Senator Francis Tolentino proposed the issuance and application of cryptocurrency and digital currency in the country, recommending the Department of Labor and Employment (DOLE) and the Bureau of Internal Revenue (BIR) to be the regulators.
Despite the talks about the cryptocurrency task force will be handled by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Insurance Commission (IC), Philippine Deposit Insurance Corporation (PDIC), and Cagayan Economic Zone Authority (CEZA), Tolentino recommended DOLE’s and BIR’s involvement.
Moreover, as he recognized the benefits of cryptocurrency, he also mentioned that there will be concerns that may emerge from it.
“There are benefits to allowing the use of these currencies in the country as they provide Filipinos access to the global market, banking services to underserved citizens, and ease in making cheaper remittances to and from abroad for international corporations as well as from overseas Filipinos,” Tolentino said on Tuesday.
He claimed that DOLE’s presence in the cryptocurrency task force is necessary as Overseas Filipino Workers (OFWs) are vulnerable to fraud and scams. The agency’s job would include informing and protecting the OFWs.
BIR, however, will be studying the operations and taxation involved in the use of cryptocurrency.