Philippines Moves to Legalize Bitcoin with SEC and the Central Bank
The Philippines, through Securities and Exchange Commission (SEC), has announced it considers the virtual currencies offerings, i.e., bitcoin, as possible securities where Securities Regulation Code is to be applied. The move to legalize virtual currencies comes after consultation with Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines.
SEC has been monitoring cryptocurrencies in the Philippines for years now, and this is one of the reasons of the regulator’s movement towards legalization.
Philippines ready for cryptocurrencies, e.g., Bitcoin, Ethereum, and Calcoins?
With hundreds of thousands of Filipino entrepreneurs, including online sellers, real estate brokers, members of multilevel marketing, social media influencers, digital marketing companies, and various businesspeople engaged in buying and selling products and services, that transact and trade with Bitcoins, the cryptocurrency revolution is getting popular nationwide.
The Philippine regulators have seen different trading activities on social media that involve initial coin offerings (ICO) to market Bitcoin, Ethereum, and the local version Calcoins by Calata Corporation. The vibrant cyptocurrency-related activities of the Filipinos has led the Philippine government to take action by passing regulations similar to other countries such as the United States, Japan, Hong Kong, Thailand, and Malaysia, among others.
Central bank of the Philippines welcomes fintech: Bitcoin, Ethereum, and Calcoins
BSP is aware of the rise of the financial technology (fintech) worldwide, and in the Philippines there are several companies which have already been registered and endorsed by BSP although at the moment, these companies are limited only to money services businesses to address remittances by Overseas Filipino Workers (OFWs).
BSP assured the public that they support innovative systems that will benefit the entire archipelago’s businesses as well as the people in the Philippines.
Philippine businesses accepting Bitcoin as payment
More and more companies in Metro Manila as well as other regions such as Cebu, Davao, and CDO are accepting Bitcoin as payment for products and services with virtual currency exchangers already registered and given license to operate by BSP.
Philippines changing into a cashless nation
The Philippine businesses today are transacting payment for products and services through online banking with the help of debit cards issued by local banks. Online shopping is getting more popular every month, as observed by various ecommerce websites where sales increase each month.
Just like India, technology companies in the Philippines, such as ICNetSys Inc. that develops artificial intelligence and software programs for commercial businesses, are serious in their goal to make the Philippines fully digital and a cashless society. As Jack Ma said during his visit to the Philippines, “We should make Philippines a cashless society, no corruption, life is easier.”