Cryptocurrency use for remittance increases in the Philippines, regulates might follow

Asia Cryptocurrency The Philippines

According to Bloomberg, a deputy governor at the Philippines central bank, Nestor Espenilla, said that digital currencies transactions are on the rise as cheaper and faster than remittance routes, but the central bank is concerned about money laundering.

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

The Philippines are the world’s third largest recipient of remittances, with nearly $30 billion coming into the country last year alone. Cryptocurrencies could prove to be an attractive alternative to traditional remittance routes.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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