The Bangko Sentral ng Pilipinas (BSP) has issued a stern directive, ordering all e-wallet providers to sever their connections with online gambling platforms.
BSP Issues A Stern Directive: E-wallet providers must disconnect from online gambling
The order, which gives companies a 48-hour deadline to comply, was announced by BSP Deputy Governor Memento Tangonan during a Senate hearing.
The move is part of the central bank’s broader initiative to tighten regulatory oversight of digital financial transactions, particularly those linked to the gaming industry. The Banko Sentral aims to protect consumers and prevent unauthorized transactions by making it more difficult for the public to fund online gambling accounts through popular digital payment channels.
This action comes amid increasing concerns over the accessibility of online gambling, with the Banko Sentral seeking to curb unregulated activities and enhance its ability to monitor the financial flows within the sector. The directive is expected to disrupt the online gaming landscape significantly, forcing users and operators to find alternative, and potentially more regulated, payment methods.
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