The Bangko Sentral ng Pilipinas (BSP) has implemented a total ban on gambling links on e-wallets. According to BSP Governor Eli Remolona Jr., platforms were given 48 hours to remove the links and others who were caught received cease-and-desist orders before finally complying.
gambling merchants will no longer be allowed on e-wallet apps because they pose a risk of money laundering and other illegal activities. The BSP admitted that e-wallet companies will see a decline in revenue because a large portion of their income comes from online gambling.
Remolona said that if this is not resolved, it is possible that the Philippines' removal from the FATF gray list could be affected again. However, he assured that the issue will be resolved and that the BSP will continue to study additional safeguards.
During a summit, President Marcos highlighted the dangers of online gambling and digital fraud. He said stopping gambling access to e-wallets would help protect Filipinos and the integrity of the country's financial system.
Meanwhile, Remolona also drew attention to the danger of political pressure on the independence of central banks, which could affect their decisions on monetary policy.
