The chief of the Philippines central bank has warned over the risks of growing cryptocurrency use in the country.
On Monday, The Philippine Star quoted Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas, as saying his institution would continue to address the use of cryptocurrencies, especially given the tech’s potential use in the funding of terrorism.
Crypto wallet provider Coins.ph has partnered with U.S. financial service company Western Union to enhance cross-border transfers to the Philippines.
The partnership will grant over 5 million Coins.
Money transfer giant Western Union has teamed up with blockchain startup Coins.ph to enable residents of the Philippines to more easily receive cash remittances.
The newly inked deal will see both international and domestic payments made via Western Union’s network arrive directly into the digital wallets held by Coins.ph’s “over 5 million” users, the startup announced late last week.
Ant Financial, the payment affiliate of Chinese e-commerce giant Alibaba, has launched a blockchain-based cross-border settlement service for consumers.
According to a local news report, Ant Financial announced the blockchain remittance service at a press conference in Hong Kong on Monday, saying it will initially be rolled out for consumers sending funds between Hong Kong and the Philippines.
Rural banks in the Philippines are looking to adopt blockchain technology in bid to improve financial inclusion for local residents.
According to a report by the Philippine Information Agency on Wednesday, the initiative – dubbed Project i2i – is led by the Union Bank of the Philippines, one of the country’s largest banking institutions, and will use the Kaleido blockchain platform developed by the ethereum startup ConsenSys.
An increasing number of countries are looking at the cryptocurrency space, with three national governments launching efforts to regulate and examine projects in the last two weeks. – with a particular focus on tax policy.
As might be expected, some jurisdictions – especially in the Asian market – have moved to clarify the rules that crypto-traders must follow when reporting their gains or losses. And while some of those are in the earliest stages, the developments suggest that government officials want to clear the air of any doubt that may be felt by those working in the space – and who might bring their business to those areas.
A Philippines lawmaker is seeking to speed up the passage of legislation that would increase the penalties for crimes involving cryptocurrencies.
Leila M. de Lima, a Philippines’ opposition senator, urged her colleagues in the legislative house on Monday to allow “swift passage” of bills she has previously introduced that propose raising the penalties for crypto crimes to one degree higher than currently.
Regulators in the Philippines are considering new rules for cryptocurrency exchanges and initial coin offerings (ICOs).
Speaking at a news conference on Tuesday, the country’s Securities and Exchange Commission (SEC) commissioner Emilio Aquino said that his agency could class ICO offerings as “possible securities” under the Securities Regulation Code, a Manila Times report said.
The Philippine central bank is reportedly reviewing 12 applications for bitcoin exchange registrations.
After introducing regulations for bitcoin exchanges earlier this year, authorities in the Philippines are casting their eye on initial coin offerings (ICOs).
Earlier this week, CCN reported that the Supreme Court of India request the central bank and the authorities to provide clarity on the regulatory framework surrounding bitcoin and the cryptocurrency market.
“According to Indian news daily The Hindu, three justices from India’s Supreme Court – the highest court in the country – have issued notices to the Finance, Law and Justice and Information Technology ministries, as well as the central bank (Reserve Bank of India) and market regulator (Securities and Exchange Board of India), demanding they respond to a petition seeking clarity on bitcoin’s legality in the country,” a CCN report read.
After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country.
In a news conference this week, the country’s Securities and Exchange Commission (SEC) commissioner Emilio Aquino revealed the authority’s intent to consider cryptocurrencies as securities, effectively bringing them under regulatory code, the Manila Times revealed.
The central banks of the Philippines and Singapore have forged a FinTech agreement that could result in cross-border payments over a blockchain between their markets.
Announced yesterday at the sidelines of the Singapore FinTech Festival, the pact is a ‘FinTech Co-operation Agreement’ between the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS), and aims to establish ties to promote financial technologies in each other’s markets.
The deputy director of the Philippines’’ central bank has highlighted the advantages of using cryptocurrencies like bitcoin after releasing regulations for the industry earlier this year.
The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, published regulations for bitcoin exchanges earlier this year. In a statement at the time, the central bank said it “recognizes that virtual currency systems have the potential to revolutionize delivery of financial services particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
Earlier this week, Cryptocoinsnews reported that the Malaysian government and its financial regulators are set to regulate the Malaysian bitcoin industry and legalize the usage of the digital currency within the country.
Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim, a Malaysian central bank official, stated:
“We hope that by year end, BNM will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing.