PHL Ambassador to Russia Discusses PH’s Cryptocurrency Regulation in Russian Economic Forum

Philippine Ambassador to Russia Carlos D. Sorreta (front, center) addresses a packed auditorium during one of the sessions of the Stolypin Forum held at the Moscow State Institute of International Relations on 29 March 2018. Photo: A. M. K. Umali.

06 April 2018 MOSCOW –Philippine Ambassador to the Russian Federation Carlos D. Sorreta discussed the Philippines’ pioneering regulation of cryptocurrencies at the Stolypin Forum, an Economic Forum organized by the Stolypin Institute for Economic Growth at the Moscow State Institute for International Relations (MGIMO) on March 29. 

In a session called “Foundations of a Digital Economy,” Ambassador Sorreta shared the state of cryptocurrencies in the Philippines, specifically the government’s policy of harnessing the innovative power of Bitcoins and other “alt-coins” while managing the risks involved. He shared with the packed audience the Bangko Sentral ng Pilipinas’ (BSP) Circular No. 944 On Guidelines for Virtual Currency Exchanges (VCEs) issued earlier this year which is the first of its kind in Asia.

During his remarks, the Philippine Ambassador highlighted the increasing volume of virtual currency transactions in the Philippines which now average 9 million USD per month with 6 million USD coming from remittances by overseas Filipinos. He also stressed that VCEs are subject to the same reporting requirements as other accredited financial institutions in order to prevent use in money laundering and terrorism finance.

“What the Philippines has achieved is an important step in the right direction. The country was able to harness the innovative power of cryptocurrencies while creating safeguards to prevent abuse and protect the public,” Ambassador Sorreta said. He

added, “However, there remains key policy questions regarding the treatment of cryptocurrencies as securities and as assets. This is something that our Bangko Sentral and the Securities and Exchange Commission are studying.”

The Stolypin Institute for Economic Growth is a state-funded think tank that advises the Russian government on economic policy. It is headed by Mr. Botis Titov, the Presidential Commissioner for Business. END

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Amb. Carlos D. Sorreta (rightmost) pose with Mr. Jeffrey Valdez, Head of Economic Section (leftmost) and Ms. Anne Marie Kristine Umali, Commercial Counsellor (center) after delivering his remarks at the Stolypin Forum on 29 April 2018 at the Moscow State Institute of International Relations. Photo: Philippine Embassy in Moscow.