Bitcoin Forum

http://www.newsbtc.com/2017/02/08/philippines-bangko-sentral-recognizes-bitcoin-payment-system/

According to this article the Philippines’ Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states  sees the virtual currency’s potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin but also the the Central Bank of Nigeria.

Our country have a large segment of its population living and working abroad and since we can hardly be called industrialized, all those remittances form a large part of our income (10.2% of GDP according to World Bank figures of 2015). So it probably did not escape the BSP's attention that people have started to use bitcoins to send money back to the Philippines. That they recognized it as a legitimate form of money transfer is a good thing since this will encourage Filipinos abroad to look up Bitcoin. Once they see how cheaper it is (and still faster despite the backlog) they might be sending more remittance in bitcoins, further increasing adoption in the country. Since all those remittances fuel consumption here, it could result to more businesses accepting bitcoin as payment.

I think there's also a more pragmatic reason for this. Ever since the money hacked from Bangladesh's central bank wound up here in the Philippines (the Chinese who encashed it promptly disappeared) there has been fears that workers abroad would find it harder to send money back home should we get a downgrade from international bodies. Should that ever happen, I believe they can still use bitcoins.

I'm from Philippines also. Yes its good news to us! Because many Filipino heard that news they might been interested to invest to bitcoin. So the price of bitcoin will pump to high.  What if big investor can read that and invest big money the bitcoin price go to the moon. Thanks to bank central ng pilipinas for publishing like that news. Many people the job is bitcoin and many (ofw) overseas Filipino workers the sideline in bitcoin. I think it will not end this year bitcoin will become popular in my country.

I'm a Filipino It is good opportunity for many Filipinos at the Philippines because some there are want to invest in bitcoin. Many Filipinos will know and they can help bitcoin community to pump the price a large again. Many investors of bitcoin I think lots are Filipino. So I am very happy to heard that news many Filipinos will be educated because of that.

Im Filipino also. But what i see in our country, only few people here in our country knows and appreciate bitcoin and only few companies or markets are accepting bitcoin. So this is a good news for all of us who use bitcoin. Hope this will intensifies the progress of bitcoin in our country so we all could benefit from it.

Most of the countries has same situation where bitcoins are not known widely among all the people on the country. News like Philippines  recognizes bitcoins should be spread widely across the globe so that other countries also takes such steps and also new people start using bitcoins.

This news might a be stepping stone of bitcoin to be recognize by other people here in the philippines,not only by some but for other companies big or small. Here at my location two or people only knows what is bitcoin.

Happy to see friends from Philippines. This news is an exciting development for bitcoin. If in Philippines, the use of bitcoin is positive, I think other countries will take appropriate policies to promote bitcoin progress. I am looking forward to my country to issue such a legal document.

Philippines central bank and Nigeria central bank recognized bitcoin as a mode of financial payment is a good development and I  expect bitcoin and blockchain in general to play a very high rule for both financial and political of world Economy in a nearby future. For those who has been posting bitcoin is banned here every you will be the one to regret as the price will soon take upward direction.

Hope more countries will follow suit. This is one way up for bitcoin to become mainstream. Slowly adding another country one by one on list to recognized is a good omen in the coming future for bitcoin. I do believe in the new prediction that bitcoin will reach $25,000 and its happening slowly.

The time has come :D well most of the country now a days recognizes the bitcoin, most of the time i heard news from there to here. Im from philipppines too and its a great news to us filipinos that is using bitcoin as payment, most of the user of bitcoin gets a lot of benifits from it because the price of bitcoin will go high and now lets hope that there are lot of store will open up that accepts bitcoin as payment :D

This news is great for the bitcoin community here. Im from the Philippines and i hope this news will boost the development of bitcoin here in the Philippines. So all filipinos will experience the benefits of using bitcoin. So this is a good start of bitcoin here in the Philippines. The problem is, majority of population here in the Philippines dont know anything about bitcoin yet.

It is really a good thing that the central of the Banko Central recognizes bitcoin as payment system. Im from the Philippines too and maybe they considered it since there is a service that offers easy conversion of bitcoin to fiat here in Philippines which is a web wallet called coins.ph. I personally use it to send fiat to me or send to some relatives far away. Many others do it too so they have noticed bitcoin and have seen it's potential.

Yes, the Central Bank of the Philippines had seen the potential and merit of bitcoins. Unlike other countries who sees bitcoin as a tool for money laundering and other forms of illegal activities, Bangko Sentral has looked on the usability of bitcoins as form of financial payments. But there are rules and conditions set by the Bangko Sentral to the exchanges in the Philippines so as to avoid issues on money laundering and other forms of fraudulent activities using bitcoins.

Its okay to set some rules and conditions at least they have recognized bitcoin as payment system. I am from the Philippines too and I hope that they won't impose that big of a tax in terms of bitcoin to fiat conversion but in my opinion if they plan to do that it will be hard to tax it but even if it is hard, they will try to tax it that's for sure since remittance is one source of the government's money.

what a good news for us, now bitcoin will be more in demand cause of its authority that given by our central bank and the price of bitcoin will be higher so we must stock as soon as because we can't mess at bitcoin when time come and regret it.

Good day chief! thanks for update.

 It's good news for the Bitcoin world as I also heard yesterday that the central bank of Philippines have also formulated policies for the Bitcoin exchangers in the country and its all working in the positive direction of promoting the cryptocurrency. It is good news for Nigeria too which has enough population to enhance and sustain the blockchain technology.

Overall this is good news. Recognition of Bitcoin and regulations to help the nascent industry grow should be welcome.
Philippinos are one of the most active communities here. The remittance industry in Philippines is also big and Bitcoin should see some growth there.

Regulation is only welcome when it is not harsh to the point of being unbearable, a good example is New York's BitLicense.
3 days ago we learned thatJapan will introduce their own version of Bitcoin legislation, far worse that BitLicense.
At this point it is certain that it will cause more harm than good. Let's hope that Philippine's version of bitcoin regulation won't be that cruel.

I agree with you, since bit license in Japan is very expensive its almost the same as you are being taxed.This is the way the government can regulate and have an inmone on bitcoin but I hope it should be moderate so as not to harm the bitcoin enthusiast and supporters like us.

this is good for filipinos, congrats for having an open mind gov.  ;D

The Philippines is known for its OFW remittances which help drive its economy afloat through economic instability and big market shakers through these years. A large portion of its GDP (10%>) comes from remittances abroad. With that said, bitcoin as we know it could help these overseas workers remit money wherever they are, whenever they please with only a small cost.

Yeah its a good news for the crypto community that Philippines central Bank recognized bitcoin as another payment method. So lets all can hope positively that other nations will also recognize bitcoins as a legal payment method very soon. Whats this bitlicense? I am hearing it about this for the first time in this thread. Why i am asking this because I have got few friends in newyork , and they are new to this bitcoin world and I always force them to buy bitcoins and store. But I didnt know about this bitlicense.Is it reqiured to get some license to hold bitcoins in US?

Im from Philippines also. And this is great news for us who are bitcoin enthusiast. The growth of bitcoin here is going to grow immensely. So i think this is a good start of development of bitcoin here in the Philippines. Hope many establishment and companies are going to accept bitcoin. So we got a lot of options where we should spend our btc.

That's nice and great news actually, only not to use by the abuser people in the politics in your country about this things in bitcoin. For sure in the long run bitcoin wil be good as well.

But, why bitcoin prices are not reacting to this great news ? I just want to know why still Philippines people are waiting to invest more into bitcoins or why they are not demand their employers to provide salary in bitcoins for example.

If my government recognize bitcoin, I will start new bitcoin based business to spread bitcoins to new people. Hopefully Philippines people will do that so that we can confirm it by seeing its impact on bitcoin price levels.

Because the government just wanted the money out of the transaction of Bitcoin.  The first thing they do is to regulate exchanges and made them to strictly comply with AML and KYC.  BSP  is not different from what PBOC wanted with bitcoin.  It is like,

Banko Sentral ng Pilipinas (BSP) :  Hey I recognize your  Bitcoin now pay me  taxes for your Bitcoin transactions.

They just want to reap the money but will do nothing to improve Bitcoin status in the Philippines.

I also agree with you two. I really do hope that if they really impose some tax on it or a license, I hope it would not cost that much since it will be a pain in the ass. I think they can just tax a little on every fiat conversion since those fiat conversion goes into remittance anyway if you have sent via coins.ph here in Philippines. In my opinion they can also get tax from that so there's only a little need to add some tax.

Im agree with it BSP and the government also want to take taxes from the Exchange so they recognize Bitcoin.But BSP have set some regulations and law that can regulate Bitcoin exchanges in the Philippines.

The question is how strict is the Central Bank of the Philippines in implementing this law.

The Central Bank of the Philippines has been known to be among the leading central banks with its innovative thinking. No wonder why its governor has won a lot of international awards in the central banking industry. But in order for this to really be felt by ordinary Filipinos, the government must really do its part. With the governement's hands full fighting drug dealers, let us hope that the government pays attention to other relevant developments like the rise of virtual currencies.

This is really interesting, we are now moving forward to our continuing development of the economy. So I am excited to have our own Bitcoin ATM here in our country. This is a great news ahead of us especially to those who are already involved in BTC and also for those who are still curious, I hope they can now understand and accepts bitcoin as a currency.

this is a great news to all filipino bitcoiners. this is just the beginning of a more wider and huge positive impacts in the bitcoin community:

for the filipino and all Bitcoiners - it may motivate them to do more and engage more in cryptocurrency especially in bitcoin since this will probabaly make the price of bitcoin to increase.

for the non bitcoiners - those who have no idea about bitcoin, through this, it will make them to have interest in bitcoin since this is new to them. then eventually they will adopt, buy and use bitcoin. then again this will result to price increase.  because the demand is already increasing.

i just hope that the central bank of the philippines will gonna push this through. not only for the phiippines economy but as well as in general economy.

The more news like this we have the better. Most people don't use Bitcoin because it's not recognized by any officials in their country and that's why they think it's a fraud. I know that for bitcoin community it may mean nothing whether it's recognized by the officials or not, but it means a lot for the regular people.

Im glad that the Philippines is now recognizing the bitcoin! :) So it means people is getting curious about this and I'm really sure that people will take a risk to join Bitcoin. So meaning, the bitcoin price will go higher!!! :)

Lol
I went to Philipines once... Can't really say it's a huge victory for btc
the country is poor and has closed banking system, means you can't withdraw cash from Philipines banks when you're a stranger.

