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Philippines Pro-Crypto Stance Could Be Good for Online Gambling
By Shane Addinall Mar 10, 2024 TechnologyAs the Philippines central bank cleans up its cryptocurrency market and works towards an approved central bank digital currency, fans of online gambling look forward to legally gambling with Bitcoin, Ethereum, and other digital assets.We already know that the Philippines is a pro-gambling country that sees the industry as pivotal to its growth and development plans. The Philippine Amusement and Gaming Corporation (PAGCOR) has done a fantastic job balancing player protection, the interests of licensed casinos, and minimising the impact of black market gambling sites.
The Filipino market's recent stance towards cryptocurrencies, crypto exchanges, and plans for a wholesale central bank digital currency (wCBDC) opens doors for legal crypto casino gaming legislation.
Philippines Looks to Launch wCBDC
At a recent press conference, Mamerto Tangonan, deputy governor for payments and currency management of the Bangko Sentral ng Pilipinas (BSP), revealed they are currently researching the implementation of a wCBDC.
Tangonan clarified the intention of the study:
Quote"We envision a Philippines where access to securities and similar investment instruments can be democratised, meaning they could be purchased for smaller issue sizes and much much lower fees so that any Juan or Maria cannot only dream but actually own securities."
As we have come to expect from the Philippine government, they are not taking this process lightly. The original plan for a CBDC was flighted in 2020 under the name ‘Project CBDCPh’. That plan was delayed to address concerns about the impact of removing intermediaries from the economic supply chain and the effect of a digital currency on the country's fiat retail space.
The practical study, known as Project Agila, is currently live with six local banks. Having these institutions work alongside BSP allows it to track the efficiency of interbank commercial transactions and will then expand to incorporate securities settlements.
The Future of crypto casinos Looks Bright
The government has also been cracking down on international crypto exchanges operating in the country without the required licensing. Much in the way that PAGCOR cleaned house ahead of the country's drive to grow its licensed casino market, the government is cleaning up the crypto space.
It is legal to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Doge and others through local cryptocurrency exchanges like Coins.ph, PDAX and other approved sites.
The hope is that with the legislation of cryptocurrencies and the imminent approval of an approved CBDC, PAGCOR will license cryptocurrency casinos, allowing fintech and online gambling fans to get the best of both worlds legally!
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