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The governor of the Philippine Central Bank has stated that the monetary authority is considering “hard regulations” for bitcoin and digital currency exchanges in the country.
In a recent lecture organized by the Philippine Central Bank, Nestor Espenilla, the deputy governor in charge of banking supervision, claimed that the bank is contemplating strict regulatory control over digital currency exchanges.
Bitcoin Finds Users in the Philippines
Deeming bitcoin and digital currency exchange operators as remittance providers, Espenilla revealed that the number of bitcoin users in the country had doubled. The official referenced figures from the first half of 2015, which had doubled the number of users from 2014. Meanwhile, bitcoin transactions tracked through registered companies ranged anywhere between $2 million to $3 million USD, every month.
In making a note of such numbers, Espenilla opined that regulations were needed as a means to enhance money laundering efforts. In a statement, Espenilla said: