Barcelon, Clark Vincent L.
Bitcoin: the necessity of its regulation / Clark Vincent L. Barcelon. - Cebu City : University of Cebu, 2016. - vii, 60 leaves :
Thesis (Degree of Juris Doctor) -- University of Cebu- Banilad, 2016.
Includes bibliographical references (leaves 58-60).
Summary: Bitcoin is currently being used as a currency, as an investment and as a tool for remitting money, especially from overseas. Bitcoin is the most common, decentralized virtual currency in the world. In addition, Bitcoin currency exchanges, which trade bitcoins for real currency, have quickly arisen because of the growing popularity in the country. But bitcoins evolution has also been tainted with criminality. Hundreds of millions of dollars worth of bitcoins have been stolen from businesses and large bitcoin currency exchanges. It has also been used in money laundering and other illegal activities. The necessity of reg regulating bitcoin is without question. It is potentially vulnerable to money laundering and terrorist financing abuse due to inherent anonymity. It also places bitcoin users to risk against any fraudulent or manipulative devices and practices which may create distortions in the free market of bitcoins. A regulation id definitely needed in order to deter the proliferation of such activities. Bitcoin, however, is presently not regulated in the Philippines for the purpose of preventing money laundering. Bitcoin regulation may be affected by re-amending the amended RA. 9160, otherwise known as "Anti-Money Laundering Act of 2001 (AMLA) to include Bitcoin operators and exchanges in its covered persons, it may also be done by amending RA 8799 or otherwise known as the Securities Regulation Code (SRC) or the Bangko Sentral ng Pilipinas Charter to include Bitcoin in its definition of security or instrument.
English
Bitcoin: the necessity of its regulation / Clark Vincent L. Barcelon. - Cebu City : University of Cebu, 2016. - vii, 60 leaves :
Thesis (Degree of Juris Doctor) -- University of Cebu- Banilad, 2016.
Includes bibliographical references (leaves 58-60).
Summary: Bitcoin is currently being used as a currency, as an investment and as a tool for remitting money, especially from overseas. Bitcoin is the most common, decentralized virtual currency in the world. In addition, Bitcoin currency exchanges, which trade bitcoins for real currency, have quickly arisen because of the growing popularity in the country. But bitcoins evolution has also been tainted with criminality. Hundreds of millions of dollars worth of bitcoins have been stolen from businesses and large bitcoin currency exchanges. It has also been used in money laundering and other illegal activities. The necessity of reg regulating bitcoin is without question. It is potentially vulnerable to money laundering and terrorist financing abuse due to inherent anonymity. It also places bitcoin users to risk against any fraudulent or manipulative devices and practices which may create distortions in the free market of bitcoins. A regulation id definitely needed in order to deter the proliferation of such activities. Bitcoin, however, is presently not regulated in the Philippines for the purpose of preventing money laundering. Bitcoin regulation may be affected by re-amending the amended RA. 9160, otherwise known as "Anti-Money Laundering Act of 2001 (AMLA) to include Bitcoin operators and exchanges in its covered persons, it may also be done by amending RA 8799 or otherwise known as the Securities Regulation Code (SRC) or the Bangko Sentral ng Pilipinas Charter to include Bitcoin in its definition of security or instrument.
English