Philippines Central Bank Accepts New Crypto Exchanges
Cryptocurrency businesses and bitcoin exchanges have been outperforming the traditional financial platforms in user activity and popularity in the Philippines throughout the year 2018. The Central Bank of Philippines, Bangko Sentral ng Pilipinas (BSP), has approved the acceptance of two new digital currency exchanges.
This has brought the total number of regulated crypto exchanges in the nation to five. In a statement released by the Deputy Governor of the Central Bank of Philippines, Chuchi G. Fonacier, the BSP announced that it has granted operating approval to Virtual Currency Philippines, Inc. and ETranss to carry out the conversion of Philippine pesos (PHP) into virtual currencies.
The BSP has consistently adopted a progressive policy direction. It has recognized that cryptocurrencies offer huge advantages to Filipinos, especially in terms of accessing cheap credit and enabling cheaper and faster remittances from abroad. Other crypto platforms in the country are keen on expanding the popularity of crypto payments and the government had noted the same.
Earlier in July, CoinFrenzy also reported that the Cagayan Economic Zone Authority (CEZA) will support up to 25 cryptocurrency exchanges with friendly tax policies and regulations. CEZA is an economic zone in the northern part of the Philippines supported by the government of Philippines.
The volatility of the markets, along with criminal activity and concerns over cybersecurity have been traits that suppress further expansion of the crypto industry. Nevertheless, the BSP has recognized the positive aspects of cryptocurrencies and allowed for transactions that are both faster and cheaper, and it had already approved three crypto exchanges for operations—Betur Inc., Rebittance Inc.and BloomSolutions.
The Government of Philippine was one of the first authorities to recognize digital assets as a form of money and develop the crypto sector. There are also plans to provide operating licenses to crypto startups from across Asia and other nations looking to offer ICOs and mine crypto in the Cagayan Economic Zone.
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