After 12 months of deliberations the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has announced its guidelines for virtual currency exchanges.
The guidelines’ statement of policy opens by announcing that “It is the policy of the Bangko Sentral to provide an environment that encourages financial innovation while at the same time ensure that the Philippines shall not be used for money laundering (ML) or terrorist financing (TF) activities and that the financial system and financial consumers are adequately protected”, echoing familiar statements to other governments who have been proposing regulations for bitcoin and cryptocurrency.
The guidelines continually stress that the Philippines feels vulnerable as an under-regulated financial market, acknowledging the potential for those seeking to use virtual currencies for money laundering or terrorist financing to be attracted to the Filipino cryptocurrency markets.
Read more here: https://news.bitcoin.com/philippines-central-bank-issues-guidelines-for-virtual-currency-exchanges/
What's the whole Fucking point of using crypto currency??!? Keep centralized banks and entities out of this! This will bring the downfall.
I am not surprised that those that have the wealth of the world are trying to keep it.
This is why we need cryptocurrency, after all.
Means of encrypting communications that completely retain the right of people to communicate privately are necessary, and all it takes to preclude any group from extracting wealth from private people without their consent.
End to end encryption will end the downfall.