Tag: Philippines

Following the footsteps of regional developments in South East Asia, the Philippines Security and Exchange Commission could soon pass relevant laws for the operation of cryptocurrency exchanges in the country, Manila Times reported September 3, 2018. Philippines’ Crypto Push Amidst growing interest in cryptocurrency and related businesses, the SEC observed the lack of legal framework in the Philippines to facilitate…

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Acknowledging the potential of digital currencies to drive accelerated and cost-effective transactions, Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, has approved two new cryptocurrency exchanges, according to a Business World report. Getting the Green Light The BSP Deputy Governor Chuchi Fonacier indicated that the exchanges Virtual Currency Philippines, Inc. and ETranss have both been authorized to…

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On May 27, 2018, ConsenSyS announced the selection of five rural banks in the crypto-friendly Philippines to try out its blockchain-based real-time payments solution. Banking the Unbanked The Union Bank of the Philippines has joined forces with the ConsenSyS blockchain startup to change the faces of five rural banks in the Mindanao region. The project dubbed “i2i,” shorthand for “island-to-island,”…

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At least 21 offshore companies in the FinTech sector have signed up with the Cagayan Special Economic Zone Authority (CEZA) after the CEZA Fintech Summit 2018 in the Philippines. Some of the FinTech companies that are seeking to set shop on the Cagayan Special Economic Zone in Northern Luzon are Madison Blockchain Strategy Investment, ANX International – a FinTech company…

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More financial institutions are warming up to blockchain technology and cryptocurrencies even with the largely unregulated nature of the digital currency space. In another similar development, the UnionBank of Philippines may be looking to integrate Bitcoin mining into its operations, as the financial institution recently displayed its cryptocurrency miners at a business summit in the nation. The Philippino Bitcoin Craze…

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On January 26, 2018, BTCManager reported on how Russia was softening its stance on the legal status of bitcoin and other cryptocurrencies after the country’s finance ministry drafted a law to regulate the domestic crypto market. It looks like now its the Philippines’ turn to follow suit by taking, by and large, a similar stand on the ever-polarizing issue. The…

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Many countries around the world, despite media depictions, have a laissez-faire approach to Bitcoin at the present time. Bitcoin isn’t bothering the government, and hasn’t worked into the mainstream as of yet; in return, governments haven’t bothered bitcoin in most parts of the world. Bitcoin has begun to pick up steam in the Philippines but could be looking at greater…

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Since the beginning of 2015, financial experts and bitcoin enthusiasts have explored the applications of the Bitcoin blockchain technology in the traditional finance sector. As a result, a growing number of Bitcoin startups have begun to switch their business models toward the blockchain technology, to guide banks and established organizations to integrate the technology into their existing financial systems. Because…

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