The Number Of Cryptocurrencies Exchanges Approved By The Central Bank Of Philippines Increases To Five

The Bangko Sentral ng Pilipinas or Central Bank of Philippine has given the green light to two new Crypto exchanges, bringing them to a final number of five regulated virtual currency exchanges in the nation.

Recently, Chuchi G. Fonacier, Deputy Goveror, stated that -in a recent announcement- the Bangko Sentral ng Pilipinas (Or BSP) given operating approval to two virtual currency exchanges to carry out the conversion of PHP or Philippine pesos into digital currencies.

One is ETranss, and the other is Virtual Currency Philippines.

In only the first quarter of this year, Cryptocurrency transactions have been on the rise in the Philippines, converting more than $24 million worth of digital currencies into Philippine pesos and more than $35 million worth of pesos converted into Cryptocurrencies.

While they are allowing more Cryptocurrency exchange in the country, Philippines’ Anti-Money Laundering Council stated that they would start looking and keeping an eye at Cryptocurrency transaction, staying aware of any activity related to “dirty” money.

How Did Philippines Reacted To The Cryptocurrency Rise?

Since their boom, Philippines have been one of the countries that have shown a measure of attention to Cryptocurrencies. They saw a great opportunity, and instead of cracking down on Cryptocurrency trading or doing like many other countries that have sent out mixed signs, the Bangko Sentral ng Pilipinas has been working consistently to adopt a progressive policy.

Why? The Philippines saw all the advantages that Cryptocurrencies could offer to their residents, especially regarding the access to credit and the way in how they enable cheaper and quicker remittances cross-border.

Cryptocurrency Exchanges in the Philippines

Cryptocurrency exchanging is pretty popular in the Philippines; Coins.ph, the main Crypto app used in the Philippines, has passed the mark of five million customers at their user base, with over a million active users just on their Android app. Coins.ph have achieved all its popularity thanks to their services. They offer a wide array of options for credits and transactions; users can even use mobile payments, short-term unsecured loans, and bill settlements.

All these payment options and their fast remittance services with economic prices made Coins.ph become the first option concerning Cryptocurrency exchange in the Philippines. There’s also the economic zone located at the northern region of the Philippines, known as CEZA or Cagayan Economic Zone Authority, which is supported by the government.

It seeks to allow more than 20 Cryptocurrency exchanges, as long as they go along with regulations and fiscal policies. All this enthusiasm for innovating in Cryptocurrency aspect, made it for people to see it as a competition between regulators. It can also be traced to how Cryptocurrencies are changing the Philippine economy.

Cryptocurrency exchanges and startups are now outperforming those traditional services and institutions of the Philippines. This has been going on since the $100 million from Coins.ph with the foundation of Naspers. The app placed itself in the top 10 most popular applications in the territory.