BSP, Bankgko Sentral ng Pilipinas, formally regulates the Philippine bitcoin exchange as a remittance company and treats bitcoin as a legal form of payment. Earlier, Nestor Espenilla, the deputy governor of the BSP, announced that BSP plans to release an appropriate regulatory framework for bitcoin users, exchanges and companies. Espenilla highlighted the exponential growth of bitcoin in the country, saying that the number of bitcoin transactions per month increased from $1 million a month to $6 million a month. BSP has for the first time introduced regulations of domestic exchanges, seeking to lay the foundation for the country’s nascent encrypted currency area. According to 8btc News, BSP has officially recognized bitcoin as the legal payment system, becoming the first country to give bitcoin “financial status”.
Located in southeast Asia, the Philippines has a total area of 29.97 million square kilometers, with more than 7,000 islands. It is the second most populous country in southeast Asia, with about 100 million people. As the global bitcoin markets continue to heat, since 2013, the country’s bitcoin ecosystem has been vibrant, and competition between middlemen and trading operators in bitcoin has been fierce.
According to a local senior practitioner, another very powerful bitcoin exchange Coinx. Ph was founded, which raised $10 million at the beginning of the financing, and had over 30 thousand registered customers. In addition to bitcoin, the Coinx. Ph trading platform can be traded or invested by more than a dozen other mainstream digital currencies, which becomes the first in the Philippines. As BSP legalized the use of virtual currencies, digital currencies are being used by more and more filipinos. The Philippines’ bitcoin service providers have mushroomed in the face of government regulatory support. Since early August, the domestic and overseas filipinos are increasingly using the bitcoin for remittance, payment of utilities and other transactions, and digital currency provides them with a lot of convenience, efficiency and safety.
In early August, 2017, the business index of bitcoin service providers in the Philippines increased rapidly. That’s because local employees and Filipino employees paid for remittances, paid bills and engaged in other transactions via bitcoin. The country’s high share of digital currencies is also due to the inefficiency of the local banking system. In addition, the main reason for the country’s mania of bitcoin is that BSP legalized the use of virtual currency in early 2017. As a result, BSP has received twice as many applications as those on exchanges operating in the country.
As a fledgling bitcoin exchange, he operates in the way that the financial giant NYSE does, and has always followed all the business principles. Above all, it’s too early to judge the future of the virtual currency. We have no idea whether it’s promising or not. Many people think the price of bitcoin attractive. However, it remains to be seen. We are not sure that if our country would recognize virtual currency or create a new currency.but now the price is real. So hold your coin tightly if you have, or you have no choice but to watch others holding theirs.