Increasing Bitcoin Remittance Forces Philippines to Think about Bitcoin Regulations
The Philippines may soon introduce Bitcoin regulations amid increasing usage of cryptocurrencies for remittance. Bitcoin is increasingly being used for remittance in developing countries. Bitcoin remittance is probably the highest in the Philippines. In the current scenario, the country’s government has decided to draft Bitcoin regulations. The decision was made public by Nestor Espenilla, deputy governor of the country’s central bank, Bangko Sentral ng Pilipinas. The implementation of cryptocurrency regulations will be helpful to Filipinos as it will offer them protection amidst....
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The practically non-existent start-up ecosystem in Philippines has suddenly sprung to life. Thanks to the bitcoin revolution, the number of start-ups, particularly cryptocurrency related ones is increasing from the past couple of years. The success of Bitcoin in Philippines can be attributed to the social and economic factors. The two main factors that has led to a bitcoin boom in Philippines: Philippines has a huge remittance market. Like China and India, there are many Filipino emigrant workers employed across the world. Like in any other developing countries, even the emigrant Filipinos....
FastCompany’s report revealed that overseas remittance totaled $429 billion in 2016. Some of the largest Remittance markets include China and the Philippines. Already, bitcoin startups have begun to dominate the remittance markets in the two countries, with the Philippines leading bitcoin remittance innovation. Both domestic and international remittance is a massive market within the Philippines. Companies such as Lhuillier and Palawan operate thousands of branches throughout the country, with deeper market penetration in comparison to international remittance companies such as Western....
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....
The Philippines has the world's third largest remittance market just behind India and China, with overseas remittances reaching more than $25.1 billion in 2013. But due to the country's poor banking systems and expensive remittance services, overseas Filipino workers and the local workers working far from their provinces have always searched for alternative systems for transferring cash. For generations, remittance services including Lhuiller and Palawan Pawnshop dominated the market in the Philippines, despite its high transaction fees. On average, the fees are close to 10 percent for....
The forum’s billed as, “The Power of Bitcoin.” The forum will be hosted by influencers in the Bitcoin ecosystem of the Philippines. On the legal side, Attorney JJ Disini discusses regulations, compliance, and the future of Bitcoin as a regulated—and perhaps, legal—financial medium. On the investment and startup funding side of things is angel investor Joe Maristela. He’s been avid promoter of Bitcoin in the Philippines, and has invested in several Bitcoin products, including Rebit.ph. He’ll talk about the potential windfalls of leading in the frontier of this space. John Bailon is a....