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Author Topic: Philippine Central Bank approves licenses for 2 cryptocurrency exchanges?  (Read 2020 times)
bcnaranjo (OP)
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August 22, 2017, 04:37:24 AM
 #1

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?
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August 22, 2017, 04:48:00 AM
 #2

I'm from the Philippines and I haven't heard of this news. It would be convenient for bitcoin users in the country if this were to be true.

I'm not sure how these exchanges would affect the Philippine banking systems, because I think that the bitcoin users would utilize these exchanges to their advantage. The local exchange wallet, coins.ph, allows bitcoin owners to easily exchange their BTC and transfer it to banks. If these exchanges have lower transactions fees, then I think the bitcoin users would opt to use this. Perhaps if these exchanges offer services that utilizes the banks as well then it would be a win-win situation for the banks and the exchanges.

Hoping this news is true. This could provide better opportunities for BTC owners and users in the country, and may attract new users as well.
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August 22, 2017, 05:02:27 AM
 #3

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges

Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.

Quote
On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.

These are locally based exchanges having international roots.

Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators

This is good for bitcoin adoption.
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August 22, 2017, 05:04:48 AM
 #4

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges

Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.

Quote
On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.

These are locally based exchanges having international roots.

Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators

This is good for bitcoin adoption.

This one is a good start for bitcoins to be adopted well on the philippines and I'm waiting for their lunch to do some trades there, Aswell us i'm sure that If these local philippine exchanger will unleashed it can awaken more sleepy heads to know bitcoin well.

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August 22, 2017, 05:19:00 AM
 #5

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

I also read this and I think it is true since it is approved by the local media. But I can't stop wondering which exchanger has the central bank given the license, there is no specific exchanges that has been said in the article. I know two exchangers, Coins and rebit, is that the two exchangers?

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August 22, 2017, 05:33:37 AM
 #6

Sounds good bot Philipinnes doesen't look like the best and the safest country in the world so I'm afraid on this exchanges we can get governmental regulations and it won't lead to better safety because of the country.
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August 22, 2017, 06:45:11 AM
 #7

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?
This news is partly old news already. The Banko Sentral (Central Bank), issued a memo back in may that they would be regulating virtual currency exchange platforms such as Coins.ph (leading bitcoin exchange). What they are doing is actually forcing the exchanges to registered with the BSP and nothing but just to enforce policies for purposes of anti-money-laundering and anti-terrorism funding objectives. Nothing really more than that. Since BSP is just an agency for monitoring monetary activities in the country.
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August 22, 2017, 06:50:15 AM
 #8

We haven't verified which group got the license. I heard that this has been going on since January this year. I feel that the process will be heavily regulated as the license is under the traditional monetary framework. It almost feel like Erudites (governments) trying to label Divergents (bitcoin/crytpto) into a faction.
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August 22, 2017, 06:55:02 AM
 #9

We haven't verified which group got the license. I heard that this has been going on since January this year. I feel that the process will be heavily regulated as the license is under the traditional monetary framework. It almost feel like Erudites (governments) trying to label Divergents (bitcoin/crytpto) into a faction.

Again, there is really no point discussing this as if you all read the policy the central bank of the Philippines enacted, you would see that it is only for purposes of subjecting the exchanges to report their activities so that the BSP can assess if there is any money laundering activities happening in these exchanges. That is also why they are forcing these exchanges to implement a KYC policy.
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August 22, 2017, 07:22:58 AM
 #10

I've read the news on a local paper 3 days ago, and this move is done by the BSP to further regulate the currency and also to prevent money laundering that could be made using bitcoin as a medium. And because of the growing demand of BTC - PHP exchange, this is done so as to further monitor the exchanges handling those trade volumes and to prevent a Gox scenario, too.

I think it's about time to shift the government's attention into something more futuristic yet real. It's about time to support and recognize bitcoin startups and ventures here in this country.

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August 22, 2017, 07:24:04 AM
 #11

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?
This news is partly old news already. The Banko Sentral (Central Bank), issued a memo back in may that they would be regulating virtual currency exchange platforms such as Coins.ph (leading bitcoin exchange). What they are doing is actually forcing the exchanges to registered with the BSP and nothing but just to enforce policies for purposes of anti-money-laundering and anti-terrorism funding objectives. Nothing really more than that. Since BSP is just an agency for monitoring monetary activities in the country.

