The Philippine Central Bank releases its guidelines on “Virtual Currencies”, which basically legitimizes the local Bitcoin industry

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Since 2014, we have been working closely with the Philippine Central Bank in creating a framework for the Bitcoin industry. As one of the co-founders of the biggest Philippine-based Bitcoin startup, I myself have been present in all the meetings and discussions, and finally, after two years or so, they have released Circular No.944, first of its kind in Philippine history.

In a nutshell, they said that since it is going to be impossible to regulate Bitcoin as a P2P technology, they will only come in where Bitcoin meets Philippine pesos and vice versa, and that Bitcoin exchanges and other related services need to comply with these rules and regulations if they wish to operate here.

PDF of Bangko Sentral ng Pilipinas Circular No.944

I don't know how many other central banks out there have published actual implementing guidelines for Bitcoin and Cryptocurrencies, but this is a pretty big step forward for us as an industry. Before this, the Bitcoin startups here had no way to prove to banks and other financial services required to operate a viable business that they are operating above board, meaning financial institutions would refuse to work with them (just like almost everywhere else in the world) forcing startups to scramble to stay alive. Now, we can operate without the fear that maybe tomorrow, Bitcoin could be considered illegal or something. That whole element of uncertainty is gone, and we can grow our business at a much faster pace.

Although the guidelines are quite broad and raises a lot of questions, the overall tone is positive. It is a welcome first step in the right direction. They understand that Bitcoin and the Blockchain has a lot of potential, that they cannot regulate Bitcoin itself and P2P transactions, and they also know that the tech can help promote financial inclusion in a country where more than 80{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} do not have bank deposit accounts and only 3{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} have credit cards.

The dialogue continues and this is still a work in progress. I'm just a bit stoked that we are making history as I write this here 🙂 Everything we do from here onwards will be a historical precedent for others to follow, at least in our country, so we are also making sure that we do it right.

submitted by /u/Godfreee
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Kryptous

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Ticker

1 BTC = $32582.52 USD  (via Coinbase)
1 ETH = $1232.00 USD  (via Coinbase)
1 LTC = $134.88 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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