Phillippine Central Bank-BSP regulates bitcoin in the Philippines

[Mandoy]

*****7****

https://www.techinasia.com/philippines-central-bank-bitcoin-regulation

It is finally here. To all Filipino bitcoin holders the Bangko Sentral ng Pilipinas (BSP) have already decided to regulate the use of virtual currencies including bitcoin. The Philippine Central Bank last year have been studying the merits of bitcoin as it wants to adopt bitcoin in the locality. But due to the recent move of Japan in adopting bitcoins the BSP has finally sets its goal to regulate all transactions pertaining to virtual currencies as the volume of transactions reached  16 million dollar per month. Finally we can see the AML and KYC policies to be fully implemented.

[SingAlong]

Every country should regulate Bitcoin rather than ban it since it is a win-win situation. If somehow a country bans Bitcoin, it does not totally make its citizen unable to use Bitcoin and I have read a thread regarding a Bitcoiner and his country banned Bitcoin but still there are a lot like him who still use it. There is no need for Bitcoiners to feel bad about regulations (which is mainly because of the tax to be put upon it) since it will make a more healthy environment and with the law to put those guys committing fraud and laundering money behind the bars.

[chaser15]

It's not finally here since it was already made during the first quarter of the year.

That's why if you noticed, medyo nagkaroon ng  stricter KYC policies ang mga local exchanges natin dito which is normal as part of complying with the rules and regulations of BSP. Well mas maganda na yang ganyan since para regulated rin ang mga exchange. Maganda pa rin na registered company sila para may habol tayo once they do harmed.

(That's why if you noticed, users now would expect stricter KYC policies from the exchanges here which is normal as part of complying with the rules and regulations of BSP. Well it's better that we have a regulated exchange here so that once they turned into shit, we can sue them like a regular company.)

-I used local language so that still a PH touch at it's finest. Much better if this will be moved to PH Local section-