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Philippine Central Bank Approves Two New Cryptocurrency Exchanges

The Bangko Sentral ng Pilipinas (BSP) has approved the accreditation of two new virtual currency exchanges, bringing the total number of regulated crypto exchanges in the country to five.

In a statement released by Deputy Governor Chuchi G. Fonacier, the BSP announced that it has granted operating approval to Virtual Currency Philippines, Inc. and ETranss to carry out conversion of Philippine pesos (PHP) into virtual digital currencies.

Pinoy Cryptocurrency Boom

The Philippines has attracted a measure of attention for its unique approach to the cryptocurrency boom. Rather than crack down on crypto trading or send out mixed signals as is the case in much of the developing world, the BSP has consistently adopted a progressive policy direction, recognizing that cryptocurrencies offer huge advantages to Filipinos, particularly in terms of accessing cheap credit and enabling cheaper and faster remittances from abroad.

CCN previously reported that the most popular crypto app in the Philippines, Coins.ph now has a user base of more than five million people, with more than a million users on its Android application alone. This app has achieved wild popularity by providing a range of transaction and credit options including mobile payments, bill settlements and short term unsecured loan facilities.

Importantly, it also provides fast and cheap remittance services, which is extremely important to the estimated 10.2 million people of Filipino descent who work abroad and sent an estimated $7.8bn home in the first quarter of 2018. Other crypto platforms in the country are keying into the exploding popularity of crypto payments and this has not gone unnoticed by the government.

Philippine authorities have introduced effective but encouraging regulation for the domestic cryptocurrency industry. Pictured: Manila, Phillippines 

Earlier in July, CCN also reported that the Cagayan Economic Zone Authority (CEZA), an econo...

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