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The Philippines digital currency space is on a steady and healthy rise with cryptocurrency conversion nearing $40 million per month, data from the Bangko Sentral ng Pilipinas (BSP), the country's central bank showed, reports Business World.

BSP Deputy Governor Chuchi G. Fonacier said that conversion from digital currencies to the local currency averaged $36.74 million each month in the first quarter of this year citing data from two of the largest cryptocurrency exchange operators in the country during that period.  The BSP used data reported by virtual currency (VC) exchanges Rebittance, Inc. and Betur, Inc. also known as Coins.ph, the first two cryptocurrency exchanges accredited by the BSP. The central bank later registered Bloom Solutions as a legitimate digital currency exchange.

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