With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.
Anyways, that's the job of any responsible government to try and regulate any excesses which is towards good social system which is the primary motive of this action but government all over the world cannot be trusted as they look for reason to clampdown on any thing not going their way 'the idea of give dog a bad name in other to hang it' approach is the other of the day that's why citizens need to stand as check against this government they install even all over the world...my 2 cents...