I stumbled upon a reddit post which claims digital currency in the Philippines will soon be regulated. This promted me to dig dipper into it.
It could be recalled that in 2014 Representative Kimi Cojuangco, a member of the Filipino House of Representatives filed a House Bill that would create the “e-Peso” as an online medium of exchange for Filipinos. The proposed bill would have the Filipino Central Bank research Bitcoin and other cryptocurrencies.
Ranked as the world’s third largest recipient of remittances, the Philippine government is eyeing to regulate digital currencies like bitcoin in the country to improve protection for its citizens as the number of Filipinos abroad using bitcoin to send money back home increases.
Related to this, central bank expresses concern about money laundering involving the use of digital curencies.
In light with this the agency is exploring the possibilities putting virtual currency exchange operators under a more formal regulatory framework.
How could this move affect bitcoin transactions in the Philippines?