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.
Topic: Philippine Central Bank approves licenses for 2 cryptocurrency exchanges? - page 4. (Read 2029 times)
August 22, 2017, 02:22:58 AM
August 22, 2017, 01:55:02 AM
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.
August 22, 2017, 01:50:15 AM
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.
August 22, 2017, 01:45:11 AM
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. How will it affect the Philippine banking system?
August 22, 2017, 12:33:37 AM
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.
August 22, 2017, 12:19:00 AM
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?
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?
August 22, 2017, 12:04:48 AM
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?
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.
August 22, 2017, 12:02:27 AM
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?
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.
August 21, 2017, 11:48:00 PM
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.
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.
August 21, 2017, 11:37:24 PM
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?
How will it affect the Philippine banking system?
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