The Bangko Sentral ng Pilipinas (BSP) has recently decided to authorize two new digital currency exchanges to operate in the nation, according to Chuchi G. Fonacier; the vice-governor of the institution.
The benefited exchanges would be Philippines, Inc. and ETranss, joining the already approved Rebbitance, Inc. Betur, Inc. (also known as Coins.ph) and BloomSolutions and would raise the number of exchanges authorized by the nation to 5.
Likewise, the institution did not pay attention to praising the potential benefits of the use of digital currency in terms of much faster transactions and at lower prices, although they also commented that it must be operated with caution due to the risks inherent in the rapidly changing securities. , the use of these cryptocurrencies for crime and their subsequent cybersecurity problems.
A report issued by the Business World indicates that the conversions of the peso to the digital currencies have risen exponentially over the last few years, amounting to 36 million dollars per month in only two registered exchanges.
Also, due to this exponential growth; The Anti-Money Laundering Council of the Philippines indicated that it would more thoroughly review virtual currency transactions in order to develop a relevant regulatory framework.
It should be noted that just last year began the accreditation of cryptocurrency exchanges to operate in the nation, when the BSP officially recognized Bitcoin as a legitimate method of payment. However, although there is an opening for new exchanges that wish to register, the process stipulated to obtain the license would not be so simple in the first instance.
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