The Philippines Central Bank approves new bitcoin exchange regulation
The Philippine Central Bank recently approved new rules and regulations governing the operation of virtual currency exchanges. Bangko Sentral ng Pilipinas (BSP) defines virtual currency (VC) as, “any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VC users.”
Bitcoin wallet raises $5 million to increase Southeast Asian financial inclusion
Philippines-based mobile Bitcoin wallet, Coins, recently announced US$5 million in a new funding, specifically aimed at expanding basic financial services to the unbanked population throughout Southeast Asia.
Bitcoin remittances ‘20 percent’ of South Korea-Philippines corridor
Bitcoin adoption within the international remittance market is starting to show its first real signs of life. According to the founder and CTO of BloomSolutions, Luis Buenaventura, bitcoin powered remittances now account for 20% of the Asian remittance corridor between South Korea and the Philippines. “$35-40M a year is bitcoin, probably more than that,” he told BNC during an interview. According to the world bank, US$215 million passed through the corridor last year.
ZipZap and Rebit Team Up on the $2 Billion Canada-Philippines Remittance Corridor
A partnership between Philippines-based rebittance solution Rebit and smartphone-based remittance provider ZipZap targets the Canada-Philippines remittance corridor with a quicker, end-to-end, fiat transfer and no fixed fees.
Fintech Forces Mounting in the Philippines
Addressing remittance and the unbanked is a popular topic in the Bitcoin Industry, and the Philippines has become a keen area of focus. Serial healthcare entrepreneur Jose Maristela recently invested US$100,000 into Satoshi Citadel Industries (SCI), a prominent startup in the country.
