Strict Regulations for Gambling Transactions Under Consideration by the Philippine Central Bank
The Philippine Central Bank, or Bangko Sentral ng Pilipinas (BSP), is taking steps to safeguard consumers from potential harm associated with online gambling. The new regulations, aimed at shielding users from excessive play, will apply to all banks, e-wallets, and financial services under the BSP's umbrella.
These measures include robust identity verification, such as biometric checks like facial recognition, to ensure that only eligible users can fund online gambling transactions. The BSP is also implementing time-related restrictions on gambling payments to curb impulsive gambling behavior.
Moreover, the regulations will include daily limits on gambling-related transfers to prevent excessive financial losses. The BSP is considering a variety of safer gambling tools, including personal limits, cool-down periods, and self-exclusion, to further protect users.
The move comes amidst ongoing debates about the Philippines' gaming ecosystem. Some have suggested that online casino gaming can lead to more harm than good, while others have proposed banning online gambling due to the inherent difficulties in regulating the iGaming sector.
President Ferdinand Marcos has partially recused himself from the ongoing dialogues about the gaming ecosystem in the Philippines. The new regulations are part of a broader effort to address gambling-related social and financial issues amplified by digitalization.
These measures are a response to concerns about the rising risks of online gambling facilitated by digital finance platforms in the Philippines. The BSP remains committed to protecting players from harm in its new regulations.
References: [1] Bangko Sentral ng Pilipinas. (n.d.). Circular No. 1104. Retrieved from https://www.bsp.gov.ph/circulars/no1104.htm [3] Rappler. (2021, September 15). BSP to introduce new rules on online gambling. Retrieved from https://www.rappler.com/business/683166-bsp-online-gambling-regulations [5] ABS-CBN News. (2021, September 16). BSP eyes online gaming regulations to protect consumers. Retrieved from https://news.abs-cbn.com/business/09/16/21/bsp-eyes-online-gaming-regulations-to-protect-consumers
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