Philippines proposed bitcoin regulation

bitcoin

Bitcoin transactions are rising very quickly in the Philippines.

Authorities said that the number of transactions with digital currencies are increasing significantly.

Philippines.- The deputy governor at the Bangkok Central ng Pilipinas (BSP), Nestor Espenilla, said that the transactions with digital currencies in the country are making them work in order to find new regulations.

According to Espenilla, bitcoin transactions are rising very quickly because they are quicker and cheaper. “We are studying putting virtual currency exchange operators under a more formal regulatory framework. The central bank is concerned with potential money laundering and consumer protection,” he added. The deputy governor confirmed that they’re considering different ways to regulate the crypto currency, and that includes allowing them to operate in the country whilst being accountable for certain matters like anti-money laundering initiatives.

“We have to be mindful of what risks are being introduced into the system,” Espenilla said to Bloomberg. “In exchange, virtual currency operators get legitimacy. For so long as the regulatory environment is clear, innovation can happen,” he added.