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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 reported last June that the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), was preparing new guidelines involving Bitcoin companies in the area. Now the BSP deputy governor, Nestor Espenilla, has released a round (BSP Circular ???944) that defines the government’s position concerning Bitcoin operations. In the document, the BSP states that it aims to regulate virtual currencies that apply to all payment systems and remittance platforms. Essentially, it applies to any operation that may have”material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability,” explains the BSP.

The central bank will start implementing the regulations and rules that govern operations of digital currency exchanges in a couple of weeks and bitcoin casino binary choices . The BSP circular notes that the new guidelines aren’t endorsements of bitcoin and other digital currenciesno deposit bitcoin casino bonus free bitcoin casino software However, the Bank does recognize that virtual currency solutions have potential. The deputy governor’s circular states:

Bangko Sentral admits that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of the capacity to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.

Bitcoin Remittance Expert Weighs In

Bitcoin remittance specialist Luis Buenaventura

After the BSP circular announcement, Bitcoin remittance specialist Luis Buenaventura revealed his view of the policies and definitions of the central bank. By studying strategies and startups in the crypto-remittance space like Abra and Bitspark buenaventura has done extensive research on the connection of Bitcoin with remittances. In his view, the guidelines in the Philippines define all virtual currency exchanges to be treated as companies.

“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 goal of that firm,” explains Buenaventura.

The new guidelines don’t provide any concessions for order-book exchanges which have no international footprint, nor do they explain the situation for sole proprietors buying and selling BTC on Localbitcoins. I expect that it will not put the brakes on the momentum that’s been building up over the past few years, although I’m unsure what sort 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 industry within the Philippines will have to wait and see how these policies take effect in the countryExplore the Buenaventura states remittance startups and exchanges have made a lot of progress since 2013, but still have a ways to go. Furthermore, he’s encouraged that the BSP spent plenty of time learning about Bitcoin, however, the central bank has”vastly overestimated just 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 think about the Philippine central bank regulating Bitcoin? Let us know in the comments below!

Images via Shutterstock, BSP, Medium, and Pixabay. 

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