But it's still a good idea. Especially for a country which is just a group of hundreds of different islands! Digital money can't be bad here!

well it's great that Central Bank of the Philippines (BSP) have recognized bitcoin, I hope that there will be a services or company that will be encouraged by the BSP to see the potential bitcoin to be another payment system which most people in the Philippines who uses bitcoin are hoping for it as well . by chance, it will be much convenient to use bitcoin because we can already use directly whenever we wanted to . I am still waiting for the moment that some establishment here in the Philippines will be able to accept bitcoin .

Really doesn't know the answer? Do you think Philippines can create a big impact if the Central Bank recognized bitcoin in this country?

No doubt that bitcoin users here are small in numbers if we include it in the whole population of all bitcoin users in the whole world. Great news indeed on the other hand since it's a step for acceptance for this currency.

there is nothing to improve in bitcoins situation in our country, BSP doesn't really care about what BTC does so long as the users get to be taxed. there will be no different to using paypal over btc due to these taxes and we possibly be the usual suspects too for all the extortions going on.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

It’s really great to hear that organisations around the world are not only recognising bitcoin but also appreciating this technology and actively participating in pushing this technology in the masses. On the other hand, many organisations including some banks, land records management institutions are adopting blockchain to make their transactions or activities faster and as a first child of the blockchain, it is very good news for bitcoin.

I saw the news too on google and it is really something great for us, bitcoin users because it can be the first step for bitcoin to get worldwide recognition because bitcoin would spread way more than how it is doing right now if the countries officially start accepting it as a payment method in their wide areas. Congrats to the people of Philippine and hoping to see more of this in future.

We already have our own Bitcoin ATM somewhere in Makati.  It was available since last two years as far as I know.  I don't know if it is still functional since I have not even went where it is to see it for myself.  And in my opinion there is nothing to get excited about this news.  This only means that the exchanges will function like a bank where they need our identities and proof of identities to be able to make a transaction especially converting Bitcoin to local fiat.  And worst, the possibility of imposing tax to all exchange transaction is inevitable.

you have a point mate. and this might be the negative effect too if this will really be push through. the price may pump for a lot might be using bitcoin BUT we will also have to deal with these taxes to be imposed by the banko central as well.

We cannot do anything with that, they saw some great opportunity to increase their tax collections and they should do that. We us citizen of a certain country must comply with the law as no is exempted on it. We have our times and we enjoyed it, and now it's the time where the government will get their fair share.

I get your point man, and you are right exchanges would be moderated and controlled the government which may not be a good news to all of the users and I think it is already happening since the last few months because coins.ph is already requiring for further information about our Identity and it seems they are getting more strict with their users . well in terms of taxes, the government have the rights to impose a tax on us whenever we are going to make a transaction whether we are going to exchange it out local fiat or whatsoever and I know that this is the disadvantage of what is going to happen in the near future but still the good thing is they do not have the rights to manipulate bitcoin .

yeah, this is a great opportunity to the government to earn more taxes. but dont you think its a bit unfair for bitcoin users? we knowthat we are using bitcoin for freedom and now we will be facing some taxes to be imposed by the government. i guess nothing in this world will have advantages without disadvantage to it.

Government could tax everything if they like it . we cant control government because they are powerful but first they should recognize bitcoin in their country then after that they can do tax bitcoin but lets hope that they will not do it

I am a proud Filipino citizen and I am glad that we are really adopting this crypto currency ,
And we are supporting it hope that we could use our bitcoin to buy in some supermarkets .

This is actually a good news to the Philippines. If the Central Bank did not see the merits of bitcoin but instead its potential to be used in money laundering and other illegal activities they will move for the banning of bitcoin in the country. But the fact that they see merits in bitcoin, banning is now out of the picture and bitcoin can now be accessible to anyone in the country without any hindrance from the government.

But I think it's not easy to get approve by the government because too many the countries has stated bitcoin as a high-risk investment. This will take a long to go for the bitcoin to get a permission by the government. They must learn more about bitcoin.

beside that, there is only few country that already approve bitcoin and the adoption is not fast like many people thinking but i am sure that in someday, if many government doing what Philippines do, then bitcoin will be approve too and guess what, we can use bitcoin in many places and we can see bitcoin ATM is available too like ATM machine.

i think the government is already learning about bitcoin and trying to use bitcoin for secret and they are not yet giving statement anything about bitcoin because they still studying bitcoin until they sure about bitcoin.

Op has just mentioned about the authorization given by the bank from Philippines and Nigeria in the direct way. Several other banks around the globe has made research about implementation of bitcoin as well several banks have indirectly made investment in bitcoin. This has made banks to create own digital currency for their requirements by creating their own public ledger to provide a better financial services.

The Philippine Central Bank has already regulated bitcoin. This is a step towards making bitcoin a legal tender in their country. We will just have to wait and see how things went out in Philippines, whether taxing it or not is up to the government of Philippines.

It's the only reason why they would legetimize btc xD
Why taking the time and effort to create new laws including btc if not to tax it ;)

They have a lot of reforms. The new president wants to improve the lives of their people. And I think that these steps are very wise. Bitcoin also benefits from it

I do not see how bitcoin benefit from the reform of the government since they are not Bitcoin directed.  Besides The Banko Sentral ng Pilipinas wants to ride the profit from the Bitcoin users thru eschanges. But for the benefit of the doubt, it will indeed boost Bitcoin adoption somehow.

Well lets see the actual scenario in the future effect of these bitcoin plans specially in central of the Philippines. Actually this bank have in control with the profit of entire country and as I have observed they see that bitcoin is really profitable, thats why they allowed the wallet site in the country to be a  mediator of digital currency exchanged with fiat money currency.

This is just to trying to legalize bitcoin, but they does wanna to know who is dealing at crypto world, but im pretty sure some of us able to make a good money at crypto dont wanna money frozen at the banks because they wont accept the dark marketplaces were we did used  to get those coins, knowing that those are the exchanges that already pay fees to their respective countries.

I have to say that if someday by some miracle one of the top 10 most advanced countries in the world publicly announces that they are accepting bitcoin as a currency to deposit and open accounts solely with bitcoin itself then price will really skyrocket like %500. but still any country with 5m+ population is a good thing to let their people take advantage of the benefits bitcoin is offering them.

That would have both positive and negative consequences. I'm not sure if it's better for Bitcoin to be recognized as an actual currency or rather an asset.

This is sounds great news to Filipino citizens, Bitcoin will be supported by the Banko Sentral ng Pilipinas after announcing this update news. It will surely that some of the investors who became negative about in bitcoin before their negative thought will turn into positive way now. Even the people don't have enough knowledge in it will also become curious more about in bitcoin.

This kind of news is great because this is one of the proof that bitcoin is getting stronger and bigger and now there is a possibility for the philippines to fully adopt bitcoin as their another kind of payment or maybe currency. I hope this kind of news will be keep on coming because this news or updates can surely help the bitcoin to be stable and it can also makes the price high and make it strong.

Good to know that your country is starting to adopt bitcoin now. And since it was started to publicize by the bank for sure it will be going be open to some other store out there to try the service given by bitcoin. And so we are hoping that too that someday other country will accept bitcoin as your country does.

Exchange like coins.ph have issues too on where you get your Bitcoin.  If they found out or traced that you get your Bitcoin the illegal way, or in a shady way, they will freeze your account.  Or if you have a numerous shady transaction.  There is some inquiry in Coins.ph thread in Philippine Local Board about his relative's account being freezed.  Same way how the BSP wanted to implement a more strict compliance by Exchanges like Coins.ph, Rebit.ph etc. on AML/KYC.  They even implement a submission of yearly report of theses exchanges.

Yes, I agree - it's a big step to a brighter future. Thanks to Bitcoin, the Philippines people will be able to keep their money safe

It's not strange for me. There are and other exchanges too, like as Coinbase which follows the same policy that is tracking how their users spend their bitcoins not only for illegal activities but to gambling sites (https://www.reddit.com/r/Bitcoin/comments/2q94tb/coinbase_bumped_me_today_from_their_services/) too.

Most of my money is coming from gambling sites and I do not think it is illegal in any way since the gambling sites that I am playing is not operating in the Philippines, if they will be very strict, I guess we have no choice on that but to comply. Since it has not happen yet, I guess it would be fair for us if exchanges such us coins.ph will release an official statement for our awareness.

Happy for the philippines. Bitcoin development in Philippines looks quite positive, Japan is also the case, the use of bitcoin has increased significantly in japan. Most people are aware of how bitcoin has a positive impact on the local economy.

Well, this is a very good start for a bright future, imagine if small countries like Philippines will also acknowledge bitcoins in their country, it will have a great effect for the bitcoin economy as a whole. With the acknowledgement of the government, people will be aware that it is a legitimate payment processor and their funds will not be compromise.

Actually it is not really being endorsed by the government or whatsoever, but they set guidelines on using it and banko central ng Pilipinas made a memorandum about it....

Though it didn't really mean that bitcoin was in the media limelight right now in the Philippines, it still means a lot to bitcoin users here... It means, we feel a little safe in holding a bitcoin as the local exchanges needs to comply with the banko central for their  users protection...  :)

These exchanges just want to follow the rules and policy set by government rather than face heavy sanctions for the regulatory board. After all, they are in here, first and foremost to make a living, and even if it means being very strict with their rules and regulations, they are not going to go another way. These are great times for companies such as coins.ph because they are among the pioneers in this line of business, and I hope they keep improving their services so as to attract more potential clients.

Good to see that there is bank that accept and see the potential of bitcoin in the market. Is this the first bank that accept bitcoin or there were some already that recognize bitcoin in their bank of their country?

Countries might even recognize bitcoin as currencie or asset but the thing is they have just one interest doing such that is the tax they will collect that they cant and arent able to get now. Soo they will be able to trace all our steps again.

Many countries are looking into bitcoin and governments has an intention whether to accept them or not, but this one gives boost to the government who wants to accept bitcoin as their payment method. Soon other countries will start accepting bitcoin as their payment method.

True, few Filipino only knows about in bitcoin. And the saddest things bitcoin became bad image in most citizens in your country, like what happen to bitclub, onecoin, and the latest was TBC those coins are more on hyped and all of them are ponzi or hyip scheme and too bad for the people became a victim by them. And this central of the Phil. want to accept bitcoin legally for them to implement the centralization but that's not good for the bitcoin fanatic actually, though their intention and concern is their so fellow filipino's

I'm from Philippines , I see the news that central bank of the Philippines Promote bitcoin as a payment. And this news published in news paper so many Filipino here are read that article so if many Filipino know about bitcoin they have posibilities those peoples invest in bitcoin. And that's good news for us because  the price of bitcoin will increase for sure. And I'm happy because central bank of Nigeria would also accept bitcoin. Who  country next? More country for sure will accept bitcoin . bitcoin price is continue rising and no one can stop the good news!

