Bitcoin Soars in the Philippines

June 7, 2016

By Myn

The Philippine Central Bank is among the top attention today on Sentifi about its next move with virtual currency’s regulation. The Philippines is one of the world’s fastest-growing markets when it comes to Bitcoin-based payment services, and the Bangko Sentral ng Pilipinas (BSP) will draft rules to govern the use of bitcoin in the country.

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According to BSP Deputy Governor Nestor A. Espenilla Jr., the estimated bitcoin exchanges in the Philippines are $2 million to $3 million a month, which makes it the third largest international peer-to-peer capital market in the world after China and India. The high volume of transaction has led to the need for stricter rules and regulations due to the concerns over money laundering and consumer protection.

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In April, the Philippines’ Bureau of Internal Revenue expanded its relationship with Globe Telecom, the country’s second-largest mobile telecommunications operator, to allow citizens to pay taxes using GCash, the carrier’s mobile money services. This reflects the growing trend of mobile-money technology in the Philippines where there are more smartphone owners than bank account owners.

Bitcoin transaction in the Philippines is huge as many emigrants take advantage of the low transaction costs to send fund back to their families. Most transactions are now passing through registered companies, but a high volume of transactions needs stricter control in the future.

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