Philippines' Central Bank Curbs Peso Inflows to Coins.ph Operator DCPay
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The Philippine central bank's partial suspension on DCPay Philippines restricts Coins.ph from receiving external peso inflows via InstaPay and PESONet, disrupting local bank deposit rails while leaving crypto trading licenses formally intact. With deposits affected and labeled as maintenance, near-term on/off-ramp friction and reduced fiat liquidity could dampen local trading activity and sentiment, even as withdrawals, outbound transfers, and QRPh merchant payments remain available.
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Bangko Sentral ng Pilipinas has ordered a partial suspension on DCPay Philippines, the electronic money issuer linked to Coins.ph, barring it from accepting incoming third-party funds through InstaPay and PESONet, Odaily Planet Daily reported.
The restriction targets DCPay's peso payment and settlement services. Coins.ph's crypto trading business is run under a separate licensed entity, Betur Inc., and has not been directly suspended, though deposits routed via local banks are expected to be affected.
Under the directive, DCPay may continue to send outbound transfers and process QRPh merchant payments. Coins.ph said on its status page that impacted deposit channels are under maintenance, while withdrawals remain available.
