I stumbled upon a reddit post which claims digital currency in the Philippines will soon be regulated. This promted me to dig dipper into it.
It could be recalled that in 2014 Representative Kimi Cojuangco, a member of the Filipino House of Representatives filed a House Bill that would create the “e-Peso” as an online medium of exchange for Filipinos. The proposed bill would have the Filipino Central Bank research Bitcoin and other cryptocurrencies.
Ranked as the world’s third largest recipient of remittances, the Philippine government is eyeing to regulate digital currencies like bitcoin in the country to improve protection for its citizens as the number of Filipinos abroad using bitcoin to send money back home increases.
Related to this, central bank expresses concern about money laundering involving the use of digital curencies.
In light with this the agency is exploring the possibilities putting virtual currency exchange operators under a more formal regulatory framework.
How could this move affect bitcoin transactions in the Philippines?
"e-Peso" ... it already exists :-)
http://www.pesobit.net/
From their website :
"PESOBIT is a PoS cryptocurrency aimed to provide usage for the Filipino community. It’s main purpose is to provide efficient alternative for Remittance, Freelancing and eCommerce services while at the same time, provide enough interest for global community to participate in. PESOBIT is designed to keep things really simple without the advanced features of other cryptocurrencies. This makes PESOBIT very newbie-friendly for those who are just getting into cryptocurrency investing and trading. The coin is designed to have 5% inflation rate with an initial volume of 20 million. The 5% inflation rate is just enough to cope with the demand on the services that the PESOBIT will be used for."
Currently dropping alot in price due to Bitcoin's sudden spike in value (time to buy), but has a serious team behind it, and looks quite promising.
Bitcointalk forum announcement post : https://bitcointalk.org/index.php?topic=1581240.0
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@ydm6669 Pesobit is different from epeso as envisioned in the e peso bill. Pesobit is the first of its kind in the Philippines, a clone of bitcoin. Rather POS version of btc. Nothing new it can offer. Hope it doesnt turn out to be a scam coin and ruin it all for the country. Hope its devs could set the right tone for digital currency adoptation in the Philippines... im a trader and sad to say I was not happy how pesobit just popped out of nowhere... the usual ninja launch...
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"to improve protection for its citizens" how flimsy do Government excuses get?
"Money laundering" maybe they need to research their own fiat currency and similar ones before they bother with crypto-currencies.
This is all about control.
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Yup i think thats about it.... e peso bill will provide for a crypto currency which the gov would have full control frm development to mining...
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