Philippines Hurries with Cyber Security, May Regulate Bitcoin As Well.
The Central Bank of Philippine is in the process of making few regulatory changes to combat money laundering and cyber attacks. The Philippines may soon introduce bitcoin regulations as the country’s central bank decides to tighten its screws around money laundering. The bank is also focused on improving the security of the cyber infrastructure. The South East Asian country of Philippines has suddenly decided to go hard on the money transfer and remittance businesses in the country. The sudden crackdown seems to be connected with the recent report published by Reuters and Fortune which....
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Reuters has reported that the Philippine central bank is becoming a big proponent for cyber security and may soon regulate Bitcoin operators located within the region. Philippine Central Bank says Cyber Security is a Focus. A senior official told press that banks need better defenses after the wake of the recent SWIFT and Federal Reserve breaches.....
Many governments around the world are preparing regulatory policies concerning cryptocurrency markets. The Philippines is now next in line to regulate Bitcoin operations as the central bank deputy governor, Nestor Espenilla, has revealed new virtual currency guidelines. New Virtual Currency Policies Coming to the Philippines. Bitcoin.com reported last....
The following are the 6 countries, written in descending order, which rank among the most targeted by cybercriminals. Cyber security has become the latest ‘in-word’ around the globe. Putting the verbal fashion aside, organizations and individuals are struggling to protect themselves against online attacks and threats from left, right and center. With the rate of information growing exponentially in value and in volume, cyber risks are increasingly posing serious threat to governments, businesses and economies around the world. Fortunately, experts have found that the growing awareness....
Following the cyber-heist that led to a loss of over $81 million earlier this year, the Central Bank of Bangladesh has successfully recovered a portion of the funds from a casino in the Philippines. The security issues affecting SWIFT interbank fund transfer network is well known. As both SWIFT and networked banks continue to trade blames, the recent cyber-attacks on multiple banks that led to losses of millions of dollars in fraudulent transactions is not lost on many of us. One of the target banks was the Central Bank of Bangladesh whose $81 million in funds were fraudulently transferred....
The Philippines government is discussing whether to regulate digital currencies like bitcoin in the country to improve protection for its citizens as the number of Filipinos abroad using bitcoin to send money back home increases. Ranked as the world’s third largest recipient of remittances, with nearly $30 billion coming into the country last year, amounting to around 10 percent of the country’s GDP, the Philippines is ripe to take advantage of the digital currency. The Philippine central bank could soon regulate digital currencies like bitcoin. In a report from Bloomberg, Nestor....