Your right dude.
They recognising Bitcoin because they want to take advantage and get some benefit to it.
But this is good to our country and especially to ours.

That's really great to see that a Central bank of a country is recognizing the potential of bitcoin and moreover blockchain technology to include in to the financial transactions. It surely will have positive impact on bitcoin price and it has already started I guess. Also the Central bank of Nigeria is doing the same as OP mentioned.

However, it also has a darker side, while bitcoin is meant to be the currency of the mass, countries taking interest in bitcoin may or may not have adverse effect on the bitcoin users of that country. If the central bank tries to regularize the bitcoin transaction and start taxing it, it won't be good. Lets just hope the central bank only takes interest in the blockchain technology and not on bitcoin users.

They are not harming bitcoin with those moves they are only harming themselves since no one will want to open shop there and will move to countries with legislation that is more friendly, they are shooting themselves in the foot with this.

Bank of central Philippines recognition of bitcoin is good news to crypto currencies communities. Bitcoin provides inclusion in our financial system something the  convention bank could not do. Even as bitcoin is over price I think now is still the best time to buy and hold it.

As far as I know aside from that Xapo also is the same as coinbase, the same rules and policies too. Since there are implementing this things most of their client users are abiding this rules and policy also.

That's actually pretty interesting to see, I would expect somewhere like the Philipines to recognize something like Bitcoin, but their most recent President/Prime Minister/Whatever seems to be pretty based and seems to be open to helping his people more, while cracking down on crime at the same time. This might be one of his ways of getting to that.

I think Phillippines maybe the only country which are giving a lot potential to bitcoin. Mostly countries are scared to trust bitcoin,because of non-stable priceand non-decentalized system,which always make a big impact on political thoughts about bitcoin and real potential to inject it in different countries

That's the reality situation of your country's now, on which many of your citizens there was not quite familiar into bitcoin. And as far as I know bitcoin in your place was having a bad introduction in your country because of some investment scheme where they used bitcoin at their own self interest which is bitclub and The Billion Coins so the image of bitcoin was become bad to anyone because of those shit coins that has been arise in your country. Though the acceptance of BSP was a real good news to all Filipino out there its a good advantage that can be considered.

this is a great news! We Filipinos may now have an access investing here in bitcoin and then easily convert it into our currency. I bet many of us will get encourage joining Bitcoin. And sooner, our economy will rise up since this provides employment even if we are just in our homes!

This is a very good news not only for the Philippines but for the whole Bitcoin community.

I Hope other countries approve or recognize not just Bitcoin but other reputable Altcoins.

It will be hard for Altscoins since it's too broad . There are plenty of alts and some are just shitcoin to be acknowledged. But there are really aome that are worth identifying.

Another good news. I am from the Philippines and I happy that the bitcoin is now accepted and recognize that the bitcoin as payment system. I know that the priceof the bitcoin will rise up again because of the good news.

The bank recognizes bitcoin because bitcoin is becoming popular in the Philippines, and because poverty is a problem lots of Filipinos are willing and are interesed on how to earn in bitcoin. And as you said, its an advantage for the OFWs to transact using bitcoin because it has a low transaction fee. But I think the government will apply taxes to it so that they will also earn to the Filipinos industriousness.

Wee just need to wait for the right time .. yeah! i think less than 5% of the population knows what is bitcoin is and 50% of the 5 are the one whos doing bitcoin, they dont know yet the gain in bitcoin.. though the banks now are really doing some jobs for bitcoin and if you will go somewhere in Makati there is an ATM machine for bitcoin. this good news from central bank hopefully will not  pull the attention of the government by doing what china did !

I'm from Philippines,  and im glad to hear Philippines recognized bitcoin as a mode of payment. The fact that some areas in the Philippines are not yet reached by bitcoin community due to its limited access in internet, But it will be a great help in the economy. Lot's of Filipino's are jobless hoping this will be the tool to escape from poverty.

That's true, amd I think it will be a good idea that Philippine Central Bank is recognizing bitcoin as one of the helpful sysem that may contribute a lot in our Economy unlike in the other coumtries, they banned Bitcoin in a unclear reason and I think that's because they dont see the potentials that bitcoin may acquire for their Economy.

I think this is good news for Filipinos if their government is able to accept bitcoin. this will certainly be very profitable for those who do dibitcoin activities. I know that the Philippines is a country that does not develop much industrial systems in this country, which causes some percent of its citizens to decide to work outside the country. of course this will be an opportunity for them to buy bitcoin at a fairly low price and get bitcoin with a high enough value of course this will make them prefer bitcoin in sending money his country. of course this will be very profitable for them, not to mention the effect gained that of course will be more and more investors who want to invest in the country of philippines. this will be very beneficial for the citizens of the Philippines yes of course with the rules applied by the government of the Philippines.

As the Philippines is usually connected to Overseas Workers and other stuff. Remittance has really been made easier by Bitcoin and that is why that slowly and sirely Bitcoin is making waves at the Philippines. More and more are trying out bitcoin and trying and sayo g that bitcoin has been making it easier for them to send money.

It is nice to hear that some countries recognizes the financial help bitcoin has offer to many people with this kind of recognition chances that the value of bitcoin will continue to appreciate and the demand will likely to increase since there are published story regarding bitcoin more people will get interested that can lead to sudden increase in the market gap of bitcoin.

I have actually seen some mom and pop stores here set up a payment system for bitcoin. They display a paper wallet option in front of the counter and you can just go ahead and scan the QR for payment. One such place is called Mr. Delicious, which is a cured meat shop where they offer assorted deli meats.

This is good and like btcc CEO has said bitcoin is  resilent and it value did not come from governments acceptability.banning bitcoin will not be a good idea because people will go underground to do black market business with it. Philippines recognise bitcoin is a good development but bitcoin value did not come from governments acceptability but from it demands and supplies force.  Bitcoin is decentralized and without government bitcoin has able to get this popularity and great development in technology and public acceptability.

That would be good for people in the Philipines if the bank recognize bitcoin. In fact it may draw lot of supporter in the country if the statement comes from the bank and will be benificial to those that might want to engage in trading as it have potential earning for common people.

It's good to know that lots of Asian countries are recognizing bitcoin, it's not only going to make the lives of lots of Asian people better but also it's a good sign for the consistent growth of bitcoin and cryptocurrencies. It's to be noted that people of the Philippines are very hardworking and honest and I'm sure they are going to take bitcoin to next level in terms of adoption, acceptance and popularity.

It sounds impossible but its a good news for all of us as a filipino. Bitcoin has been increasing and become popular to the philippines so i think its a good idea that bitcoin has been recognize to our country. Bitcoin will really help the country philippines to rise up when it comes to economy.

This is really a good news even though the news is really not making waves and influencing price the way other it would have been if it had been a country like the United States or Russia but that being said, the people of Philippines will be happy about this news and hopefully, it will spread to other countries. However, I want to be concerned about when the implementation will start effectively.

actually not yet because i am from philippines but there are no banks that accept bitcoin here, well for sure, in the future the bitcoin will be on some many banks here. but for now maybe there are few banks that accept bitcoin.

the government can be tricky. you don't wanna get them involve nor banks. they may approve bitcoin from the start and will soon bann it like how chinese did. what they can acquire by doing that is a database of crypto users in the country. its going to be scary, they could accuse you of illegal things on the internet later.

These adoptions will erode the Chinese ban of bitcoin. I noticed from last 7 days bitcoin there is many adoption has been added with the bitcoin. I thought we should be away from bank get bitcoin reach to all people. Still I worry that bitcoin should be a legal money and non taxation digital money to utilize it.

Central Bank of the Philippines is owned by Rothschild family the powerful family in this world, they allowed bitcoin because Rothschild wants to control the economy of the Philippines

This is really a good news for us because after Japan like big economical Power countries this is Philippines who is going to legalise the cryptocurrency and making the bitcoin legal full to use .
Here this will surely force to those countries who banned thr bitcoin in history , Now to un-ban because this is not only a way of payment system but a option of making earnings in bulk amounts , so here it is giving lots of job for us .
Here we should share this news in our friend circle and also at social media because this is not only a news but also a action against the people who hates the bitcoin and always saying negetive things about bitcoin .
Well here we should just chill and enjoy because this will give much impact for my country also to legalise the bitcoin fully .

This news was old and there was another update that the most popular local exchange was held their license recently by the Central Bank of the Philippines.


I didn't know about it, as I know that it is owned by the government. Is this sort of conspiracy? Do you have some headlines or any articles that will prove with what you had just said that CBP is owned by the Rothschild family? I know they are powerful and rich but to the point they own a government agency?

This is great news especially to us Filipinos. With this article, it only approves of the legitibility of bitcoin. Actually, many Filipinos have doubted bitcoin since the idea of cryptocurrency is new to us. Now that cryptocurrency is accepted and recognized in our country, many will be enticed to invest on BTC and play the trade or utilize bitcoin forums for campaigns. But on the other hand, with more people coming with knowledge on this, it also means more competition.

This is a good news to the people of Philippines, because they see bitcoin helps to the economy of the Philippines and gives more opportunity to all. I believe bitcoin is become more familiar and popular in the Philippines it also increases , people get interested invest and earn in bitcoin . Its a good news also to other country that they heard Philippines recognize bitcoin. I believe soon other country in Asia will recognize bitcoin and worldwide. This will be very helpful in every Filipinos.

more and more countries will start regulating cyrptocurrencies one way or another, which is a good thing because

1) frauds will be reduced (many are abusing ICO's and rip-off people)
2) regulating the market will give it validity and more conservative investors will join the crypto market

This would be a great news for Filipino bitcoin users. If this will be given more focus by the government, then the transactions here in the country will be easier and if this will be regulated by the government, then many citizens in the country will use bitcoins, and there's a possibility that many will find a source of income in bitcoin forum.

This is a huge leap for Bitcoin, with this, it proves to show that the future of Bitcoin is still bright.
Even though it is facing some challenges in some places, but at least it's gaining ground in most other places.
This will help the Philippines and bring more income to the youths.

Yes, so far the Philippines has not made any actions yet to implement or regulate Bitcoin or cryptocurrency except for this public statement made by the central and create licenses for exchanges. Hopefully like the other countries, the Philippines would make other efforts to adopt Bitcoin.