You can not consider coins.ph an exchange. If you consider it then its a shitty exchange. If you want a ph based exchange, here it is  https://www.btcexchange.ph/.
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August 22, 2017, 07:54:50 AM
 #12

Nice to see more countries regulating activities related to crypto.
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August 22, 2017, 08:35:54 AM
 #13

Sounds like a good news to me. Since there are also a lot of miners in ph I think it's about time that we are given more options which exchange to use. And with this news I guess it is one way to let more filipino know about btc. Since most of us here are skepticals when it comes to new things such as cryptocurrencies. I hope soon there will be establishments who will accept btc as payment as well.

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August 22, 2017, 08:45:01 AM
 #14

This is actually really great news, more countries are accepting bitcoin just like Japan and China. Hopefully the government would not use this as a way to make money and hopefully we would hear establishments accepting bitcoin in this country as well.

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August 22, 2017, 08:47:41 AM
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I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true? How will it affect the Philippine banking system?

ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges
Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.
Quote

On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.

These are locally based exchanges having international roots. Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators

This is good for bitcoin adoption.

I am sure that many Filipino Bitcoin enthusiasts and investors would be happy that at last two serious competitors against Coins.Ph are coming to the Philippines. Though I don't consider Coins.Ph to be a true Bitcoin exchange akin to Bittrex or Poloniex yet it is functioning as a middleman between buyers and sellers of Bitcoin. We are all tired of the high rates imposed by Coins.Ph no more no less. Hope that in a very competitive environment no one will charge higher fees as it can mean less business.
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August 22, 2017, 09:09:09 AM
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Well this is really a welcoming news for Filipinos. I think coins.ph has a large based though and adding 2 new exchanges will somewhat good for the us. At least coins.ph will no longer manipulate it, although there are lots of exchanges in the Philippines but coins.ph has the foothold of most bitcoin enthusiast here in the forum as they offer flexibility to its client. I think the new exchanges will still go through the usual regulation routes, KYC/AML.

I am sure that many Filipino Bitcoin enthusiasts and investors would be happy that at last two serious competitors against Coins.Ph are coming to the Philippines. Though I don't consider Coins.Ph to be a true Bitcoin exchange akin to Bittrex or Poloniex yet it is functioning as a middleman between buyers and sellers of Bitcoin. We are all tired of the high rates imposed by Coins.Ph no more no less. Hope that in a very competitive environment no one will charge higher fees as it can mean less business.

Yes. coins.ph is not a true trading exchanges like Polo or Bittrex but rather just used to convert your btc->php. I also agree with the high transaction fees that they are imposing now. That's why I'm very happy to see this news. Healthier competitions means less fees being charge for its customers.

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ETHEROLL
..PLAY NOW..
HasHe
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August 22, 2017, 09:18:22 AM
 #17

We have already ssen philippines allowing remittances from abroad in bitcoins since most philippinese work abroad so that they could send their earnings quickly at a much lower fee.Now,the government bhas taken a step ahead regarding crypto currencies.It has given license for two exchanges.In order to offer cryptocurrency exchange services, businesses must register as remittance and transfer companies operating as VC exchanges.To offer such exchange services,businesses have to register as emittance and transfer companies.Its another progress for bitcoin in south east asia since japan legalized bitcoin,south korea soon to legalize bitcoin.
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August 22, 2017, 09:28:08 AM
 #18

For sure that's coins.ph and it's the most popular exchange in the Philippines.

I can't think of another one maybe it's the btcexchange as coins.ph does have ties or it has other branches in nearby countries in the Asia.

Like Indonesia and Thailand.

<<- Rent this out ->>
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August 22, 2017, 09:43:56 AM
 #19

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?
I am a filipino and I read that article. According to what I have read the Bangko Sentral ng Pilipinas accepted and approves licenses for two cryptocurrency exchanges because they recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services. 

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August 22, 2017, 12:15:48 PM
 #20

Looks like the main purpose is to regulate cryptocurrency trading and implement KYC laws properly.

The dilemma which governments have, especially the stricter ones, is that it's very hard to stop people using BTC unless they manage to ban the Internet altogether.  All they can do is try to ban websites which don't follow their rules, and then they can trace the majority of people who send BTC on the blockchain, with the exception of people who are very good at hiding their identity.

This isn't necessarily a good thing - it really depends on your views on privacy and regulation.
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