Data gathered from two registered virtual currency exchanges in the country namely Rebittance, Inc (SCI Ventures). and Betur, Inc (Coins.ph) shows that cryptocurrency conversion from peso steadied around $40 million during the first quarter.
Bangko Sentral ng Pilipinas’ (BSP) Deputy Governor Chuchi G. Fonacier shared that the data collected is only from the two major virtual currency exchanges in the country. Ms. Fonacier added that the data shows an average of $36.74 million per month during the first quarter. This is to compared to last year’s fourth quarter at around $38.27 million and we see a slight drop in crypto transactions in official exchanges in the country.
Meanwhile, in LocalBitcoins.com, a website where users can do peer-to-peer transactions for bitcoin and fiat, reported (via Coindance) an average volume of Php 44 million per month for the first quarter. However, while still incomplete, transaction volume has lowered to Php 26 million per month in the 2nd quarter of 2018.
Although the BSP has a positive position with regards to how cryptocurrency can ease remittances in terms of faster and cheaper transactions, the financial watchdog never ceases to remind the public about its volatility and its potential use for crime and cybersecurity risks.
- Read more: BSP: Bitcoin not for Amateurs
Currently, the Anti-Money Laundering Council (AMLC) is looking at cryptocurrencies together as it enforces a strict watch on dirty money.