Philippines ‘Legitimizes’ Its Bitcoin Industry with Friendly Regulation
The Philippines Central Bank has released guidelines on Bitcoin regulation, which “basically legitimizes the local Bitcoin industry.” Bank: Bitcoin Has ‘Potential to Revolutionize’. This is the summary from a co-founder of the country’s largest Bitcoin startup, Satoshi Citadel Industries (SCI), which also runs exchange Bitmarket.ph. The Bangko Sentral’s decision from January 19th, the text of which was released February 6, […]recognizes that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of....
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The Philippines will hold a convention on payments and e-commerce this September to highlight the growth an opportunities in this industry. This will bring together more than a thousand attendees, 60 speakers, and 40 international and local exhibitors for the Cards & Payments Philippines and E-Commerce Show Philippines expo, with some set to discuss cryptocurrency trends in the country. The events will be held in the SMX Convention Center in Manila from September 2 and 3, with industry leaders from the Department of Trade & Industry, Bangko Sentral ng Pilipinas, Globe Telecom, E-PESO, Land....
CNBC recently asked, “How bad would it be for the economy of the Philippines if remittances were to dry up?” They proceeded to sign economic indications that this is indeed the route that the Philippine remittance market is headed down—slowing growth in remittances from key remitting markets, such as the U.S., elsewhere in Asia, and other regions. Another fundamental shift in economics pointed to by CNBC: The Philippines appears to be shifting from an economy that relies on sending labor abroad to one that employs labor at home—the proof of this argument is in the booming BPO industry. The....
The central bank and the Securities and Exchange Commission (SEC) of the Philippines discussed crypto regulation in a Senate hearing with the participation of several executives from the crypto industry, including from crypto exchange Binance. Philippine Regulators Discuss Crypto Policies Philippine regulators recently discussed cryptocurrency regulation with some executives from the crypto industry in a Senate Committee on Banks, Financial Institutions, and Currencies hearing, chaired by Senator Mark Villar, the Inquirer reported Wednesday. Bangko Sentral ng Pilipinas (BSP), the....
Despite the government’s friendly regulations towards both Bitcoin startups and services the Japanese Bitcoin infrastructure remains imperfect in comparison to other East Asian countries, including South Korea and Taiwan. In early 2015, Bitcoin investors and startups were confident that the Japanese Bitcoin industry would establish a solid infrastructure for digital currency users to cash in and out through low-cost and efficient applications. How is it in other Asian countries? Countries in Asia such as the Philippines, South Korea, and Taiwan have Bitcoin payment service providers,....
Brazilian Bitcoin Regulation: A new study looking at the economic impact of Bitcoin on behalf of Brazil's Federal Senate has advised against the regulation of digital currencies - at least for now. The 18 page report by Cesar Rodrigues van der Laan has been hailed by some digital currency enthusiasts for recommending a 'Bitcoin friendly' approach to regulation, but at the same time presents a generally pessimistic analysis of Bitcoin's chances of future success within the Brazilian economy. "Given their limited current range, especially in Brazil, we do not see systemic risk to the....