The Philippine regulators are in favor of a single regime for critical currencies such as Bitcoin when used as an investment.
Bangko Sentral ng Pilipinas (BSP) announced that it is coordinating market surveillance authorities with the Securities Market and the Securities Commission to adopt rules on whether Bitcoins will be used for the country’s Investment Forum, says the GMA network.
BSP Vice President Chuchi Fonacier said:
“This will be fine-tuned with the SEC if you ever access it – if there is an approach, there are already investments in. It would not just be BSP, it’s working with SEC.”
The statement came about when Blockinsider informed an announcement of the SEC Commissioner Emilio Aquino in October. The Commission will consider offering digital currencies as securities, such as initiatives such as other initiatives of other regulators, including the United States, Malaysia, Hong Kong and Thailand.
He pointed out that BSP, as a policy maker, is exploring ways to regulate bitcoin and other critical currencies for the growing hysteria over space.
“We are currently focusing on the exchange, but who knows, with the development that we can consider (bitcoin regulation).”
Last week, BSP IT Manager Melchor Plabasan revealed that the Philippines is reviewing applications announced by CCN for 12 Bitcoin Exchange Profiles. Today, BSP offers only two merchants the permission to offer Bitcoin Exchanges, Beturia or better known as Coins.ph and Rebitance.
Plasbasan said at a press conference:
“We do not accept the virtual currency as a currency because it is not a currency … We only control bitcoin or virtual currencies when delivering financial services such as money transfers and payments.”
The Philippine authorities annually review nearly $ 27 billion in cash for Bitcoin and other digital currencies as an alternative to payment services and cash payments.
From January to June, the average Bitcoin transaction volume in the Philippines increased to $ 8.8 million per month, which is equivalent to $ 2 million in 2015 and $ 6 million in 2017 according to GNP data.