Philippine Central Bank Approves 16 Cryptocurrency Exchanges

The Philippines keeps on developing in the zone of crypto resources and blockchain innovation. A week ago, the Philippine Bureau of the Treasury alongside the UnionBank and Philippine Digital Asset Exchange propelled a blockchain-empowered portable application for appropriating officially sanctioned treasury bonds, Bonds.ph. 

National Treasurer Rosalia V. De Leon clarified that the new versatile application will permit Filipinos, especially the unbanked, to put resources into the administration’s new retail treasury security and help the nation raise assets to help with monetary recuperation and fortify the Covid-19 reaction. 

Unionbank, probably the biggest bank in the nation, introduced a bitcoin ATM early a year ago. Its auxiliary UBX has put resources into the PDAX trade. 

“This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world,” said Unionbank President and CEO Edwin R. Bautista. “The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”

In the interim, the national bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has so far affirmed 16 digital currency trade specialist organizations altogether. The most recent rundown of “Remittance and transfer companies (RTC) with virtual currency (VC) exchange services” shows four as of late endorsed digital money trades. They are Finchain Technology Inc., Iremit Inc., Moneybees Forex Corp., and Wibs PHP Inc. 

The four join 12 existing crypto trades recently affirmed by the BSP: Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (dba Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX, and Zybi Tech (dba Juancash). In any case, Bitan Moneytech has been delisted as of June 30 and is no longer on the above BSP-affirmed list. 

The BSP set up a formal administrative system for crypto trades in its Circular No. 944 dated Feb. 6, 2017. Crypto trades are required to enlist with the BSP as settlement and move organizations.

Get the latest in Asian Bitcoin news here at Coin News Asia.