The Philippines Officially Legitimize Bitcoin as Payment Method
Bankgko Sentral ng Pilipinas, hereinafter BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method. Earlier this month, BSP Deputy Governor Nestor Espenilla announced the plans of the Philippine Central Bank to issue a proper regulatory framework for Bitcoin users, exchanges and companies. Espenilla emphasized the exponential growth of Bitcoin within the country, stating that monthly Bitcoin volumes increased from $1 mln to $6 mln a month in a year. Guidelines for Virtual Currency (VC) Exchanges. Almost....
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As one would expect, virtual currency exchanges will need to obtain a Certificate of Registration. An exciting development is taking place in The Philippines right now. Most people are well aware of how bitcoin makes a positive impact on the local economy. Bangko Sentral has issued a document on guidelines for virtual currency exchanges. As a result of this proposal, the country officially acknowledges bitcoin as a payment system. It appears Philippines is one of the first countries that has given bitcoin an official financial “status”. The document drafted by the Central Bank of The....
The Philippines has been experimenting with different payment modes for years. The problem is that many of these systems never attained worldwide recognition. Bitcoin, however, has proven to be one of the most promising medium of exchange in the Philippines, thus far. Bitcoins appeared in 2009, but they only managed to gain some traction in the last 3 years. The digital currency was just introduced in the Philippines and one company largely responsible for raising cryptocurrency awareness in the country is Bitmarket.ph. Launched in May, Bitmarket.ph is more like a marketplace, payment....
A resolution put before state lawmakers in Utah could see the Beehive state legitimize Bitcoin as a legal payment method. H.C.R. 6, the “Concurrent Resolution on Payment Options for State Services” introduced by Republican Marc K. Roberts: “[P]roposes the creation of the Council on Payment Options for State Services to study whether and how the state could accept bitcoin as a valid form of payment.” Consideration of such a resolution at state level means Utah joins several US states taking an active stance towards Bitcoin’s role in the local economy. One of these is New York, which is in....
Filipino lawmaker and representative of the 5th District of Pangasinan Kimi S. Cojuangco, pushes the proposed "E-Peso Act 2014" to be immediately enacted, as the Philippines is lacking an "official medium of exchange or money for the internet," reported The Philippine Star. The representative explained: Under the bill, E-Peso would become a legal tender and a legal payment method within the Philippines, and would be available in all local banks branches. "What exists is a patchwork of methods using traditional credit systems, which act in place of money on the Internet. The E-peso is the....
Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes. The Bank of Russia, the country’s central bank, has reportedly admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions.The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Monday.Deputy finance minister Alexei Moiseev....