The Philippine central bank issued the first digital currency exchange license


nnnThe number of money markets in the Philippines has grown, and the central bank has been actively deploying digital currency exchanges into the regulatory framework since February, hoping to regulate this emerging market and promote its orderly development. At present, the central bank has issued the first batch of exchange licenses in the field, will continue to implement the relevant regulatory initiatives.n
nnTranslated by: Inan
nIt is reported that the Philippine Central Bank has issued a permit to the local two special currency exchanges.n
n”The Philippine Star” on Sunday quoted the central bank governor Nestor Espenilla Jr., then the news was reported.n
nThe Philippine Central Bank (Bangko Sentral ng Pilipinas) in February for the first time announced its domestic transactions to comply with the rules, hoping to lay the foundation for its emerging digital money market. But an official at the end of July to the local media revealed that the central bank to submit the relevant applications rarely.n
nEspenilla made a speech at the weekend’s financial technology campaign, stating that the central bank was very active in incorporating these exchanges into its regulatory protection.n
nHe told the event participants:n
nn”We have seen the development trend of the digital money exchange, although the base is very small but indeed in development, which is why we ask them to register.”n
nnAccording to sources, Espenilla also provided data on local bitcover transactions, noting that the exchanges were trading at about $ 6 million a month, three times the amount of last month’s trading volume ($ 2 million).n
nEspenilla stressed:n
nn”We are seeking to include it in the regulatory framework.”n

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