Philippines mulls bitcoin regulation as remittance use surges

Manila: The Philippines is considering regulations for digital currencies as the government seeks to bolster protection for the increasing number of overseas Filipinos using bitcoin and its counterparts to send money home.

The volume of transactions involving digital currencies is “rising very quickly” because they offer a cheaper and quicker way to move cash than through regular remittance channels, Nestor Espenilla, a deputy governor at the central bank, said in a December 19 interview at his office in Manila.

“We are concerned with potential money laundering and consumer protection,” said Espenilla, who heads the central bank’s supervision and examination unit.

“We are studying putting virtual currency exchange operators under a more formal regulatory framework.”