[2018-08-18]Philippine's BSP approves registration of 2 bitcoin exchanges

[CryptoBry]

MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry. BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.

“They are local based but they have international roots,” Espenilla said. Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.

Holders could also look for services or goods whose merchants accept bitcoin payments. Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.

Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.

Read more about this here.

This is good news for the many Filipinos who are now into Bitcoin and others who can get interested of this cryptocurrency because we will now have two exchanges to soon open.

The Philippines is a rising economy and we have one of the most active people in the social media. We also have the burgeoning BPO industry and we have a good rate of people who are literate with the internet.

The market for Bitcoin here in the Philippines is growing and it can grow more once these two exchanges will open.

[buwaytress]

Filipinos should welcome this news, but I wonder if this means that users will stop using Coins.ph, which I believe is currently the largest local Bitcoin exchange. Curiously, the companies weren't actually revealed and neither blogs of the exchangers I know of talked this up. There was talk of a similar move during Malaysia's "first" blockchain conference back in July, but again rather vague on the identity of these exchangers. Going to take a lot to pry users from the current crop of trusted exchangers, though.

[no0dlepunk]

The good thing that I see here is that due to competition they have no choice but to lower their fees. The only negative about coins.ph at the moment is monopoly - they have the control with the buy and sell price of bitcoins versus the Philippine Peso.

Once these two exchanges are launched, expect improvements with coins.ph; You cannot just discontinue using coins.ph because aside from bitcoins exchange, this app is also useful in other means.

[peter0425]

Welcoming news for the Filipino's who are bitcoin lovers. I think the most well know exchanges are coins.ph. But with competition now, I think there will be a 'war' of lower fees between the coins.ph and other exchanges. LOL. I really like using coins.ph because its flexible and there are a lot of options like paying bills and getting your mobile phone loaded. However, lately I noticed that the fees are getting higher as well. So now I just saved my bitcoin in a Electrum wallet and seldom used my coins.ph wallet now.

[aso118]

This could give a big boost to remittances as well. A lot of people who work outside the Philippines might now find it feasible to send bitcoins to Philippines. Their relatives could go ahead and change the bitcoins to fiat easily.

[iamTom123]

Filipinos should welcome this news, but I wonder if this means that users will stop using Coins.ph, which I believe is currently the largest local Bitcoin exchange. Curiously, the companies weren't actually revealed and neither blogs of the exchangers I know of talked this up. There was talk of a similar move during Malaysia's "first" blockchain conference back in July, but again rather vague on the identity of these exchangers. Going to take a lot to pry users from the current crop of trusted exchangers, though.

I am looking forward for this to soon happen here in the Philippines. Personally, I have no qualms with Coins.Ph as they are really delivering many good services for us Filipinos but because of the lack of good competition sometimes they are charging way beyond what can be comfortable for us. Hopefully, with good competitors around they would rethink the offers they got and rates will somehow be affected positively.

Anyway, the market here in the Philippines is getting bigger everyday as there is now a mounting interest for Bitcoin and cryptocurrency. I am sure that since these two coming exchanges would also be marketing their services aggressively the result would be an expansion of Bitcoin users and holders. I am then happy and grateful that the Philippines government is not showing myopic view on cryptocurrency and the blockchain technology.