Philippine Central Bank is Reportedly Reviewing 12 Applications

The Philippine Central Bank is reportedly evaluating 12 applications for bitcoin exchange registrations.

According to the reports, in February, the bank has issued the regulatory guidelines for bitcoin exchanges, after that the Bangko Sentral ng Pilipinas (BSP), Philippines’’ central bank is now reviewing 12 separate applications vying to register and legally manage cryptocurrency exchanges in the country.

The Philippines presently observes bitcoin as a financial instrument worked for remittance services and payments rather than a currency.

He was speaking at a news conference this week, BSP’s core IT chief Melchor Plabasan said ” We do not endorse virtual currency as a currency because it is not a currency…We only regulate bitcoin or virtual currencies when it is used in delivering financial services like remittance and payments.”

Recently, the BSP has circulated licenses to two bitcoin institutions, Rebit Inc and Betur; both firms are giving remittance services. If the candidates receive licences at a time while a central bank is looking to fix the bitcoin exchange industry, which the authority claims are open to misuse.

According to the CCN reports, Plabasan has previously mentioned that the bitcoin works as a monetary instrument, some kind of risks will be there, but it can be managed easily.

Recently, the central bank official said in a television interview that “If you want something that is fast, near real-time and convenient, then there’s the benefit of using virtual currencies like bitcoin,”

we could see that the monthly bitcoin transactions have been increasing exponentially in the Philippines just like anyplace in the world, monthly average transaction values in bitcoin are up from a relatively mere $2 million in 2015 to $6 million in 2017 and an average of $8.8 million in the first half of 2018, as per the central bank’s own data.

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