If you’re not living under the rock, perhaps you already know about Bitcoin, and why does it make noise amid the global hype nowadays.
Philippines isn’t an exception to that because personally, I know people who are cryptocurrency miners as well (especially bitcoin), and uses them to pay for their purchases and games.
According to a report published by GMA News, the Bangko Sentral ng Pilipinas (BSP) is now looking at regulating the bitcoin, although they’re already regulating some bitcoin exchange here such as coins.ph, and Rebittance.
From a report published by Reuters, BSP is also looking for 12 other bitcoin exchange registration applicants for the Philippines, depicting how many are interested in this virtual currency, alone.
In the Philippines alone, latest data available from the BSP show that bitcoin transactions averaged $8.8 million a month in January to June this year, not to mention that the current price of a bitcoin peaked at a maximum of $20,650 or around PhP1,042,412.00, in accordance with today’s exchange rate.
Under the guidelines of the BSP, it only regulates the virtual currency exchanges or the conversion or exchange of government-issued currencies into a virtual currency, since ‘virtual currencies are not issued nor guaranteed by any jurisdiction and do not have legal tender status,’ according to BSP Deputy Governor Chuchi Fonacier.
In a circular released by BSP in February, it says “VC refers to any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VC users.”
Fonacier noted, however, that if bitcoins be used as investments in the Philippines, the BSP could team up with the corporate regulator Securities and Exchange Commission (SEC).
Our say: What do you thought of having the Bitcoin, not only the Bitcoin exchange, being regulated here in the country? Would it help us on adoption of more virtual currencies or will give us more problems in the future?