Philippine Central Bank says, we will study Bitcoin Very Closely

Nishanth Shetty

January 2, 2018 10:32 am

Philippine Central Bank says, we will study Bitcoin Very Closely | Coindelite News
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Philippine central bank‘s senior official has made the caution among the retail investors of bitcoin despite the bank’s generally accepting their position on cryptocurrencies.

A year ago, bitcoin’s price was stuck $1,000 on January 1, 2017, and went on a meteoric rise to climb an all-time high near $20,000 in December because of the huge acceptance and adoption across the world. According to ANC‘s publications, while regulators and authorities have frequently expressed the concerns about price volatility, the deputy governor of Philippines’ central bank called on the public to understand bitcoin as a currency, particularly – transactions involving the cryptocurrency.

Emphasizing that the Bangko Sentral ng Pilipinas (BSP) is “accepting” the cryptocurrencies, the official said:

“At the same time, providing advisories to the general public that they have to be conscious of the opaqueness of transactions involving Bitcoins. This is something we should think about very closely.”

The Phillippine central bank first issued the regulations and the guidelines for the local bitcoin industry in the beginning of 2017 since the bitcoin transactions grew to $8.8 million per month, higher from $2 million in 2015 and $6 million in 2016.

Accepting the cryptocurrencies, the central bank is also the process of reviewing the 12 applications for establishing and operating the cryptocurrency exchanges in the country. Arriving at a television interview in October 2017.

BSP co-deputy director Melchor Plabasan said:

“A pioneering regulation” before stating “we see it [bitcoin] as a payment and remittance [tool rather than an investment asset].”

The central bank official highlighted the advantages of using the bitcoin:

“It’s like any other monetary instrument [and even] an investment instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.”

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