BSP Wants Quick Refunds for Failed InstaPay, PESONet Transfers | Key Points | June 12, 2024

Today's news recap: The Bangko Sentral ng Pilipinas (BSP) has introduced new rules to help customers resolve issues with electronic fund transfers (EFTs).

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BSP Cancels FOREIGNEX INC. Registration

The BSP has been cancelling more license registrations as of late, with the previous being another foreign exchange last week and a crypto exchange last March.

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BSP Revokes Nikko FXs License Amid Regulatory Crackdown

The Central Banks move highlights its authority to halt illegal activities and protect Filipinos from financial fraud.

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BSP Blacklists Four Manila Money Service Businesses for Skipping License

The BSP has permanently banned four Manila-based money changers for operating without registration, citing violations of Section 901-N.

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BSP: CBDC Pilot Completion by the End of 2024

BSP plans to issue wholesale CBDCs to commercial banks and financial institutions for various purposes such as settling interbank payments

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Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented Blob Contention

Following the debut of the Dencun upgrade and Ethereum blobs, enthusiasts have devised methods to embed data akin to how Ordinal inscriptions operate. Since this development, inscription-based activities now account for over 40% of blob transactions, leading to a significant increase in network activity. This uptick has resulted in a congestion of blob transactions, pushing [...]

The post Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented Blob Contention appeared first on Crypto Breaking News.

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BSP Monetary Board Cancels Atomtrans Crypto Exchange (VASP) License

This is not an isolated cancellation incident in the BSPs oversight activities.

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BSP: E-Wallets Now Contribute 40% of Retail Transactions

Learn more on the rapid growth of digital payments in the Philippines, with over 40% of total retail transactions now conducted digitally.

The post BSP: E-Wallets Now Contribute 40% of Retail Transactions appeared first on BitPinas.

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BSP Advisory: Avoid Sangla-ATM Scheme

Learn about the Bangko Sentral ng Pilipinas' advisory cautioning ATM cardholders against participating in "sangla-ATM" schemes.

The post BSP Advisory: Avoid Sangla-ATM Scheme appeared first on BitPinas.

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Philippines Creates Interagency Committee to Combat Inflation

Marcos Jr. approved the establishment of a high-level inter-agency advisory body called the Interagency Committee on Inflation and Market Outlook.

The post Philippines Creates Interagency Committee to Combat Inflation appeared first on BitPinas.

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MEDYO GOOD NEWS: PH Inflation Rate Eases to 8.6% for Feb 2023

PSA also highlighted that ?food inflation at the national level slowed down to 11.1% in February 2023 from 11.2% in January 2023.

The post MEDYO GOOD NEWS: PH Inflation Rate Eases to 8.6% for Feb 2023 appeared first on BitPinas.

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BSP Governor Explores Eliminating Minimal Transfer Fees

BSP Gov. Medalla expressed that the current transaction fee worth ?15 may still be too high for small transactions, particularly for the poor.

The post BSP Governor Explores Eliminating Minimal Transfer Fees appeared first on BitPinas.

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BSP Implements Stricter Rules for E-Money Amid Heightened Cybersecurity Risks

The BSP has decided that electronic money issuers (EMIs) should be divided into two groups: banks and non-bank financial institutions.

The post BSP Implements Stricter Rules for E-Money Amid Heightened Cybersecurity Risks appeared first on BitPinas.

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Solon Wants Bangko Sentral to Impose Cap on Late Credit Card Fees

Salceda cited that the accumulation of debts like this is dangerous for the country's economy and for consumers.

The post Solon Wants Bangko Sentral to Impose Cap on Late Credit Card Fees appeared first on BitPinas.

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BSP Makes it Easier to Report Problems with Locally-Licensed Crypto Exchanges

BSP said any customer can report local VASPs to the central if the company fails to address their concerns.

The post BSP Makes it Easier to Report Problems with Locally-Licensed Crypto Exchanges appeared first on BitPinas.

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TO THE MOON? PH Inflation Rate Reaches 8.7% for January 2023, Highest Since 2008

The country's inflation is at its highest ever since 2008 but the BSP is confident the levels will decrease by 2024.

The post TO THE MOON? PH Inflation Rate Reaches 8.7% for January 2023, Highest Since 2008 appeared first on BitPinas.

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STRONGER FINANCIAL REGULATIONS: SEC Issues Draft To Impose Stricter Penalty vs Scammers, Ponzi Schemes

The draft aims to impose on scammers a fine of ?50k to ?10m for each investment fraud and at least ?10k per day of continuing violation.

The post STRONGER FINANCIAL REGULATIONS: SEC Issues Draft To Impose Stricter Penalty vs Scammers, Ponzi Schemes appeared first on BitPinas.

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BSP: Expect Inflation Rate to 2% by Early 2024

The Bangko Sentral ng Pilipinas expects inflation rate in the country to continually decrease until it reaches just 2% by 2024.

The post BSP: Expect Inflation Rate to 2% by Early 2024 appeared first on BitPinas.

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Pilot Test of Wholesale Central Bank Digital Currency in PH ‘Til 2024, BSP Reiterates

BSP Dir. Glindro said that since the pilot is for wholesale CBDC, it is only limited to a number of participating financial institutions.

The post Pilot Test of Wholesale Central Bank Digital Currency in PH ‘Til 2024, BSP Reiterates appeared first on BitPinas.

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Medalla: ‘Worst is Over’ as PHP Rallies Back to 54.8, Strongest Since June 2022

With this good sign, the Monetary Board can finally focus on inflation targeting rather than foreign exchange rate management, Medalla said.

The post Medalla: ‘Worst is Over’ as PHP Rallies Back to 54.8, Strongest Since June 2022 appeared first on BitPinas.

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