The Philippine central bank is seeking to expand the supervision of the country’s financial system after an embarrassing cut in the SWIFT international transfer system, a movement that may ultimately lead to new rules for bitcoin domestic services.

Earlier this year, a cyber-attack on the Central Bank of Bangladesh resulted in the theft of $ 81 million, which was conducted through the conduit of the institution to the SWIFT network. SWIFT is used as a compensation system for financial institutions in the world, and failures in cybersecurity measures of the central bank of Bangladesh was what allowed the intrusion.

Because of this incident the Central Bank has decided to terminate the license to Philrem Service Corporation, company which presumably, is involved in the transfer of stolen money.

Officials of the Central Bank of the Philippines are considering tougher standards for remittance companies and money changers, in addition to strengthening oversight of cybersecurity to help improve the defenses of banks.

During an event organized by the central bank Deputy Governor Nestor Espenilla, who oversees the supervision of the institution of banks, he said discussions were ongoing.

Espenilla added:

“That’s what we’re trying to do, since it is now time to impose tough regulations for operators of virtual currency. At this time, we look at them as similar to remittance companies.”

The leaders and officials of the central bank of the Philippines have organized a new working group to address potential weaknesses in their cyber security policies. BCF governor said that the monetary authority is considering “hard rules” for Bitcoin currency exchanges and digital in the country.

Source: CoinReport

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