The Philippine Central Bank is reportedly reviewing 12 applications for Bitcoin exchange registration. In February this year, after issuing regulatory guidelines for Bitcoin Exchanges, the Philippines Central Bank, Bangko Central NG Pilipinas, is now evaluating 12 different applicants registering and administering the Cryptocurrency Exchanges in the country. .
It is one of the largest inward remittance receivers in the world, the Philippines currently sees Bitcoin as a financial instrument used for sending services and payments rather than one currency. Speaking at a press conference this week, BSP's chief IT Chief Melchor Plabasan said:
They do not support the virtual currency as a currency because they are not currency they only regulate bitcoin or virtual currencies, when used for financial services such as remittance and payment
So far, the BSP has officially issued licenses to two betoken firms, Rebit Inc. and Betur, both of which have been dispatching services. It is left to see that if applicants are licensed at such time when central bank is trying to regulate Bitcoin exchange industry, whose authority is open to abuse
As was reported by CCN in October Plabasan has previously said that bitcoin works as a monetary instrument, despite some risks which can be managed. If you want something that is near real time and convenient, then there is the advantage of using virtual currencies like bitcoin, a central bank official said in a TV interview.
Like other people in the world, monthly bitcoin transactions are rising rapidly in the Philippines, according to the data of Central Bank, monthly average transaction costs in bitcoin have increased from just $ 2 million to $ 6 million in 2017 and in the first half of 2018, the average has grown to $ 8.8 million.
source https://www.cryptocoinsnews.com/philippine-central-bank-reviewing-12-bitcoin-exchange-applicants/