Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official.

• The deputy director of the Philippines’’ central bank has highlighted the advantages of using cryptocurrencies like bitcoin after releasing regulations for the industry earlier this year.

• The move to regulate the local bitcoin industry was the first of its kind for an Asian nation. A significant factor leading to those regulations is the soaring growth in cryptocurrency transactions in the country. BSP deputy director Melchor Plabasan claimed that the Philippines is seeing upwards of $6 million in cryptocurrency transactions monthly, compared to $2 million a few years ago. He underlined the authority’s recently released guidelines as a “pioneering regulation” that was among the first in the world.