The Philippines may soon introduce bitcoin regulations as the country’s central bank decides to tighten its screws around money laundering. The bank is also focused on improving the security of the cyber infrastructure.
The South East Asian country of Philippines has suddenly decided to go hard on the money transfer and remittance businesses in the country. The sudden crackdown seems to be connected with the recent report published by Reuters and Fortune which pointed out serious cyber security lapses on the US Federal Reserve’s part. Incidentally, the report also mentioned the theft of over $81 million from a Federal Reserve account belonging to the Central Bank of Bangladesh.
Regulations in the Philippines to combat money laundering and cyber threats
According to reports emerging from the Philippines, the country has canceled the money transmitter license of Philrem Service Corporation, a leading remittance service operator as its service was allegedly used by the hackers to transfer money from the account belonging to the Central Bank of Bangladesh.
The Philippine Central Bank is stepping up its cyber security and is apparently considering ways to regulate Bitcoin in order to prevent money laundering. By the looks of it, the traditional banking sector is currently reduced to the