BSP Imposes Restrictions on Transfers to Coins.ph

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has imposed restrictions on transfers to Coins.ph, a leading cryptocurrency platform in the country. The move affects InstaPay and PESONet transfers, which are used for adding pesos to the e-wallet operator's wallets.

According to reports, the BSP partially suspended DCPay Philippines Inc., the e-wallet operator behind Coins.ph, under Monetary Board Resolution No. 839. This means that users cannot currently add pesos to affected Coins.ph peso wallets from external banks or other e-wallets through these channels.

The restriction mainly affects money coming into Coins.ph rather than money moving out. Users can still transfer funds from Coins.ph to external Philippine bank accounts and e-wallets, as well as make QRPh merchant payments using existing balances at participating stores.