Published On: Thu, Feb 9th, 2017

Phillippines ‘Legitimizes’ Its Bitcoin Industry with Friendly Regulation

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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 their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
Thus, the bank wishes to ensure the regulatory environment “encourages financial innovation while at the same time ensure that the Philippines shall not be used for money laundering… or terrorist financing… activities and that the financial system and financial consumers are adequately protected.”

Commenting on the landmark move in a Medium post and on Reddit, Miguel Antonio Cuneta, one of SCI’s founding members, said that three years’ work had now come to fruition and the industry could enjoy official protection.
& …

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