I don't think that rumor about the Rothschild family is true. They may be a rich family, but I don't think they have a hold of the central bank of the Philippines. The economy of the Philippines is not that good, and it could be better had it been in the control of a rich family.

this is good actually more filipino showing their own interest to use bitcoin which is the best one because they knew the really importance of using bitcoin without doubt and yet they completing it and some of them are successful which is good too and they recruiting and recruiting until the community of bitcoin became bigger.

This is good. China will have to follow their much more cryptofriendliers neighbours (Japan, Korea, now Phipippines).

That is so important fundamental information, which should have strong impact on BTC price soon!
If Philippines’ Bangko Sentral Will start Recognize Bitcoin as Payment System the price should be changed immediatly. At least one Bank sees the virtual currency’s potential to revolutionize the delivery of financial services, that is also great news.
What do you think, how much % BTC could rise because of that?

It because of some parts in our country have no internet connection and some of us are busy facing other social medias.
I really appreciate of what Central of the Philippines did, as it could be a big help to our countrymen. Even though bitcoin is not fully established but I believe that it could be happen in the coming years.

Since it was acknowledged by the Central, soon adoption might happen. As we see more banks and payment centers accepts btc now,  but only few lnows it since Filipinos were too busy more in some trends that are not much beneficial.

yes...I hear a news that some of establishment here in philippines already recognized bitcoin.. and bitcoin is now somewhat pkpular now adays in philippines..some famouse store alrea buy and sell bitcoin as far as I know...and maybe they already recognize bitcoin as money to use in everyday living.tnx

Knowing that the central bank of the Philippines acknowledged the significance of bitcoin makes me feel more complacent and more assured that my investment in bitcoin will be much safer, and that I will be able to make a profit in my investment. Not only that but the way of payments would be much easier knowing that my bitcoin is connected to most of the banks in the Philippines.

Finally the good news about bitcoin we can hear, we all know in the last few days bitcoin news is always unpleasant, ranging from the Chinese government banned all the activities of ICO, bitcoin prices dropped dramatically and become bad news of bitcoin. I am very happy to hear this news, I hope it will make the price back stable as we have felt before.

That’s indeed a good news! Due to the recent drop in bitcoin price, my heart seems to be crushing. I'm afraid that the price may continue to fall. But now, that news has made me feel good. I have now a reason not to worry because I know that bitcoin price will rise up again and I cannot wait for that to happen.

Already philippines allowed bitcoin as currency for remittance since most of its citizens who work abroad would benefit from it by sending their earnings to their home instantly at very low fee.Then it decided to issue license to two of the bitcoin exchanges in philippines.On one side,we could see that china taking hard stand against bitcoin and on the other side,most of south east asian countries either legalizing bitcoins or having a friendly approach towards bitcoin like japan,south korea,vietnam and now philippines.soon,india too would join the list.

I agree with you. I'm a Filipino too, and I am thankful to know this news. And with your ideas I am already imagining of a bright future. But I think that there are just limited people who knows bitcoin in our country. Most of them are in the high class level. It will be better if the low class level may know this too. To give them courage that there's a way to improve their lives. Thanks to Bangko Sentral ng Pilipinas and thanks to bitcoin too.

For sure it will be the best for the future of the bitcoin because now a lot of new countries like India is making bitcoin legal, I saw the news on the TV it is the great news for all of us. Because it is the beginning of the bitcoin legalization and to make it famous worldwide, bitcoin will spread more than how it is going right now so it is best for the bitcoin and the investors of the bitcoin.

Good to here that. At least there are already countries and banks who believe in bitcoin. The more they agree and endorse it the more it will rise in value and more people will be interested in investing in it. Good luck to bitcoin in the near future.

Thats goodnews!im so grateful  that central bank of the phil will recognize the bitcoin its means that bitcoin will pump up again.in this situation the economy of the phillippines will be benefited and also the people who belong here.bitcoins helps a lot  by providing a person to have an income,and to make the transaction easier especially in online business.in this scenario many businessman will invest stock  on bitcoin because it is the big oppurtunity given.

Well, better be one of the firsts to accept and legalize. The longer this plays out, more and more countries will jump on the wagon and that's to btc users'  advantage.

I am from the Philippines and i am glad from that news. I think sooner or later maybe bitcoin could be legalize by the central banks here in the Philippines and i can used my bitcoins as a payment in every stores without converting my bitcoin into cash.

You guys are very interested in bitcoin, I know there are lots of philipino people in the forum. So this is good to have a coverage all around the world, entire community is getting expanded.

This bitcoin recognizations are positive for bitcoin's future.

Yes it will be better when more countries will join the race and this will bring the huge business to their region so that will be great to see if it is adopted all over the world and this will increase the profit rate also and the administration of economy of country will be in hands of bitcoin the more the country use it will progress as according.

it is a good news that finally bitcoin is accepted in the Philippines, it will not be a problem in using bitcoin and will be developed and integrated as days pass by

And it also means that Filipinos knows bitcoin, it can help lots people.

In my country which is the philippines,I am so happy that bitcoin was already recognize by the Central Bank of the Philippines as payment system so that it would be easy for us to pay as less hassle to people that has bitcoin.This is so amazing. :)

Bitcoin will become popular in that country for sure because the government are slowly noticing bitcoin if they will fully legalize bitcoin then it will become the best moment for the people there because they can easily use bitcoin to buy things everywhere in their country because the businessman will adjust their payment methods to adopt the new currency.

The value of the bitcoin is now getting the world wide and the people who were not aware of the bitcoin are using the high amount of the bitcoin, the importance of the bitcoin is increasing more and more, the price is also getting at the top 10 most expensive coins, so hold your bitcoin and invest in the bitcoin as much as possible the worth of the bitcoin is increasing and the value of the bitcoin will be more than this just in the few years.

I'm from Philippines but i'm not aware that Bangko Sentral ng Pilipinas already legalize virtual currencies in our country. It's a good thing that bitcoin is accepted as a payment systen in our country. I've been worrying about it being ban on our country like what china and other countries did but now theres nothing to worry about.

It's a good thing that Bitcoin recognize in the Philippines.As I've read at the article the BSP governor turned the importance  of bringing Bitcoin trading under the regulatory framework of state noting that although Bitcoin comes from a small base the BSP  has seen a rapid increase in use.
Somehow, other people don't know what Bitcoin is and they think it is a scam.

Philippines has been a huge user of bitcoins. Their localbitcoins volume has always been high and they've been very creative with services that offer buying and selling BTC.

it is really true? I've not heard about this kind of news in the Philippines but if it is really true that central bank recognized bitcoin as one  of their payment system i'am  the one happy heard about that, because its means that time will come they want to regulate bitcoin in our country.if they regulate crypto currency its means that their progress in our economics industry especially in digital currency,more investor to come and we expect the unemployment will decrease.

This is a great news! It defeats the common misconception in our country regarding bitcoins.
Payments when buying loads are much easier for me.
Transactions thru online are becoming more at ease to do because of btc even though I don't have a credit card.
Also, you can earn btc thru joining a campaign without taking so much of your time.

Any news though about the new exchanges that will be opened soon? I read that the Central Bank of the Philippines have approved and there 2 exchanges that will be opening, but I never heard any news again. Philippines though is very active in the bitcoin scene as evident of the growth of users doing trading. And I hope that if ever 2 exchanges opened, the growth will continue and the Philippines will be another leader in Asia with regards to embracing bitcoin. And I would like to see merchants will soon accepts bitcoin as payment in the local scene as well.

i hope my country would accept bitcoi as a payment too. but i dont think it would happen in my country thought. my country always think small problem as a big one and they are trying to hide a big problem from their citizen. such as bitcoin they hide it from media and that makes almost all of my country doesnt know about the existense of cryptocurrency.

I'm awaiting for the updates when will be the Bankgo Sentral of Philippines would adopts bitcoin as payment system. And I am great it would happen in the future that bitcoin recognize and hopes it would be more merchants soon in the country. Because the more users the more demand in bitcoin community and yes it would be very helpful in terms of payment system in the country.

I'm happy to hear it, this is a good sign for bitcoin, I hope this kind of thing a followed by other countries too.
While in the Philippines only one or two people know about bitcoin, someday, there will be a bitcoin explosion there, because the one who socializes bitcoin in the Philippines is his own Central Bank.
right now, its positive impact doesn`t exist yet, maybe a few weeks or months later, can we feel its positive impact , I'm sure there will be a surprises coming.

That is a good indication that bitcoin will be recognize in our country. I'm from Philippines too and I am happy that Central Bank of the Philippines recognizes bitcoin and if great investors in our country know that, they will invest in bitcoin too and the price will go high. I hope more and more people from the Philippines will learn about bitcoin and invest in it.

i think the number of bitcoin users in the Philippines are increasing rapidly it is because people are looking for a sideline to earn additional income and bitcoin offers opportunity for that, I can see many Filipinos here in the forum and doing signature campaign. The dollar exchanges is also increasing which makes their bitcoin earning more appreciated.

I've heard about this too but I haven't heard any updates as to whether the 2 new exchanges opened up. If this were to happen, this would provide more convenience for the filipino traders.

I have noticed however that the bitcoin users in the country has been increasing. It seems like bitcoin and cryptocurrency has been gaining more attention in the Philippines. Also, I've been seeing blogs written about Bitcoin and the business sector has been giving it some attention. Hopefully, the recognition on bitcoin in the country will improve.

I think you missed "Bank" in "Central of the Philippines."

This move by BSP will result in enhanced expectations on cybersecurity risk management. It will further open up the use cases for cloud technology in banking applications, and further strengthens the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters.

Good news for bitcoin in the Philippines.

I dont think this is lucky for the Filipinos but this is better that banning. As you can see we already enjoyed the no tax policy in all local exchanges after we buy and sell our bitcoins but after the releases of that policies by the Central Bank im pretty sure it will include some new taxes which will result of higher fees in return on every transactions. Anyway we just hope that they will not impose so much collections on exchanges so that we could still continue to enjoyed of what we have already started. :-\

It is a very good development for bitcoin having recognize by Philippines and Nigeria. I do hope that many more Central Banks recognize bitcoin as form of payment in their country. I just hope that bitcoin would not be use by some corrupt official in the Philippines in their illegal activities.

Bitcoin is a great technology but there is a huge chance for bitcoin to be used by the corrupt officials, it is a fact because we all know that knowledge somehow lead for being an evil person so if they will discover bitcoin then it might become a gateway for them to transact more illegal stuff and so on that will damage the image of bitcoin.

sure while bitcoin become more famous and give benefit for other people, bitcoin will have bigger chances to recognized by other countries. i hope my government also do that.

