Bitcoin, being a revolutionary concept, took time to garner support behind it but is slowly gaining international recognition by different government agencies. In the Philippines, a big step is happening for the cryptocurrency world for the regulatory powers of the country is formulating ways on how to become more open to this new ‘thing’ growing in the financial world.
The principal regulator that spoke out about Bitcoin talked about the possible use of virtual currencies offerings as potential securities that will be under the supervision of the regulation code guidelines of the Securities and Exchange Commission. He emphasized a move to proper legalization bringing along the Philippine central bank for consultation on future maneuvers with regards to the cryptocurrency.
This move by Commissioner Emilio Aquino is certainly in the right direction if the positive results experienced by the government of Japan due to their open policies toward Bitcoin, is to be considered.
Calata’s CALCOIN as an example
A move by an agricultural firm, Calata Corporation, to cyptocurrency to raise capital after being stripped off its formal stock exchange due to violations has further put the pressure on the Philippine Securities Exchange Commission to step in into the scene since they have been monitoring the growing number of initial coin offerings for a while now as what Commissioner Aquino said.
The Bangko Sentral ng Pilipinas (BSP) had already endorsed at least six companies that cater to Overseas Filipino workers’ (OFW) remittances. These companies are money services businesses that offer alternative ways that help OFWs send their earnings back to the Philippines at lower costs.
The BSP Governor Nestor Espenilla, Jr. stated that their stance with regards to financial technology innovations such as cryptocurrencies is not restrictive and that they are making sure that their policies will not hinder any innovation whatever the blockchain technology brings in to the table.