Philippine apex bank reviewing 12 applications for bitcoin exchange

Philippine apex bank reviewing 12 applications for bitcoin exchange

Philippines Stock Exchange. Photo: Reuters

The Philippine central bank is evaluating 12 applications for the registration of virtual currency (VC) exchanges after it issued permits to two firms earlier this year, but says it is not endorsing cryptocurrencies, including bitcoin.

The use of bitcoin for remitting money to the Philippines, one of the world’s biggest recipients of cash sent home by its citizens working abroad, has risen dramatically, prompting the central bank to issue guidelines for VC exchanges.

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