Really?!.. Well that's a great news! I'm a Filipino and I'm glad to know that our government see the big potentials of bitcoins instead of criticizing it. It seems that our government finaly accepts bitcoin and I hope they are open for its legalization in the near future. For sure that bitcoins will be a big contributor in uplifting our economic status.

This was a good sign for us and I can't wait the day that bitcoins will adopt all the transactions happening in our country.

This is a great news. What a way to spread the popularity of Bitcoin :D

With the help of that news, new investors will try to invest in cryptocurrecy and that might pump the price Bitcoin in the following days.

I'm glad our country is one of those who support digital currency especially bitcoin because it is really a big influence having bitcoin in our lives because of the fact that our country is to be considered with one of many poor member of the society and bitcoin gives opportunity to help us earn and somehow become financially stable.

we can waiting this time to come and soon many countries will recognizes and approve bitcoin as a source to make money so we can still using bitcoin to earn more money. many people including me is hoping that bitcoin can be accepting in all country and the people will know about bitcoin but its not easy to open their eyes and their mind to see this good opportunity for them. we can use bitcoin to buy something, not just in internet but in local store and we can spread news among them about the advantages of bitcoin.

They see it since the bitcoins transactions are so wide and it can able to counter there payment systems rotating on there countries and I see some articles that some politician prohibits cryptocurrency to be used on philippines but I don't know if he file some laws about it. But if government will see some good sides on it well maybe we can see that bitcoins will be soon legalized on philippines.

happy to hear this, I'm sure bitcoin users, especially the Philippines will be happy and get great benefits because of bitcoin, hope that the same thing also happens in my country.

Too add and to clarify things before they have raised the issue of the growing number of scammers accepting Bitcoin as a mode of payment, the misinformation made some think that Bitcoin is not recognized by BSP. What they are trying to do is to warn the citizens of not falling in these traps easily as they know that Bitcoin is hard to trace where if you send the money to the scammer it will be hard to retrieve again. Good thing that the Philippines is one of the Asian countries who accept Bitcoin immediately.

Yes everyone seems to be enjoying about this news that the Central Bank recognizes and adopted bitcoin as a legit thing, before they were skeptic but upon seeing a lot of Filipino's earning good with it.

They can't do something about to stop the demand of bitcoin instead of banning it, they just did the right thing of supporting it so that the government will earn from it.

And I hope other nearby countries will do the same adoption because it's very healthy for the economy.

Already among the Asian countries Philippines is one among them with increased market as well good user network after China, Japan and Korea. The ongoing recognition will make the use of bitcoin effective and might support in the growth of the country's economy. Asian countries were in an urge to dominate the cryptocurrency network.

Good news lads! I think there is already a deli and a meat shop that accepts bitcoins as a method of payment at their store. It is owned by one owner and it has a bitcoin accepted logo on the door. My fiancee saw it and told me about it. We will be going there during the weekend and check it out. I do hope that more businesses adopt to this.

This could be the great news to all Filipinos and most of all the other countries in all over the world, this could be the good sign because they know already that the Central of the Philippines recognizes bitcoin. This is a good opportunity also among Filipinos, because this is the most important for the economy. We hope that bitcoin will become more popular to all people and also to the nearest country in the Philippines.

As Philippines is acceoting bitcoin and it will be easy fr the bitcoin to circulate in the ASIA region, china has banned bitcoin but it has entered ASIA from another way and this is the good sign that more countries are joining the community and this will make bitcoin to progress easily and whereas scammers are concerned they will be soon behind the bars as CYBER department is in move.

It might be the beginning of golden age of cryptocurrency in the Philippines as its central bank recognized bitcoin as a legal tender or can be use  for any legal transaction online. There is a substantial market for this cryptocurrency in the Philippine and is predicted to grow more like in other countries where bitcoin is making a significant growth. The future looks promising as many countries like japan started to recognize bitcoin as one of their legal tender.

I think it is really a good news for every filipino who are using bitcoin. Many countries is now accepting bitcoin as a means of their payment so if philippine government accept bitcoin therefore everything will be easy especially in transaction online.

this is very good news, I think with this kind of information bitcoin will be more familiar with the people in the philippines, and some of the central banks in the Philippines begin to recognize this virtual currency, of course this will have a positive impact on the development of bitcoin in the Philippines, more and more people will be investing their money into bitcoin, because the potential of bitcoin is huge for investment, growth and increasing prices, I think bitcoin will be more popular in this country

The recognition of bitcoin in the country of the Philippines is a great sign for the progress of bitcoin because it is an adoption and that is a sign also for the Asian countries that they are very active and they are the one who are accepting bitcoin in an early stage and i hope that the non Asian countries and the other majority countries like America will accept bitcoin too so the progress of price will continue.

Philippines, Thailand is already slipping Asia will connect, this is a very good signal for the entire crypto currency market. It remains to be hoped for other continents.

This is some good news. However it was posted 8 months ago and I have never heard this news from national television? Anyway if this is true then it is a good stepping stone for the Philippines to improve its market and economy.

Since bitcoin is now recognized in our country i am hoping that soon it can be used in biggest malls and supermarkets in our country, but i want to make bitcoin as is what is the current situation right now because if the government will enter with bitcoin and they starting to do a law in bitcoin i do not think it will be better we all know that more people in our government is corrupt it can be possible to used in their illegal activities.

Well getting bitcoin recognized or it being mainstream is always a double edged sword in developing countries like the Philippines. There will always be people who will use and explore the darker side of it like using it for illegal activities. However, it is not all negative as there will also be a positive side to it. Like business owners who will accept bitcoins and other alt coins in general.

Nice, that is a fresh breeze for the future of bitcoin. I hope all countries can do the same. In my country bitcoin is forbidden to be used as a transaction tool and in my opinion the central bank in my country is issuing news about very confusing and very obscure bitcoin. Lol

Oh good, thats really good news.  it seems that bitcoin is gain popularity in south east asia.

Glad to hear that bitcoin has being introduce  by bangko sentral ng pilipinas and sees its merits to bitcoin..as a filipino i can see that this is a great start for filipinos to know the benefit of bitcoin and the impact of bitcoin to our future..digital money just like bitcoin or some other cryptos needs a big explaination to people who doesn't know everything about cryptocurrency..but if 75% of the population of the philippines would know the worth of bitcoins and start a research on how it works also start investing,mining,or traiding  most probably  its value pumps up so high,though not everyone could invest due to high value that almost reach to 300 thousand pesos per 1bitcoin..there is still a way to earn bitcoin for free..i also hear that there were different business owners who accept bitcoin..a very good news to all bitcoin holders.

It is really good to know that our country recognizes the potential of cryptocurrency, especially bitcoin. Bitcoin has a numerous advantages that can help to the progress of our economy. I'm hoping that other countries will also accept bitcoin as a mode of payment or even remittance. 

Yeah the big rule of the bitcoin according to Philippine central bank is it revolutionized the remittances system they make faster and economical, that is why Philippine central bank give merit of BTC operators in the country and issue a policies which is encouraging environment to the BTC patrons and the purpose also security to BTC users.

For real ? Ive just read about this topic today and im surprised. For us filipinos, this will become a great opportunity to focus on our cryptocurrencies. Keep on evolving :)

This is great I'm seeing new investors in bitcoin since it's being recognizes as one of payment system. and many rich people in the philippines would invest so expect the demand of bitcoin to increase also the price. SEA will be one of the reasons why bitcoin will goes to bubble anytime.

Believing that this would be a start of crypto involvement in our citizens. I know our people will have this as a great opportunity for us to earned more, instead of working all day in the farm. As it will be embrace by the community and having a support of the central banks, it could be possible that their will be a smooth operation in ou country.

It's for real mate  ;D and not only the Filipino's are happy about this news. Everyone that's involved and belongs to the crypto community are happy to see when there are news like this. And most of the Asian countries are now into bitcoin, Japan, China, North &South Korean, India and many more.

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Many will invest but many will also raise their eyebrows on bitcoin especially those financial experts because they know the history of bitcoin but they can't deny it's growth.

I hope people will be educated with bitcoin that is not a HYIP because majority of the people in the Philippines does not have the right idea about bitcoin.
They actually viewed it as an investment rather than a currency, but with this regulation by the government or the BSP in particular, I hope this will give them confidence to use and trust bitcoin in their transactions.

I think the Philippine Bitcoin Community is intelligent enough to know that bitcoin is now a HYIP because majority of Filipino earns through trading and signature campaigns. And I also disagree that many rich people in the Philippines are now into bitcoin, majority as in the casual investors, students or those in the IT sector. Well it will be good if someone very rich buy a lot of bitcoin from the Philippines, but is not the case. Only casual investors are into bitcoin right now. So high profile personality that I have seen or heard are into bitcoin from the Philippines.

Never heard the news but it would be a huge change to the Philippines.  Maybe because of what Alibaba's founder said and advice to our government about e-commerce. Bitcoin is still new to our country and a small part of our population knew what or how does bitcoin moves in the market. Does it MEAN it will be legalize to our country or maybe tax will be implemented to transaction that uses bitcoin?  If ever,  those tax will be a big help to our economy to raise more funds.  And one more thing maybe corruption will be eliminate as of the founder said.

Yes you are correct. It happen because of bitcoin remittances in central bank. They notice that the bitcoin remittances monthly is around 2 million dollar why bitcoin is recognized by the central bank and it contribute in financial inclusion which is come up on traditional financial solution that hard to provide. Now the central bank come up to a new regulation to legalized cryptocurrencies in Philippines and they create a cryptocurrencies platform operator that will hold all crypto currencies and they're accountable for anti-money laundering initiatives among others.

It is very excited to here this news from you.The reason for world economy is Based on philippines. Philippines is the one of the Country where money is not all matters.Now the more investor will come from philippines. They  will use to play with money. Now they get into the Game  ;) .So,the Game will move  to thriller portion .Any thing may happen. By this ,the price of bitcoin may raise 10k$ with in this year. :)

If you don't know, bitcoin in the Philippines is already popular and there are thousands of Filipino's that are now into crypto currency.

The progress of bitcoin in the Philippines is rapidly growing and that's why the Central Bank recognizes it and they have made a decision to support bitcoin but still they are giving a warning to everyone that bitcoin shouldn't be used in illegal way.


Even before without Jack Ma, bitcoin is popular already in Philippines.

In what country do you live?


It all depends to the decision of your country's government.


Yes, that's a reason why they are recognizing and supporting bitcoin.


