Philippines eyes possible bitcoin regulation amid surging remittances

The growing number of bitcoin remittances in the country has not escaped the ever watchful eye of Philippine central bank authorities.

Nestor Espenilla, deputy governor at the Bangko Sentral ng Pilipinas (BSP), told Bloomberg that the current volume of transactions involving digital currencies in the country is “rising very quickly” since they are cheaper and quicker compared to regular remittance channels.

“We are studying putting virtual currency exchange operators under a more formal regulatory framework,” said Espenilla, noting that the central bank is “concerned with potential money laundering and consumer protection.”

BSP, the sole authority that can issue money in the Philippines, has yet to regulate cryptocurrency. But early this year, Espenilla revealed that there has been a “sizable spike” in flows of virtual currency, particularly bitcoin.