Philippine Central Bank approves licenses for 2 cryptocurrency exchanges?

[bitgoldpanther1978]

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?

There will be a good side of this news anyway, another edge too for the bitcoin enthusiast for this matter. But I'm just curious what's the name of the cryptocurrency exchange again? am I just skip it the name on the Ethnews? thanks

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[South Park]

bought a domain a year ago with the intention to created my own exchange in the philippines, if this is true i might be able to pursue it. maybe a little help from friends will make this dream a reality. or i could just sell the domain for profit.

Just remember that making an exchange is not easy, especially when it comes to securing your customers, hackers are everywhere and they are always looking to find vulnerabilities in targets with a lot of money so if you can hire a security expert to help you deal with any problems if you are going to try to make your idea a reality.

[warningsigns]

Given the massive amounts of overseas remittances which drive the economy, any positive development will have an equally massive revenue shift for these exchanges. Obviously a government-issued license or accreditation will impact their penetration in the financial market and will allow them to compete more aggressively with banks and other forms of remittance providers. For one, they will be seen as accepted and legit by the remitting OFWs which would allow them to market their services in a more streamlined manner.

For example, having a license would allow them to join hands with banks in product sectors which used to be reserved for banks alone. Bitcoin cards, for example. Offering local cards in conjunction with leading Philippine banks will lead to consumers placing greater trust in cryptocurrency. Filipinos will probably find it easier to trust a Coins.ph card issued by Metrobank or BPI than one issued by Wave Crest in Gibraltar. This is because banks have a ubiquitous presence in the country and a physical branch of a bank almost always evokes a sense of trust, knowing there is someone to approach if something goes wrong.

The vast majority of Filipinos are not familiar with bitcoin, especially those in rural areas of the country. To succeed nationally, bitcoin exchanges should be more proactive in educating Filipinos about the advantages of using it. This is a formidable challenge and is almost akin to introducing a new currency.

[South Park]

If this news is got to be true,then this a great news for filipino people who is using bitcoin. And it will more great if all bank will accept bitcoin.

It seems the volume of bitcoin has increased significantly in th Philippines in these last months so it makes sense that new exchanges appear in order to try to capitalize in this new found interest of the people of the Philippines, so to me this seems like good news since it is always better to have more options to trade your money.

[olubams]

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?

News like this should always come with link in other to properly analyse and even verify the source of the information whether its true or not. Or else, its going to be just an hearsay which does not hold water and cannot be relied on. If it shoulder happen, its good news but with choking regulations that might not be the right thing for the crypto world now.

[Baofeng]

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?

News like this should always come with link in other to properly analyse and even verify the source of the information whether its true or not. Or else, its going to be just an hearsay which does not hold water and cannot be relied on. If it shoulder happen, its good news but with choking regulations that might not be the right thing for the crypto world now.

Here it is: https://www.cryptocoinsnews.com/two-bitcoin-exchanges-gain-official-licenses-philippines/

I don't think that the Philippine government will put a tighter regulations on it. Actually they have coins.ph will already complied back then with the Central Bank regarding the KYC and AML regulations. And I'm assuming that they will also apply the same regulations to the two new trading platform as well. I don't know the extent of the effect to Philippine banking system, but this would be really a welcoming news for Filipino bitcoin enthusiast and pretty sure that bitcoin will attract more investors coming from the Philippines.

[staker$]

Is there any way we can know for certain these two companies mentioned that have been issued a license by the BSP? If this is true, which I think is, It will solidify the adaption of cryptocurrency in the country and would increase the confidence of the people with this new revolutionary financial technology.

[connesa]

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.

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.

im really happy about this if this is true.
this just means philippines is embracing crypto to our land.
but im also worried at the same time,sure thing is they will put taxes already.well lets see how far it will go.

[Ekimzjames20]

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.

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.

im really happy about this if this is true.
this just means philippines is embracing crypto to our land.
but im also worried at the same time,sure thing is they will put taxes already.well lets see how far it will go.

Yah...this true according BSP Governor Nestor Espenilla Jr have a 2 cryptocurrency  on augost 2017.

[DIAH PERMATASARI]

yes I also hear news like that if crypto curency is legal there, I just do not know about the procedure of work in the bank there is the same as fiat bank or not