Quote
The Bangko Sentral ng Pilipinas has released guidelines on cryptocurrencies including bitcoin, as transactions involving digital coins grew, an official said. Cryptocurrency transactions have grown to $6 million daily from $2 million to $3 million a few years ago.
"The main objective is to balance the interests of harnessing innovation, at the same time, managing attendant risks," Plabasan said of the central bank circular released in February, the first of its kind in Asia.
Digital currencies can be used for money laundering but this can be countered by anti-money laundering controls and KYC or know-your-customer practices, said Plabasan.
Virtual wallets should be protected like physical wallets using multi-factor authentication and securing the email linked to the cryptocurrency account, he said.
Source is here...
"The main objective is to balance the interests of harnessing innovation, at the same time, managing attendant risks," Plabasan said of the central bank circular released in February, the first of its kind in Asia.
Digital currencies can be used for money laundering but this can be countered by anti-money laundering controls and KYC or know-your-customer practices, said Plabasan.
Virtual wallets should be protected like physical wallets using multi-factor authentication and securing the email linked to the cryptocurrency account, he said.
Source is here...
I am sure that Filipinos would be be proud and happy that the government of the Philippines via the Central Bank is showing the right attitude towards cryptocurrency specifically with Bitcoin. The government is never threatened by Bitcoin and it is not eyeing it as something it should control just like any foreign money. It has in placed the correct regulations so that all parties can be protected and no one would be able to use it for illegal purposes. Sadly, not all countries are seeing things the way Philippines' government do.
What about your government...how does it officially view Bitcoin and cryptocurrency in general?
