Phillipines Central Bank considers Bitcoin regulations

Bangko Sentral ng Pilipinas (BSP) and local authorities plan on creating standards for regulating digital assets like Bitcoin
21 December 2017   787

Currently BSP is already closely watching ICOs, even to the point of cooperating with US SEC unit. And now they are considering to extend the control to digital assets, namely Bitcoin, implementation by local businesses and virtual exchanges.

BSP Deputy Governor Chuchi Fonacier said during the interview that currently they will focus on exchanges, but there is a possibility of Bitcoin itself being a focus of upcoming regulatory laws.

While BSP is open to innovation and quite liberal with virtual currency trading, the new regulations will focus on the crypto to fiat exchanges. So far BSP is reviewing applications for licensure of digital asset operations. Twelve companies have already applied for such licenses, with five more added just recently to list of applicants. And two trading and exchange platforms have been approved by now: Coins.ph and Rebittance.

Philippines Central Bank, according to Fonacier, will very carefully consider any shift in current balance, because while cooperation with SEC would smooth over some of the possible problems, the investments into Bitcoin are already a thing and nothing can change it.

So, to sum it up, the point of new regulations for the time being will be in BSP monitoring only exchange from cryptocurrencies to USD or another government-issued currencies, while anything else will have to wait for a more established legislative and regulatory base, so not to disrupt already-established investments in virtual currencies.

Tim Draper to Invest in OpenNode

The project was founded in April 2018 by a group of developers of Bitcoin and Lightning Network protocol and aims to make it easier to use the Bitcoin
19 December 2018   36

The developers of cryptocurrency payment processing OpenNode announced the completion of a seed investment round, in which they attracted an unnamed amount from renowned venture capitalist Tim Draper and Draper Associates.

The project was founded in April 2018 by a group of developers of Bitcoin and Lightning Network protocol and aims to make it easier to use the first cryptocurrency.

The attracted funds team plans to focus on expanding the state, further work on the product and complete “hyper-bitcoinization”.

According to CoinDesk, Tim Draper invested $ 1.25 million in OpenNode.

As the project team says, the developed processing service may already be connected by merchants and companies wishing to accept Bitcoin as payment for their products and services. This can be done using a special plug-in or through an API.

As a payment for its services, OpenNode will take a commission of 1%; however, the service will be free for the first month of operation. The support of the Lightning Network protocol developed for instant and cheap bitcoin transactions is separately emphasized.