla said the implementation of monetary policy regulation will be encrypted is beneficial to the people of Philippines, as from overseas to domestic friends and family remittances continue to increase, so the regulatory policy can provide protection for them.
Espenilla said on one of Philippines’s major commercial news agency:
“We should pay attention to is money laundering and consumer protection potential. We are working on the virtual currency exchange operators in a more formal regulatory framework under the.”
The Central Bank of Philippines supervision and inspection unit of leadership to a new regulatory policy will establish the legal status of encryption currency in the country. At the same time, will make the encryption currency platform operators and other agencies as subject to anti money laundering provisions review.
The Bank of Philippines said that now is the right time to introduce encryption monetary regulatory policy, because Philippines has every month bitcoin remittance has reached the scale of about $2 million. The country’s largest company SatoshiCitadelIndustries Rebit.ph platform encryption currency occupies a leading position in the country bitcoin remittance industry. Remittance by using bitcoin, people can save transaction and exchange fees as part of the.
The introduction of bitcoin regulatory policy for the interests of users and encryption currency platform provides a protective frame, it will have a positive impact on the ecosystem. It also will operate implanted legitimacy currency based on encryption, while providing clear notes for the enterprise, improve the public bitcoin rate, so that users do not have to worry about any “non-existent” encryption currency use effect.
Each country will make their own version of the bitcoin regulatory policy, but this is a matter of time. Early actors, such as Philippines, should ensure the correct development of regulatory policies, because they will set a precedent for other countries.
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