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The Bangko Sentral ng Pilipinas (BSP) has approved the accreditation of two new virtual currency exchanges, bringing to five the total number of regulated crypto exchanges in the country.
In a statement issued by Deputy Governor Chuchi G. Fonacier, the BSP announced that it had granted an operating license to Virtual Currency Philippines, Inc. and ETranss to proceed with the conversion of the pesos Filipino (PHP) in Virtual Digital Currency
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The Philippines has attracted some attention for its unique approach to the cryptocurrency boom. Rather than cracking down on crypto-exchanges or sending contradictory signals as in most developing countries, the BSP has consistently adopted a progressive political orientation, recognizing that cryptocurrencies offer tremendous benefits. Filipinos. NCC has already reported that the most popular encryption application in the Philippines, Coins.ph now has a user base of more than five million people, with more than one million of them. users on its Android app alone. This application has achieved wild popularity by offering a range of transaction and credit options, including mobile payments, bill settlements and unsecured short-term loan facilities.
One million people of Filipino origin work abroad and send estimated revenues of $ 7.8 billion in the first quarter of 2018. Other encryption platforms in the country are part of the growing popularity of cryptographic payments, which the government has not ignored.
The Philippine authorities have introduced effective but encouraging regulations for the domestic industry of cryptocurrency. Pictured: Manila, Phillippines
Earlier in July, CCN also reported that the Cagayan Economic Zone Authority (CEZA), an economic zone in the northern part of the Philippines backed by the government, will accept up to 25 cryptocurrency
The unparalleled enthusiasm for innovation based on cryptography at a time when many regulators continue to view it as a competitor, can be attributed to the effect of economic training that she has on the Philippine economy. . Long perceived as a sclerotic economy where people had little choice but to emigrate in search of opportunities, the Philippines is now witnessing a boom in the financial industry. powered by crypto
A recent SCC report reveals that crypto exchanges and crypto startups Coins.ph has now secured $ 10 million in funding from Naspers and has become one of 10 domestic applications the most used in the country, exceeding the growth rate of financial platforms and other fintech applications.
Undoubtedly sensing the opportunity to shake the economy, the Philippine authorities have become the most respectful regulators of the crypto-worlds of the world, quickly giving official recognition to digital assets and legitimizing the business sector. crypto.
providing operating licenses to crypto startups throughout Asia and beyond seeking to offer ICOs and cryptocurrency mines in the Cagayan Economic Zone
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