That's why they are reminding their people to use it properly.

It is a great opportunity for Filipino Bitcoin members to be recognized by Central Bank of the Philippines because not all people know about what bitcoin is and not all Filipinos can be pleased that bitcoin is not a scam, but now that it is recognized by the Central Bank, it is a great opportunity for Bitcoin to prove that it is true and reliable source of money and income and that it can help people who wants to earn money even at home. They can also prove that lot of Filipino people are active in Bitcoin.
:)

Actually Philippines central bank approves two (2) btc exchange operators here in the philippines. The Bangko Sentral ng Pilipinas noticed the potential of this currency which can be the solution for payment conflicts accross the nation. Approving those operators will be the start of trusting digital currencies. And i hope that this will continue and time will come that everytime we pay products or services bitcoin is our medium.

wow the economy of the philippines has been doing good because of bitcoins , national media has also acknowledged bitcoins and as far as I remember almost 1 million dollars was being  transacted to the philippines daily by the means of bitcoin ! amazing isn't it ?

 i am a filipino and proud to what bangko sentral ng pilipinas did. they see the potential of bitcoin in our community thats why they recognize it and started to promote in our country. i hope that bitcoin can help our economy to grow and reduce jobless people in our beloved country.

Most of the country's GDP relies in remittance from OFW . For the past few years, the Central Bank has been monitoring the trade of bitcoin and was able tor ecord a great deal of money being circulated in and out of the country. Also, the executives of exchange companies and the directors of the central bank are in good terms and an call their relationship as 'friends'. The executives have been complying very well to the point that the central bank trusts that as long as there is a proper regulatory model, corruption and moeny laundering through digital currency could be avoided.

There are also reasons why bitcoin is accepted in Philippines and is acknowledged by the Bangko sentral ng Pilipinas.
 The main reason is that Philippine is lacking of employer and bitcoin is the solution to all Jobless people who is capable of understanding crypto currency. Eventually Philippine is fighting terrorist and soldiers need finance to win the battle, bitcoin is a good source of income, and is very helpful. Philippine President cannot take the responsibility in every aspect of problems of the Philippines. So a good news to Filipino citizens.

This is really good news, specially for the filipino people. Also in newspapers, bitcoin also is there, some local newspapers here in Philippines. Later this month, news about crypto currencies are being on the trend, also in different social medias. Hope bitcoin will be popular and legalized here in Philippines.

Yeah you are right the bitcoin and the crypto currency is now acceptable and the value of the bitcoin get more and more high. It is the value of the bitcoin that has gone high just by increasing the value and the importance of the bitcoin as the wealth and the power of the bitcoin increasing price, he hold of the bitcoin is the best thing for a lot of the people. I use to buy and want to make the bitcoin for all of us.

This happened very early this year and since then it has been a very sweet turnaround and a huge change for the Philippines.

It is necessary for governments to start realizing the benefits this has to create and find a way to make it beneficial for both the people and the government itself. Overtime as we keep seeing more adoption, we will keep seeing huge news surrounding the currency and then you will find out in your country that it has become massive than even you can imagine.

That is a great thing bitcoins is really that popular here in our country, yes i am a filipino. Even though there are no establishments that are accepting bitcoin as a mode of payment there are banks that are accepting bitcoins in exchange to fiat or a real cash and that is a great thing for us filipinos because we are not gonna think ways on how we gonna exchange bitcoins because with a single tap on an app we can withdraw our money in an atm machine thanks for the security bank and I'm hoping that all banks will soon accept bitcoins in exchange to cash.

Correct, its a two way fold, citizens and government do really benefit from bitcoin. OFW remittance in The Philippines is one of the biggest dollar earner for the country. And it bitcoin will became the #1 choice for those OFW then bitcoin will really grow in the country bringing millions of dollars and make bitcoin as one of their logical choices. So its gonna be a win-win situation not only for the OFW but on the government side as well. Just to happy to see Philippines didn't follow what China did, but instead adopt bitcoin but gives the citizens a fair warning about the used of it. If they are going to imposed taxes, I think everyone would agree to it, instead of a total hammer ban.

This is wonderful news for our country, the central bank finally recognizes Bitcoin as payment, though it has been legalized before, only a few percentage of the population are using Bitcoin. This move of the central bank will surely attract more and more investors in Bitcoin, though there are already news reports saying that Bitcoin is a scam, I think they will change their mind once they realized that our Ally, the Japanese, sokor, Russia are using bitcoins as well, hopefully they will come into their senses. I think this is also due to the growing population of people that mostly do their shopping online and since Bitcoin is digital currency, we might see the Philippines following the footsteps of Japan, and soon will have it's own known ICO.

actually i only read this topic by now and im surprise about this news. i only know that bitcoin is accepted in this country but not too deep in knowledge about this acceptance. good news for more pilipino who supporting bitcoin since then, your future is in your hand by having this opportunity related in bitcoin.

Just this afternoon, a news segment have featured bitcoin. It has discussed how Filipinos have misconceptualized the use of bitcoin and bitcoin being used in different scam. And also it tackled about the potential and growth of bitcoin in the Philippines. It really amazing how Filipinos and many user come to adapt bitcoin, it's just that it really need a more detailed information for many to understand everything about bitcoin. Because, limited knowledge would only cost someone to get scammed.

Well has it been accepted already there? Being recognized is quite different from the central bank accepting btc use. I think.it's still open for study. There are only a few countries right now like japan who has accepted btc as a currency for transactions

Lol funny…oh good to see that they recognized and started accepting Bitcoin, but I don’t really see any changes that will make. Other countries won’t be moved to take the same step just because Philippines did so. There are bigger countries that pushes the world to make a move like the U.S, EU and China (Japan too).

Yes, I do agreed with you too mate.. majority of our co - Filipino citizens are not really aware of bitcoin. It maybe some of them they heard it or saw in Facebook but most of it are fake or artificial only or Ponzi schemes. But this is good step decision were Central of the Philippines recognizes bitcoin.

Do you have any link of that? I would love to watch that. Well most of the people are thinking that bitcoin is a scam and now Filipino's love to earn quick with bitcoin so they are taking the risk with those scam investments and they are thinking that it's a legit one because they lack of knowledge about bitcoin. Bitcoin is going to rise and not only in Philippines but in every country, it's now on the mainstream and while it is still early for us that are into bitcoin now, hold.

There is hardly any reason to deny this fact the rest of the countries of the world actually need to do the same if they want to bring prosperity in their countries. I must say that this is really a very good step taken by the government of Philippines. This will encourage the people living over there to earn more amount of money and they will use bitcoin in their daily lives without having any worries.

Yes for some reasons I would like to suppose that the Philippines and all other countries that are skeptical about Bitcoins' proliferation are but afraid of change -- because this change, who knows, may cause the decline of their currency and what not. Otherwise stated, the heads of these States do not know what is going to happen if they openly accept Bitcoins as a form of payment. This is the fear of the unknown, and it is real. It cannot be said that this is negative because their reactions are normal, only that it may ALSO impede their progress. 

what a great news to our cryptocurrency community. And dont you know that Vietnam has just made a new law to bitcoin and with that law, bitcoin is somehow forbidden in this country. Anyone who is found using bitcoin will have to jail or pay 150,000,000 VND which equal to $6500 

                It is not impossible that sooner or later bitcoin will be recognized and be legalized not only to a certain country but all over the world, it is just that there are so many involving schemes that made bitcoin looked bad. We cannot force the government to totally adapt into bitcoin and legalized it immediately, aside from there are also some conflicts and worries present, it will also took its time for its procees for the implementation of legalization.

Incredible! Finally, BTC began to recognize the market of developing countries. Filipinny course is more interesting than Nigeria, but this is already progress. Imagine if the USA recognizes Bitcoin?

Right,  for now we can only look out and be updated on the news,  after all we are all just the followers or the citizens who have to follow laws,  rules and etc.   The government is the one who has the power to legalize bitcoin in a certain country.  Even if many people wants bitcoin to be recognized all over the world,  it cannot be done with just one swoop of a wand. The word has to come from them. 

Bitcoin is starting to be recognized by many people and if this continue there is a possibility for the government to see it through.

It is really possible that the central of the Philippines would recognized bitcoin because there are a lot of people talks about bitcoin in the social media and in public, so there's a reason why the central of the Philippines have recognized bitcoin. And it is now broadcasted in some news that they say" people work here for free and just staying at home". Sooner or later not in Philippines could be recognize bitcoin.

That's what a great new thanks for this thread giving us information, here our country many bitcoiners like me who used bitcoin as a additional income. And many people now here using bitcoin or even in payment transaction, theres no reason why did not recognized our central banks about bitcoin because as of now their are many users here.
Another big achievements to bitcoin and this will lead to succes!

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well i am from the philippines also and this is really true that almost all from this society have joined bitcoin already. This is one of the greatest decision a filipino had ever made. it helped a lot to the masses. it brought large amount of money to the country which means this could lift up our present standing in our economic situation which is a very great news.

what are the merchant websites support bitcoin payment ?

Wow that's great news. If this is really true and not just a joke or something tonconfuse people. Philippines is getting more popular because of its talents but most of all, it is getting more known around the world because of its unique president. Damn that duterte guy is unique and brave. So i am curious as to what he's opinion about bitcoins and the whole crypto world as a whole.
I am also hapoy that nigerian government is also in good terms with bitcoins. Almost every week more and more countries are acceoting Bitcoins. I hope this continues Because this will clearly benefit everyone of use who love crypto currencies.

I had not heard of that news before now.   Vietnam does have a long term problem with excessive inflation, its form of taxation by government on the people by their printing of money.     Its not then surprising the government wants to force people to use only paper money they print even when its value is undermined to pay government bills.

I have heard how houses in Vietnam are priced in blocks of gold because it takes too long to arrange a sale before the paper sale price changes again.   Neither side can agree a price that suits both and so the business and exchange of goods are surpressed.  
This is always bad for every country, less business and trade means all citizens become poorer.   Bitcoin is actually trying to help the people but government on their wages wont accept this, its also true in other countries.

Philippines may not want to allow so much dollar influence or accepts the positives of bitcoin business can bring.

Welcome Phillippines, you just joined Germany and Japan.
Only three countries in the globe recongnize Bitcoin as a currency. We hope that it will be recongnized in all over the world so we can buy and sell it everywhere, every time without high transaction fees and without being traced because for me, I think it is good to be secure and to have some privacy.
In addition, poor gouvernements should start  think of investing in it to make some money.

