Bitcoin Forum

I'm glad that the Bangko Sentral ng Pilipinas ( Central Bank of the Philippines ) is now considering the use of bitcoin.  And I'm sure it will be implemented soon here in our country.
You may read the whole article below.
http://interaksyon.com/business/128696/ph-now-a-major-player-on-virtual-currency-usage---bsp-exec

Well I won't lie, a lot of the stuff I've started hearing coming out of the Phillipines is more "unique" than I've heard coming from other countries, but I guess this could be good news if everything happens properly.

I'm not sure why the would choose to do such a thing so suddenly, but that's not my business.

Good news. But I don't really buy it. These are politicians, you know. I'm sure there's an always ulterior motive behind it. Maybe another avenue for the politicians over there to make use of BTC for money laundering, perhaps?

Well I'm also thinking about the money laundering and btc can be used by corrupt politicians here in our country. But no matter what the government's purpose about it. For sure many stores here are going also to consider accept bitcoins as a method of payment for more convenience. And it will become a cashless society here in the future for sure.

They did nothing to contribute any development and they want to formally regulate, really?   regulate their ass

A bank contributing to BitCoin? Is that a good thing?

While it may be true that the Philippines is now one of the major player with regards to virtual currency use, and Central Bank of the Philippines is considering to adopt the use of it, it is also reported that the Philippine government is planning to tighten the use of it.

http://themerkle.com/philippines-will-tighten-regulations-for-bitcoin-operators-and-exchanges/

IMO, they are just trying to regulate further the use of bitcoin in the country and keep track to those use it.

So that when the government is already regulating the use of bitcoin here, the corruption also can be digital and no liquidation can happen.
Digital corruption is possible but I'm looking at the good side of it when it is already implemented in our country.

They should instead work with their own blockchain technology NOT virtual currencies.
i remember someone suggests e-peso on the lower house and never have we heard it again because somebody figured its sort of way to once again milk millions.

This is a good news somehow, I can still see the behind plans of the people behind it because they want something that cannot be trace immediately
just like how bitcoin works.


I think that plan is already vanish and not being review in the congress.

Yeah, I'm very glad to hear that, that's nice progress for Philippines, I hope my country want to adopt bitcoin too and make regulating for bitcoin but maybe it's become a high chance to money laundering.

Uh, no. No chance of that happening anytime soon. Cash is still king. I could not imagine the common people in the Philippines using BTC as their primary way to spend. I've been there, so I know. Especially in areas where the reach of education is so low. And that's including the urban areas.

That's always a bad thing. Leave the internet alone! ;D

Uhmf ? I think bitcoin is gradually being accepted here cause some of the items now can be bought using bitcoins.

yeah i was thinking the same thing, bitcoin is not ready for people who lack of interest and knowledge on new technology like bitcoin, in other way the government actually can gain a lot of money by taxing and regulate the bitcoin, like BitTyro mentioned they are just trying to regulate bitcoin in their country in order to protect the costumer , not to adopt it as their official currency

some people here in the philippines dont know about  BITCOIN

they looking for good chance to do this since bitcoin have good market cap,and that because bitcoin in philipine have good reputation,so many exchange there,and also so many people use bitcoin,and this fact will be blown our mind that we never know on philipine have good bitcoin developing.

For those who do not know yet, the Philippines has http://coins.ph/ (http://coins.ph/) (a third-party bitcoin wallet site) where you can send bitcoins without (or very low) transaction fees.
You can also buy mobile network load, pay bills and shop online using your wallet.
Awesome right?  ;D

They are not politicians, actually. BSP Gov. Tetangco is one of the more popular central bank governors around the world, having won different awards for his good governance at BSP. If they could see that the advantages could outweigh the weaknesses, it could be a great thing for bitcoin since one of the main sources of Philippines' GDP is remittances from OFWs, which if even a portion is converted to bitcoin would already be a huge amount.

Bitcoin will only be allowed in some countries, if these governments can have some sort of control. They have a duty towards their voters to protect them as consumers, even though they forget that role, when it comes to banks. In some sense regulation would help merchants to adopt Bitcoin quicker, because they will not accept a currency, if there are no future for that currency and they will lose money from this endeavor. ^hmmm^

The article says that the Central Bank will consider the regulation of virtual currencies. But regulation is very large. If you will go at this page here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country you will find to many countries which have regulated bitcoin and no one have equals. In other word there are 50 different regulations. And no one has accepted bitcoin as currency. Philipines speak about full regulation. Let see how will finish. But I am very skeptical.

