Central Bank of the Philippines: We study Bitcoin “very closely”

nBankruptcy comment: Last year was an important node in the history of bitcoin, and usage and trading volume are also increasing, so the Philippine Central Bank issued the relevant guidance. The central bank, though approved cryptocurrency, but central bank officials are still worried about price volatility. And the central bank sees Bitcoin as a payment tool, not an asset. Although there are risks, but basically the risk controllable, so willing to get the bitcoin advantage people can still take a chance.n
nTranslation: Annie_Xun
Although the Central Bank of the Philippines accepted generally the encrypted currency, a senior official reminded Bitcoin retail investors to guard against it.n
Bitcoin hit $ 1,000 on January 1, 2017 and then skyrocketed as bitcoin gained global acceptance and usage, reaching a record high of nearly $ 20,000 in December. Local media ANC reported that regulators and governments frequently expressed concern about price volatility. Meanwhile, the Deputy Governor of the Central Bank of the Philippines called on the public to understand the currency of bitcoin, especially the transactions involving such cryptocurrencies.n
Emphasize that the Central Bank (BSP, Bangko Sentral ng Pilipinas) will “accept” cryptocurrencies as the official said the central bank:n
n”At the same time, advising the public about the opacity of Bitcoin transactions is something that we must think very closely.”n
nWith transaction volumes rising from $ 2 million in 2015 and $ 6 million in 2016 to $ 8.8 million per month, the central bank first released the local Bitcoin industry regulation and guidance in early 2017.n
In addition to “accepting” the position of cryptocurrencies, the central bank is still reviewing 12 applications for setting up and operating cryptocurrencies in China. In a October 2017 television interview Melchor Plabasan, deputy governor of the central bank, described the guidance as “groundbreaking regulation,” saying “we see Bitcoin as a payment and remittance tool, not as an investment asset.”n
He continues to emphasize the advantages of Bitcoin:n
n”It’s as risky as other money instruments and even investment tools, but basically manageable.” If you want quick, easy, near-real-time things, there are benefits to using virtual currency such as bitcoin. “n

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