• suspension of dividend payments of financial institutions - in order to maintain capital levels by banks as regards the enabling of lending, cbk may suspend all dividend payments of financial institutions. * * * finally, allow me to conclude my discussion by emphasizing that the central bank of the republic of kosovo, fully implementing the recommendations of the health institutions, has immediately succeeded in restoring its function to full normality and 100 % functionality. cbk has established a work continuity team and an inter - institutional committee has been established between the cbk, the treasury and the banking association to ensure the smooth functioning of the financial system in the country. therefore, we will continue to provide all services to the economy of the country, providing readiness to undertake all necessary measures in order to maintain financial stability and support the economy of the country.

and efficient retail payments system in 2015, the national retail payments system ( nrps ) was launched. the nrps will help create a safe, efficient, affordable, interoperable, and reliable retail payments system in the country. the nrps and the resulting envisioned payment ecosystem will serve as a platform for fintech innovations. industry players can utilize fintech solutions and provide services within an organized, commercially - viable and efficient retail payments system. since its launch, critical milestones reached include : ( 1 ) establishment and operationalization of the industry - led payment system management body ( psmb ) ; ( 2 ) transitioning of the batch interbank fund transfer service of the philippine clearinghouse corporation ( pchc ) into peso net, the first multilateral automated clearing hours in the country ; and ( 3 ) the launch of instapay which allows 24 / 7 low - value electronic fund transfers. enhancing the regulatory environment for money service businesses ( msbs ) meanwhile, the regulatory framework on the operations of money service businesses or money service businesses ( msbs ) has been rationalized. specifically, the customer due diligence requirements to re - balance financial integrity and financial inclusion objectives of policy reform were enhanced. under our amended anti - money laundering ( aml ) rules ( which covers msbs ) customer due diligence / know - your - client ( kyc ) requirements were relaxed for low - risk customers / accounts / transactions. this is provided certain conditions are met to ensure that residual money laundering / terrorist financing ( ml / tf ) risks are adequately managed. regulating the use of cryptocurrencies / virtual currencies the rise in cryptocurrency or virtual currency ( vc ) presents an immediate threat to correspondent banking. this is because it allows peer - to - peer transfer of value without going through intermediaries or central counterparties. the bsp recognizes that vc systems can 3 / 5 bis central bankers'speeches revolutionize financial services delivery, particularly for payments and remittances. thus, we established a framework to regulate vc exchanges and similar entities operating in the philippines. under the new framework, vc exchanges are classified as remittance and transfer companies ( rtcs ). they are subject to registration, minimum capital requirements, internal controls, regulatory reporting and compliance with the anti - money laundering rules and regulations. in particular, we keep close track of the use of virtual currency for trading and fund - raising through initial coin offerings ( icos )