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Friday, October 20, 2017

Crypto News: Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official

Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official

The deputy director of the Philippines’’ central bank has highlighted the advantages of using cryptocurrencies like bitcoin after releasing regulations for the industry earlier this year.

The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, published regulationsfor bitcoin exchanges earlier this year. In a statement at the time, the central bank said it “recognizes that virtual currency systems have the potential to revolutionize delivery of financial services particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.”

The move to regulate the local bitcoin industry was the first of its kind for an Asian nation. A significant factor leading to those regulations is the soaring growth in cryptocurrency transactions in the country. BSP deputy director Melchor Plabasan claimed that the Philippines is seeing upwards of $6 million in cryptocurrency transactions monthly, compared to $2 million a few years ago. He underlined the authority’s recently released guidelines as a “pioneering regulation” that was among the first in the world.

Full story at

Source: CryptoCoinsNews

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