I don't think the central bank of the Philippines will able to regulate the of bitcoin here in the Philippines, our own currency which is the
Philippine peso they are having hard time in regulating it because of the illegal transaction that creates fake money.
But I hope it will implemented immediately here.

it would be of great help to all people here in the philippines if they continue to welcome bitcoin.. as this makes every transactions easier and faster, like paying bills and etc..

Wow, then the Filipinos are really lucky to have such a good central bank, as the idea of bitcoin naturally opposes the central banks around the world. However, they are still considering it which comes as a surprise to me.

More countries should adopt bitcoin as a currency, as it is supposed to be a global currency. It's used globally, wherever you are.

It's will give a more support and contribution to bitcoin if the Philippines accepted bitcoin become one of legal currency in their country. Maybe, some state is interested in using Bitcoin become one of their country's currency.

Bitcoin users are just fine without a central regulating the users. Merchants do have the information about bitcoin now and its up to them if merchants accept it or not. if not, they'd miss there chance to adopt at the very early stage of virtual currencies.

Well, that's a good news for the Filipinos most of filipinos like me is using bitcoins .but in some point i don't want bitcoins to be legalize because if it will become legal it will change the most transactions or the anonymously users of this.

here in philippines we are now able to pay bills, buy loads, buy epins. By using the most famous wallet that is exclusive in philippines only,

The news is very encouraging, this could be a form of growth that is increasingly considered bitcoin due to excess and the hospitality of his system. And hopefully it can be immediately established and implemented properly. Other countries may also be able to follow this step

In most, if not all countries where the use of Bitcoin is oermitted, banks are not allowed to use or offer Bitcoin based products to their customers.

So if the Philipines fully regulate it, their banks could be the first bank to integrate Bitcoin as a currency?

Well there are ways for people to 'deposit' funds into a bank account using bitcoin already in the Philippines, but full integration? I suppose not. Probably bitcoin would be categorized in the same way like any other virtual funds (Paypal, DragonPay etc).

Read the article. Please change the thread title, it is deceiving. That article only says that it will tighten regulations on cryptocurrencies. No mention of the Phil. government of promoting its use or anything.

Wohoo its my country. It would be nice if this would help all bitcoin user to promote the bitcoin in public. And if our country is the first conidering the use of bitcoin. It is pleasure to use our country to promote the bitcoin in the wholeworld that we need bitcoin. And the effect of it the bitcoin price will rise.

Nice, wanted to spend my holidays in the Philippines anyway, one reason more to go  8)

Its always a good news to hear that new country accepted bitcoin usage, hopefully its not just some motive for politician for tainted bitcoin image by used for money laundry and other bad stuff
Hopefully bitcoin will continue to be expanded to all country

thanks for this info 😃 gonna read the article about this

Man i think theres something wrong with your statement. Its  inverse. Ill correct it, a lot of people here dont know bitcoin and only some people here know about bitcoin.

That's the great news! The only thing which is remained to be done is that the Central Bank of the Philippines is really start using Bitcoin, for now it's just an intention of maybe several persons in the top management of the Bank.

we have to see in how many times they can implement btc in their bank system.
I hope this could encourage other national bank to adopt btc or blockchain technology

well Ph is now considering Bitcoin..hmmm,  i can say it is good sign and good news too to my country
that there gonna adopt what Bitcoin is, it can be benifited to filipino citizens actually,
then if Banko central ng Pilipinas is now considering Bitcoins it will be a big help for us too
whether the people behind this has a bad intention about using bitcoins for what important now is filipino will be aware of
it... ;D

You can already buy Bitcoin in ph. So I don't know what the banks will add.

Best to not trust banks at all, they always steal money.

You can also cash out in the banks, Im trying to convert it to local currency and transfer it to banks that is affiliated to my wallet

Banks were always been one of the options on withdrawal. That's why coins.ph wallet already required its users to update their profile. To be more secure/prevent fraud and to better comply with Philippine Laws.

Well for what I've heard is that there's a atm kind of machine on Makati where you can withdraw your bitcoin. So this kinds of things is not new for me.

wow that a good new and it's great that philippines will be considering bitcoin as a mode of payment . i hope that there will be some stores and maybe shopping mall that will accept bitcoin for payment . i would gladly use my coin for it .

well that will be a a big problem for all bitcoin investors and also for all of us that using bitcoin , it is not good to hear that it will became used for corruption , laundering or what . it is not impossible to happen because there a lot of corrupt officials in the philippines .

That is a welcome news for pinoy bitcoin userwe have a lot of active pinoy bitcoin user here,having a board of their own,but according to the article publics must first need to understand how bitcoin really works but it's a good start anyway..

I read the article. Is that a major news-sharing site in the Philippines, if it's so, then it's kind of alarming that the article writer didn't do a fact-check first because there was something mentioned about Satoshi Nakamoto denying that he invented bitcoins.

well maybe the writer really doesn't have full knowledge of bitcoin and he just did the article for the sake of news. That's how it goes here in he Philippines. But the news itself says, that's the fact and it's true that our country is going to adopt bitcoin soon but there is no timeframe.


Yes, that's true and me either I don't trust bank they are stealing their depositors money the legal way by charging different kind of crazy fees
without  giving notice to the people.

This is good news never heard and found this article in google.. and never heard this news.. just now.. and i hope it will happen because we already seen the potencial growth of bitcoin here in our country(philippines) i just heard coins.ph they they are added also laws they are now restricted need to verified you account in coins ph with selfie and present government id's so i think this is the beginning of bitcoin here in our country and more people are interested in bitcoin..

That's true coins.ph (Philippines best bitcoin service provider) is becoming strict to their service. I think that's connected with this news.
And why you never heard this news and found it in google, well we all know that media is been always an obstacle for good news.

That's just one of the many reasons to go mate. Welcome in advance!

I think a good development of bitcoin already began to be accepted by the bank, I hope to be followed by other banks from several countries. Thank you

Yeah, and sad to say, they mistakenly thought that the word "Bitcoin" is a scam.  :D

Well we can't blame them since our country has a lot of scammers and other illegal activities that are occurs daily.
And most of the scams are through the web so they tend to think that bitcoin is just a scam, but they will see it in the end that it is not.

Never heard about this in the news but its a good thing that bitcoin will be consider by the government and people starting to recognize bitcoin. it would be great. im looking forward to that moment to happen.

Countries would benefit from using Bitcoin, but right now I don't think it's suitable. Until we have Lightning network working to accept massive volume, no amount of raise of the block size will solve anything in terms of dealing with massive volume of transactions.

good news indeed for bitcoin slowly spreading in philipinnes and it can be a good step for more development in the future for bitcoin itself and for the users, but if the corrupt politician well enter the picture surely bitcoin life in phils well be rocky knowing their are many corrupt politician in philippines and they may take advantage of its anonimonity to curropt more money without trace.

the good news just keeps adding up , and the momentum just getting stronger and stronger :D

that is totally a good sign if bank are accepting it or adopting it too.  this will be a good to all of us in the philippines.

This is good new for all filipino out there.. thats why coins ph are so restricted and they are now getting our real identity.. instead of bitoin is anonymous now we are now not anonymous..

 yeah agree but if you want to be anonymous try another wallet
It is a good things or bad to us? As long you don't do any illegal activity I think you dont no need to worry.

Yeah a lot of people but i think it will be easy for them to study and understand bitcoin if the media spread the news about bitcoin so that many people in philippines will get curious and interested and it will result for bitcoin to have a good future in philippines if they will understand the good benefits of bitcoin like being anonymous and fast transaction and low fees.

Thank you for providing us this article, it really helps a lot.  If bitcoins will be considered here in the Philippines, it will be better for the users but I don't think it will be easily implemented since there are lot of things to be considered and the transactions using bitcoins might be limited and reduced to a certain degree and it will surely make the value of bitcoin decline a lot.

True, but what if the merchants are not allowed to accept Bitcoin as a payment method/currency? The governments have control, no matter what you say. We might not need centralized control, but the government will not give you a choice. You can either accept their rule, or they ban Bitcoin in their country. You should just accept that and work with them. ^sob^