BSP: Blockchain and Distributed Ledger Technology could possibly bypass Banking System

03:27 PM UTC+8, 10 Jun 2019
310
BSP: Blockchain and Distributed Ledger Technology could possibly bypass Banking System

BSP: Blockchain and Distributed Ledger Technology could possibly bypass Banking System

Published 03:27 PM UTC+8, 10 Jun 2019
310
  • The Bangko Sentral ng Pilipinas will continue to speak the uncertainties caused by the growing use of cryptocurrencies in the country.
  • BSP’s Technology Risk and Innovation Supervision Department showed the doubled value of transactions concerning virtual currencies.
  • Regulators approach these new kinds of technology simply for innovations with a great solution and consumer protection.


Due to the growing popular demand of virtual currencies in the country, the Banko Sentral ng Pilipinas (BSP) continues to speak about the risk of being involved in using cryptocurrency. While the technology is being restricted in some countries, BSP Deputy Governor stated that the technology behind this virtual currency can be useful for payments and can even bypass the current banking system.

Blockchain and general forms of distributed ledger technology can be useful for payment and settlements for peer-to-peer transactions and therefore could potentially bypass the banks and banking system in general .
BSP Deputy Governor Diwa Guinigundo said.

Being one of the friendliest countries towards cryptocurrencies, the value of transactions involving virtual currencies in the country almost doubled from $189.18 million in 2017 to $390.37 million last year according to the latest data of the BSP’s Technology Risk and Innovation Supervision Department.

The BSP approaches these new forms of technology based on regulatory sandboxes that would allow the regulator to balance encouraging technology innovation with a robust solution and consumer protection.
Guinigundo said.

The conversion of Philippine Peso to other cryptocurrencies for payments and remittances with $208.27 million. And the conversion of virtual currencies to Peso and other currencies with $173.33 million through approved crypto exchanges in the country.

The BSP so far approved approximately of 10 registrations of cryptocurrency exchanges in the country.


Source: Philstar

Updated 07:03 PM UTC+8, 10 Jun 2019

Related Stories

Western Union Partners with Blockchain-Enabled Platform...

Apr 102 min readby ken karlo
 Coins.ph and Western Union announced a collaboration to enable Filipinos to conduct international money transfers...

Philippines' Cagayan Economic Zone Authority Introduce ...

Feb 064 min readby ken karlo
The Philippines issues new cryptocurrency ordinance through Cagayan Economic Zone Authority (CEZA)...

Bitcoin Drops due to Bitcoin Cash Hard Fork — Crypto ...

Nov 152 min readby ken karlo
For the first time of the year, Bitcoin drops more than 7 percent last Wednesday after long stable months....

Western Union Partners with Blockchain-Enabled Platf...

Apr 102 min readby ken karlo

Philippines' Cagayan Economic Zone Authority Introdu...

Feb 064 min readby ken karlo

Bitcoin Drops due to Bitcoin Cash Hard Fork — Cryp...

Nov 152 min readby ken karlo

Featured Stories

10 Reasons Why You Should Choose Laptops Over Desktops

Mar 087 min read

Best Online Jobs for 2019

Jan 043 min read

Bitcoin 2019: What Future Lies Ahead?

Jan 0812 min read

Take Advantage Of IoT - Read These 5 Tips to do

Jun 073 min read

The Ban On Huawei And Its Effect

May 277 min read

Effective LinkedIn Marketing Strategies

Jun 065 min read

Trending Stories

How to Hide your Active Status in Facebook not just in Messenger App

Jan 112 min read

How to Single Name in Facebook using Mobile Phones

Jan 154 min read

List of Bitcoin Transaction Accelerator

Jan 294 min read

How to buy Steam Wallet using Gcash

Oct 104 min read

Best Upcoming Gadgets To Have In 2019

Dec 107 min read

Latest Stories

The Effective Management of Your Startup Marketing Team

Jun 205 min read

Internet Safety Practices—Protect Yourself Online

Jun 123 min read

How to Use Pinterest for Business: Strategies

Jun 113 min read

BSP: Blockchain and Distributed Ledger Technology could possibly bypass Banking System

Jun 102 min read

Geco.one - The Nexus Between Experience and Liquidity

Jun 077 min read
x
By using this website, you agree to our Terms and Conditions and Privacy Policy.
Sponsored banner Ledger Nano X - Keep your crypto secure, everywhere. Learn More