Yes, i heard that news and it is a good news for us for recognizing bitcoin by philippines’ bangko sentral. Many filipino investors will come in bitcoin. And it will help surely the value of bitcoin to pump up.

Wow!That's a good news to know. It will surely be a great help to Filipinos because this country is not that modernized of everything and it is still a developing country. Somehow,this will have a big impact to those small businesses knowing that they have a very nice target in the market. As I've heard from many sources,foreigners are so loved the country because of its beauty and prices of the commodities. All in all it's nice to know that Central of the Philippines recognizes bitcoin.

yes, maybe the government should start thinking of its people for a promising long-term investment, but there is certainly a consideration that the government in some countries has not legitized bitcoin. philippines, germany, and japan, their government must have thought of all possibilities before making a decision. whereas in china, the government actually closed all bitcoin activities. so we still have to accept the government's decision because they must have thought about it.

I would honestly use BCH if there is a good exchange, fees are going to be way lower.

It's a good news for the Philippines, how they have recognized bitcoin already. Their neighboring countries are also doing the same and has started to accept bitcoin as payment also.

its nice that our country recognized bitcoin and many OFW using bitcoin for fast transaction to send their money for their love ones in philippines.

I hope this opportunity for the OFW to benefit from the cheap and fast transactions of bitocoin will be given to them.
They'll not gonna use it if we will not educate them but if the government will show its support then educating them is easy as they have the trust.

Yes! This is a good news to us and even for the Filipinos who aspire to discover more about bitcoin for their own investments. I'm glad that Banko Sentral ng Pilipinas or BSP is recoginising bitcoin in the Philippines now. It can surely help the Philippines' economy moreover the Filipino's way of how they can earn more.

Yes its true and it happen long time before when bitcoin arrived to Philippine so in first month its users were almost above then thousand and Philippine government were trying to make it legalized so they use different kind of source to find out the actual use of bitcoin in their country and know they are trying to give legal shape to bitcoin.

This will be a great help if so, but how about the charges that they will take? There will be a big deduction if so?/I hope they come up to the point that they put up an ATM for bitcoin somewhere in the philippines, so they can proove that bitcoin is now legal to the country.
And so with the other countries world wide we hope they stop banning bitcoins, because they cannot do anything with that, they cannot manipulate either.

Some countries knock it, while other countries don't seem to mind. If put to a vote, I can imagine most people voting to be allowed to use bitcoins and other cryptocurrencies, regulation from the likes of China stems from their need to exert control over their citizens to maintain power. Thanks to Japan, Philippines, etc ..we will see continuous growth in the market.

How can this be true? I heard that there are rumors that some filipinos think bitcoin is a am and bitcoin is not true at all. How can they legalize someing that they have a doubt in?
But if this is true, then good for the filipinos because it can be a pathway to a cashless society.

I'm also from the Philippines and they started to broadcast about bitcoin were people earning money with it by just staying at home and using their computers. But in some news, sadly they say bitcoin is just a scam that you can't earn money from it. Time by time bitcoin is becoming more famous and used by many people just to earn bitcoins.

From what I watch they briefly explained how the HYIP programs are targeting Bitcoin in their platform. They chose Bitcoin as a mode of payment because it is more attractive to them and there is no jurisdiction over them as well it makes it hard to track a stolen Bitcoin. "Bitcoin is a Scam" is now being more use to often then the statement "Bitcoin is money for buying Drugs" as a lot of people are having the wrong thoughts on it because of the crimes involving with it and the media is not doing anything to clarify it.

Recognition of bitcoin and other crypto currencies in Philippines is really appreciating thing. This will help a lot not only the people living in Philippines but also it will bring good name to the reputation of bitcoin. This step will encourage other countries as well and they will also go for declaring bitcoin as legal. This will help them in making the economic condition of their country better.

Yes I know that the world is turning towards bitcoin and in the near future all the people in the world will use only bitcoin as a mainstream currency for their necessities. Philippines has recognized bitcoin it means that now they will also invest in bitcoin and looking to them their neighbor countries will also legalize bitcoin and so the whole world will one day legalize bitcoin and that will be the peak of bitcoin and all other currencies will disappear.

The article is misleading. I am from this country and I study law, the fact that OP declared something false here is misleading people into believing the statement. The true meaning of these news is that BSP (central bank of the Philippines), is only recognizing Bitcoin Exchanges as an entity. They are only dealing with buying and selling cryptos for fiat. They are not the government agency that will be able to declare that bitcoins would be a currency that can be used for actual payments. BSP only regulates flow of money, which means it can only deal in AML policies, anti-terrorist funding polices and monetary policies for the state.

This is a big news for our country, philippine central bank is the biggest bank in philippines when they ligalize bitcoin or used as a payment other bank will also use it. This is a big news for our country, bitcoin will be more famous when it will happen.

Well, whether central bank is recognising it or not bitcoin will still go on and will continue to pump and rise. Lets hope that they are doing this because they really want to develop cryptosystem and not just for personal interest. There is no denying that this recognition will help to increase the demand of bitcoin, it just that I dont trust politician. Bitcoin should remain its feature of having no one controling over it.

Im not surprised that this just happened, this is a new milestone for bitcoin. This only proves that bitcoin's future is bright.

That was a clear information sir, yeah its true we are in the same country. As what he said BSP only regulate the money that comes in and out to our country they are not like our goverment politician who to control bitcoin crypto currency.

Its a good news to us Philippine citizens  that the bitcoin is recognize the potential of this crypto currencies. I hope this bitcoin is also recognize all over the world and accept this kind of currency .its very helpful to everyone knows.

Oh that’s good, but why haven’t for once seen a big country accept Bitcoin as a payment system. All I see is countries like Venezuela, Philippines and the rest of them. Well, it doesn’t make sense, Bitcoin still remains an asset.

I really hope so too, but I believe eventually as we start seeing more merchants adopting it and accepting it as form of payment, that idea will keep disappearing bit by bit for most of those who consider it as such. Sure, we cannot out rule the fact that bitcoin is a digital asset but that notion from anyone thinking it is all about the increase in value alone is what makes us to have weak hands during panic which is not good.

I think it's not the best way to recognize Bitcoin. Bitcoin should bring banks to decentralization, not banks take Bitcoin to centralization/regulation. People are euphoric about it thinking they will have lots of benefits, but I don't doubt after sometime people start complaining about this decision and remembering how easy and better was to use Bitcoins before... What I can see here is that Bitcoin is gaining power on Philippines and that is calling the attention of their authorities.

That's pretty cool, I am a filipino and being accepted the bitcoin as a payment system is a good idea because the demand of bitcoin will increase and its price will be more higher. But having this scene has a bad effects like it will be tough for us to join in signature campaign because it will be crowded. But having this also is an advantage because there will be some store will accept bitcoin as mode of payment.

I think this is a very good news for the bitcoin and generally for the cryptocurrencies. We will see how the locals will benefit on this decision.

This is a good sign for bitcoins being recognized by the government. At least it was not considered as a hinder but a way for a better financial solution for the Filipinos when it comes to their living. I think bitcoins would now be safe to say legal in the country because of the blessing given by the government which means that we can entertain bitcoin transactions now without legal problems.

It is really great and this is the kind of development that we want which would even make the whole bitcoin ecosystem stay even more relevant as we keep moving on. The demand will really soar high from this news among the Philippines and will also keep sending message to other part of the world and nearby countries until one day we see that the recognition and adoption is worldwide.

I haven't read that article but if that is so then its great news! I think they really see the potential of bitcoin in the economy. Its significance to the fast changing digital economic status. I think this is the start of bitcoin regulations to make it more secure and legalized.

Everyone surely are. You know that joy of being part of something big even makes it more interesting when you see that some of the things you have imagines and dreamed of are really coming to reality. I am impressed at the way the Asian continent as a whole have taken the whole bitcoin thing and it is very impressive. I really hope every other continent as well end up seeing this and seeing the benefits that can be derived over time as these countries keep making the lead.

This is in fact the best news to hear in the past few days. This is really a very good thing that the government of Philippines have declared it as legal and now people are free to invest in bitcoin which will help them in making as much of money as they want to earn from bitcoin. It is no doubt a very good step and this will also encourage other countries to declare it as legal in their own countries.

Its good to hear statements from central bank about bitcoins, Im also filipino, so overwhelming to hear their decision especially im using bitcoins to cater  my daily needs. Its really true that bitcoins revolutionize payments, and in so many ways, this is the answer of all problems financially. Im looking forward that it will also lift up the value of btc in the up coming days.:)

Philippine Government is indeed recognizing Bitcoin and they already issued a few license permits to operate a Bitcoin exchange. Problem is the Philippine media is not giving Bitcoin the kind of media exposure that it needs. Few days ago an investigative show discussed use of Bitcoin, if its a scam or not, they only interviewed those that joined HYIPs and ponzis and did not interview those who earns Bitcoin in legit way.

Yes because we have wallet called Coins.ph that  we need to follow the rules and don'ts of the Bangko Sentral for us to confirm our bitcoin wallet. They already recognized it amd we are free to use bitcoin here.

Lower down your expectation Question123. The Philippines recognizing Bitcoin does not make the price go up for any reasonable means. It won't even create in any demand of some kind. The Philippines just has recognize Bitcoin but it didn't tell any kind of support they are giving on their end. Look at how Korea and Japan do by supporting and accepting Bitcoin in their country even that is not enough to make the price move. For Bitcoin to grow in terms of price people must start buying and using it.

Instead of according to a random article and giving to this community a link, i think you should better giving us a short summary about this article is more helpful than just doing like this. By the way this is a helpful new too.

Chances are there, very soon many countries will follow the Philippines country because they are seeing the potential and technology behind it. We should wait in the year 2018 many countries will start accepting Bitcoin as a payment method.

For me once Bitcoin become legalize in the Philippines, I doubt that there is a good impact for the bitcoin enthusiast about this matter. Because, as I can see once bitcoin be legalize of course there will going to have a restriction regarding about the transaction, the tax that we don't have before it could be happen once it become centralize. This is my opinion only :-\

If the central bank of any country is making any sort of move, I think it won’t be a secret from its government. If the central bank of Philippines is dealing in bitcoin regardless of to which extent, definitely it shows the interest of its government.

Sooner or later, the politicians will also make a statement about bitcoin and honestly, I don’t like the idea of talking about bitcoin with banks. I mean to say, I would never do any bitcoin transaction through a bank.

this shows that some small countries going to change the world order using blockchain technology.
But super power goverments are trying to ban them. does it makes sense for you?

