Bitcoin Forum

The Philippine Central Bank has approved the application of two new exchanges , bringing the total number of lawful exchanges in the country to five.

Philippine central bank Bangko Sentral ng Pilipinas (BSP) has approved applications for two new exchanges, Business World reported yesterday.

BSP central bank governor Chuchi G. Fonacier said the Philippines allowed the two exchanges, Virtual Currency Philippines, Inc. and ETranss are entitled to exchange from the Philippine Peso to other coded currencies. Besides the two exchanges, the Philippines has previously paved the way for three other trading platforms: Rebittance, Inc., Betur, Inc. and BloomSolutions.

The central bank is aware of and appreciates the potential of money in minimizing costs and transaction time; However, the Philippines remains cautious about the risks of currency such as abnormal exchange rate fluctuations, illegal underground transactions and network security issues.

In the past, BSP has considered the options for these two exchanges to register as an e-money issuer because of the nature they only offer electronic wallet services to customers. However, the Bank's internal advisory body opposed this option and proposed to set up a registration process that would allow businesses to provide electronic money-related services, including e-money and e-money. -wallet

Mr. Fonacier emphasized: "We are revising the law ... If the business model of an e-wallet business, the business must meet some additional requirements, not necessarily or automatically posted. Sign the license for e-money. "

Philippine Central Bank, electronic money exchange, virtual currency, BSP, electronic wallet

Meanwhile, the Anti-Money Laundering Committee announced that it would closely monitor the number of transactions in the attempt to stop the money stream. Businesses will be required to report transactions they undertake or manage, as well as to report suspected transactions.

According to Business World reported, the transaction from the Peso to the number of currency dizzy. In the first quarter of this year, the two exchanges registered about $ 36 million per month.

In April this year, the Philippine government announced that it would allow 10 blockchain companies and proceeds to operate in the Cagayan Special Economic Zone. Jobs are expected to create more local jobs in exchange for tax incentives. The Cagayan state government also required companies to invest at least $ 1 million over two years and pay a $ 100,000 business registration fee.

Last November, the Securities and Exchange Commission of the Philippines said it was considering legalizing the currency as a type of stock. Following this move, BSP officially recognized Bitcoin as a legal payment method in early 2018.

Philippine rulers are making progress in opening up new blockchain technology and its products - money. Nevertheless, careful consideration is needed in this phase as the blockchain technology has not yet fully utilized its advantages in the areas of life; And e-money is still affected by speculation rather than the proper functioning of what is considered "money."

This is good news, currently demand of crypto mayority come from Asia so with more crypto exchanges also will make more high demand. Crypto exchange also will promote their product and with the same times also will promote the benefits of crypto and blockchain technology. More crypto exchange is very good for crypto community and more new people will jump in to crypto.

Glad to here about it.
This is a good sign for Philippines cryptocurrency enthusiasts and blockchain community. There are 100 million+ people in Philippines and they can easily trade cryptocurrency thanks to BSP's crypto favorable decisions.
I hope other neighbor countries will follow the same.

A must to celebrate for the filipino out there ,because this is another breakthrough for asian country as theres a need for more legitimate and truthful exchangers because nowadays there are many scammers and hackers that targeting exchange and the vulnerability of this is getting bigger,so with the support of government the assurance from the investors will beco:functionality and reliability

The thread has been made last July and until now that news has not created a stir in the Philippine's cryptocurrency community.

What is the update on this one?

Oh, that is nice but whether this really brings any immediate and substantial value to the crypto market is another matter worth discussing.

this is a good news that third world countries like philippines is going into the cryptocurrency era now it is a good start to improve economy and elevate the payment system there.

It's a good news for us in the philippines to improve our country in the world of cryptocurrency in the future and all banks already accepted in bitcoin.

Exactly, we have seen a major resurgence of crypto this year alone, although we're in the bear market. The Asian region with Japan and South Korea leading the pack. And with the growing demand, it means that there are a lot of people getting into the bandwagon, specially the ability of bitcoin or crypto to be used as cross-border-payments, countries in Asia will really benefited from this kind of transactions.

As for the Philippines, it seems that they wanted to be the next blockchain/crypto hub so this is really a big boost for them. They might even attract potential investors in their country to put up blockchain/crypto related companies.

While this is good news for the crypto community in the Philippines, and the crypto space in general, I think it's always good to post news like this with a verifiable link to check it's authenticity.

On the other hand there are people who expect an extraordinary increase to occur after getting good news from the Philippines, but it can't happen right now it's not too strong to make it happen as quickly as possible, the most important thing is that I'm very happy to hear it. there are positive attitudes from various governments and others in responding to future technologies, we only follow the latest news from various parts of the world.

wow, that's good news for crypto, after Venezuela and other countries began to legalize bitcoin and crypto.
but I was still confused after so many positive issues circulating why crypto market conditions were still sluggish, what factors were causing it, whether it was purely a market condition, or someone / group was trying to manipulate the market.

Most probably its a combination of a lot of factors that's causing the market to really struggled even though we really have a lot of positive news going around for the last 5 months or so. The market conditions is not ripe for investors to simply put their cash because they're afraid of the wild price swings recently. And then there's the whale who manipulated everything from behind and day traders taking every profit as they see fit. As for the news, I'm glad to hear that Philippines is moving forward and the government is very support of cryptocurrency.