{"id":133276,"date":"2017-11-22T03:52:26","date_gmt":"2017-11-22T08:52:26","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=133276"},"modified":"2017-11-22T03:52:26","modified_gmt":"2017-11-22T08:52:26","slug":"more-companies-apply-as-virtual-currency-transaction-conduits","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/11\/22\/more-companies-apply-as-virtual-currency-transaction-conduits\/","title":{"rendered":"More companies apply as virtual currency transaction conduits"},"content":{"rendered":"<figure id=\"attachment_111267\" aria-describedby=\"caption-attachment-111267\" style=\"width: 145px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/145px-Bangko_Sentral_ng_Pilipinas_BSP.svg_.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-111267\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/145px-Bangko_Sentral_ng_Pilipinas_BSP.svg_.png\" alt=\"FILE PHOTO\/ Bangko Sentral ng Pilipinas (BSP) (Photo by Bangko Sentral ng Pilipinas, Public Domain)\" width=\"145\" height=\"145\" \/><\/a><figcaption id=\"caption-attachment-111267\" class=\"wp-caption-text\"><a href=\"https:\/\/commons.wikimedia.org\/w\/index.php?curid=59823257\">FILE PHOTO\/ Bangko Sentral ng Pilipinas (BSP) (Photo by Bangko Sentral ng Pilipinas, Public Domain)<\/a><\/figcaption><\/figure>\n<p>MANILA\u2014More companies are interested to be part of the virtual currency (VC) transactions in the Philippines, Bangko Sentral ng Pilipinas (BSP) Gov. Nestor A. Espenilla Jr. said.<\/p>\n<p>To date, the central bank has approved the operations of two companies that have applied to be able to transact VCs. These companies are considered as remittance and transfer companies (RTCs).<\/p>\n<p>\u201cSeveral more are under evaluation,\u201d Espenilla said in his speech during the Security Bank economic forum 2017 in Makati City Tuesday.<\/p>\n<p>VCs were introduced around 2009 and most famous among these is the Bitcoin, which remain unregulated since no central bank has ever issued it.<\/p>\n<p>It is not backed by any commodity such as gold and silver unlike existing legal tenders and coins.<\/p>\n<p>The BSP\u2019s regulations on VC usage \u201cis essentially aligned with the June 2015 Financial Action Task Force Guidance for a Risk-Based Approach to VCs.\u201d<\/p>\n<p>BSP Circular No. 944 Series of 2017 estates that the central bank \u201cdoes not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity.\u201d<\/p>\n<p>In an interview, the central bank chief said applicants for VC transactions are considered as money changers because the transactions they would conduct are very simple.<\/p>\n<p>\u201cWhat they are allowed to do is to exchange a crypto currency into peso equivalent. (It\u2019s) Just moving from normal money to cryptocurrency,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u2014More companies are interested to be part of the virtual currency (VC) transactions in the Philippines, Bangko Sentral ng Pilipinas &hellip;<\/p>\n","protected":false},"author":33,"featured_media":111269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[34596,34595],"class_list":["post-133276","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bangko-sentral-ng-pilipinas-bsp-gov-nestor-a-espenilla-jr","tag-more-companies-apply-as-virtual-currency-transaction-conduits","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/133276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=133276"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/133276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/111269"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=133276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=133276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=133276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}