Philippine Central Bank Restricts Fiat Deposit Channels for Coins.ph; Trading Continues
Summary
- The Bangko Sentral ng Pilipinas, or BSP, said it had restricted fiat deposit channels for Coins.ph.
- The move will limit Philippine peso deposits through InstaPay and PESONet.
- Coins.ph's cryptocurrency trading business, as well as withdrawal and payment services, will remain available.
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The Bangko Sentral ng Pilipinas has restricted fiat deposit channels for local cryptocurrency exchange Coins.ph.
Odaily and other outlets reported on October 1 that the BSP recently imposed a partial suspension on some operations of DCPay Philippines, the electronic money issuer used by Coins.ph. As a result, DCPay can no longer receive incoming transfers through InstaPay, the Philippines' real-time small-value payments network, and PESONet, the country's interbank fund transfer system.
The move restricts Philippine peso deposits into Coins.ph through local banks and e-wallets. It also covers fund receipts through personal QR codes and InstaPay deposit processing for corporate users.
The measure does not directly target Coins.ph's cryptocurrency trading business. Withdrawals to external bank accounts and merchant payment services using QR codes remain available.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul