MANILA - The Philippine Central Bank (Bangko Sentral ng Pilipinas, BSP) will soon draft rules to govern the use of bitcoin as the country becomes one of the fastest-growing markets for the virtual currency.
BSP Deputy Governor Nestor A. Espenilla Jr. also told reporters that monetary authorities were reviewing industry proposals to ease the cap on foreign exchange transactions.
Espenilla said data showed that the Philippines was third-fastest in the world in terms of bitcoin applications as growth in the first half of last year exceeded 100 per cent.
"In the Philippines, bitcoin exchanges or estimated transactions passing through registered companies here range between $2 million and $3 million a month. So it is not a small amount of transactions," Espenilla pointed out.
While the BSP has already been issuing advisories to the public warning of risks in using such virtual currency, Espenilla said the surge in transaction volume might lead to tighter rules in their usage.
"We are looking at formally regulating virtual currencies for two important reasons: Aspects of money laundering and consumer protection concerns," Espenilla said.
http://www.nationmultimedia.com/business/Philippine-central-bank-eyes-rules-on-use-of-virtu-30287571.html