This news is actually great as it is a sign of how the country is moving towards positive progression. The Philippines is a very traditional and for it to be open to these kinds of advancement is a giant step towards improvement and growth for the betterment of the country. I just wish that education towards cryptocurrency and its advantages would be widespread so that each Filipino may benefit from it as well as improve the state of the economy of the country.

This is a good news and info, maybe this is a factor that causes bitcoin prices to skyrocket and has now reached $ 6420. hopefully this step is followed by another country.

Wow, way to go Philippines. More and more country to legalize bitcoin. I guess bitcoin will take place in some several country in the next year. Even South East Asia country already make some move, and i heard Malaysia will joining Philippines soon. And i hope my country will consider bitcoin too. O ya well i am from Indonesia.
Well, i am curious too how come a country do not recognize and consider bitcoin as a legal payment, anyone can enlighten me? please? it would be so much help for me.

It is a good news for us and for my countrymen who uses bitcoin for living but I hope it will no lead for government to take over the control of bitcoin because we know, filipino, how corrupt the politicians here in the philippines.

It happened long time ago and it did affected the price of bitcoin up until now but it's not the only factor that made the price of bitcoin skyrocketed. And on what's with the rumors I think the main reason of the rapid price increase of bitcoin is because Amazon is about to accept bitcoin but there's no confirmation about and just like what I said it is still a rumor. Otherwise, every country that accepts bitcoin will affect the price positively.

That is absolutely true the central of the Philippines recognizes bitcoin issuing a regulations allowing bitcoin exchanges in a legislative move that was effectively acknowledged and legalized the bitcoin in the country.

All arguments don't make sense. There was no secret nor was there any bank there. Central banks are not banks per se. They are monetary boards that regulate how money works and is being used in the country. There was no statement in the news nor in mine that says that we are dealing with commercial banks.

Bottom line is that the government in the Philippines did not regulate bitcoins that would be advantageous nor disadvantageous to it. The fact is that they only are regulating exchanges so that they will not be used for money laundering or terrorist financing. Nothing more. The BSP is not dealing in crypto or bitcoins!

They don't see the need to regulate it now, maybe they believe the exposure is just to small to regulate but you are right they regulated the exchanges and in fact they already issued license to some who applied. When they regulate, they are bound to follow the rules and they need to do reportorial requirements to the bank, that report should include compliance on the AMLC because money laundering is rampant using cryptocurrency.

Good for your country if it recognizes bitcoin. hope to spread the word and love to anyone else. educate the poor and people who wants to be successful, bitcoin will change the world for the better future. Kuddos to all Fillipinos

This is good news for Bitcoin's Filipino users. Officially legal the bitcoin in the Philippines. But I wish that those in politics does not control bitcoin. We all know that one of the Top 10 in the world is how corrupt the politics in the Philippines, they would also not pay a bitcoin for big tax.
It is also a good starting point in the Philippines because we can improve somehow when it comes to modern technology. Besides, we will not be afraid of other people to enter the world of Bitcoin. Hopefully somehow bitcoin will continue to improve our country.

How can they control bitcoin when it is easy to access it. They are hard up even regulating the digital currency.

Though there are people that are still not recognizing and believing bitcoin even there's a support coming from the Central Bank. They don't want to believe on it as they are still thinking that bitcoin is a scam and other sort of ponzi, well those people that are believing that bitcoin is real will have the benefits and those that are still skeptic even it's clear the Central Bank supports it will regret.

This is good news for Filipino it will help those not have a regular working job right now. It is good source of income while finding regular job. But many people in the Philippines  did not know bitcoin and how to used it, they always think that bitcoin is scam or another type of modus.

I am also a Filipino , and yes it is a good news for me,Philippines has containing a huge number of people who will may be blessed if they know this already, I think it will help our economy to be better country to step out of the label being one of the 3rd world country which somehow degrades us.

@Luan, yes you're correct, these statements from central banks in our region (I'm from Malaysia) are pretty much only worth lip service. My country and Indonesia have regularly come out with opposite statements saying that they don't recognise Bitcoin as payments, but the nett effect is close to zero in terms of actualy volume. Southeast Asian trading is still very low globally, but they have been climbing and if they keep at the same rate for a year or two more - which they surely will, they may very well become significant minorities in the global market.

Nevertheless, a lot of people will see this as positive. Now on the point of regulating exchanges, I believe coins.ph and Luno (active in all three countries I mentioned) have been several months in talks with central bank reps from all three. If nothing more, it merely legitimises their business of trading Bitcoin. Won't have affect on price, but definitely adoption.

Taxation is the right thing mate without taxes we will go to back age because development occurs just because of taxes and this is the true thing that if bitcoin system will be implement governments will take taxes through it and that will be more easier for them and as Philippines bank accepted bitcoin that is good news for the bitcoin and as it will be used in Philippine there will be more user demand and profit.

Yeah this is the best step for the bitcoin because a lot of the people are a lot of the countries are investing in the bitcoin now and the time for the bitcoin will be the time when the bitcoin will be use at the international level and the profit will be the high profit for the long time, I am sure in the future a lot of the countries will start buying the bitcoin and they will hold the bitcoin for the long time and will buy more.

The title of the topic may sounds good to hear because bitcoin is already recognized by the Central Bank of the Philippines. But there is also an advantage just what other people in this forum said that there might be taxed that we didn't experienced as of now. So, if it will happen, the amount of bitcoin that we will earn will be taxable and for sure, it would be a bad news for us bitcoin earners if there's tax again because we have tax in our corporate job and another tax from our bitcoin will be deducted.

There are pros and cons attached with everything on this earth. No one is going to get hundred percent of efficiency when bitcoin will become legal. Plus, you will be seeing a drastic downfall in fame of bitcoin and this really I am telling right here.

You know what is the reason? Because when some expensive thing comes in bundle then you can’t expect the same fame and want of that thing.

I think Philippines sees what other bitcoin users see. The potential of virtual currency is very high, almost every day bitcoin value rises that is why individual are continuously trusting and engaging work that will let them accumulate bitcoin currency. There is no harm anyway in using virtual currency like bitcoin. This is helpful either, because investing in bitcoin has a greater chance to accumulate more money than having a bank savings where little interest annually. This is the reason why I think some country are in favor of virtual currencies.

Just be ready when a government or country accepts and recognizes bitcoin. That will be next to it, the taxation and that's a normal thing as people are earning on bitcoin there will be a benefit for the government. Those taxation from the people who are earning bitcoin will be applicable but that will help the economy because a government that supports something will be attracting more investors.

Well I think the regular job is also important along with the bitcoin because the country is dependent on the crypto currency and the bitcoin is not that easy to be ignored so all the countries are now investing in the bitcoin and in the future the best of the all the currencies will be the bitcoin the future will be dependent on the bitcoin in the coming days.

All currencies would be dependent on bitcoin on coming days? Its impossible and it wont really happen and government wont really allow such thing to happen.It may progress,adopted and legalize but going to the point on where it would place currencies then its an another story. Philippines did already recognize bitcoin since they do already allowed an local wallet which do offer bitcoin services.

I am glad that the Central of the Philippines recognizes Bitcoin.  As a Filipino, additional income from Bitcoin can help uplift the lives of the masses especially the poor who has access in the internet by just a piso.  The window to the bitcoin system was open to them thus give them a chance to earn aside from daily earnings.  The Philippines belong to the third world countries and most of the dollar earner are Overseas Contract Worker who works as house maid and the acceptance of the bitcoin by the Bangko Central has given the poor people a chance to stay with their family.

You are fool if you think that cryptocurrency will going to uplift your life. You still need to find a decent job to make your life good and for your future. Although bitcoin has already far reaching effects to the Filipinos, I hope no one will quit their job and pursue their bitcoin obsession because that's what I read from few threads.

However, this is a welcoming news for the bitcoin community because I believed that even though the country is small, they can greatly play a major role for the continued growth of bitcoin not only in Asia but in the whole world.

This is a good news,  i am from Philippines but i didn't know about this, because of this forum i already know this news, well thank you it is a good image of bitcoin, that is one of the way to know many people about bitcoin.

You are right now all the people are aware of the bitcoin and they are investing in the bitcoin so it is the time t have the bitcoin and to wait till the value and the price of the bitcoin will be more than this till the end of the year I hope as the Philippines are using the bitcoin and they will hold till the people will hold for all the people and the bitcoin will be the world’s best currency.

Definitely a good news for the Philippines. Given the recognition by the Central Bank gives all the Filipinos the awareness of what bitcoin can do. It's a good thing though to those who are already investing in bitcoin. The demand will definitely escalate soon.
I just hope that the government will not meddle and impose tax into it. If that happens, Mr. Buwaya (corrupt) comes knocking at the door with a big smile on his face. Goodbye huge profit.

Indeed its is a good news for us. But, knowing that only a few filipino are using bitcoin wallets to pay for transactions is way far from what is expected for philippines to be a cashless society. The government must conduct more seminars and orientations to educate lot of people for the use of cashless transactions.

Thatls right this is good news. This news is last few months ago or half year ago when bank central pf the philippines recognized bitcoin as payment. This forum you will get enought information what happening in bitcoin and in your society. Im from Phililpines also and im very happy because of that and I hope many country alsp recognize bitcoin so many people can know it or see bitcoin so those people can invest and use bitcoin.

I do agree with you but sadly this is the case for most people who have discovered crypto currency. I had 2 guys quit from my bar because they said they could earn more by joining a HYIP that pays in bitcoins than working in a bar. I told them to stay with their jobs since crypto currencies does not offer a real job security but I still looked like the bad guy.

Even though I trade in multiple currencies, I still keep my businesses running as it is my main source of income. Who knows, when an exciting start up company starts in the near future, I might advertise them in my place of business.

Hopefully it won't be a conflict of the government interest towards crypto. This is just a start and welcoming crypto currencies in our country. Although isn't declared legal by the government but still an indication of coming that way.

Yes that’s 100% right taxes are the main way to development and don’t feel bothered if government will start taxation to the bitcoin this will also benefit you and your region also and as before you are paying transaction fee so taxes are acceptable at the national level and still there is more room of development and progress into the bitcoin so the Philippines will enjoy their progress soon and they will praise this coin.

Yes it is a good indication that our country are ready for accepting Bitcoin in order to have a fast transaction and also they seeks a good opportunity on which it can enable everyone to earn a good profit while holding it.

This is good news, at least Philippines is considering bitcoins as a form of payment, I hope this will not be illegal as the government won't earn any tax revenues from bitcoin transactions unlike the traditional banks wherein the government earns something from the interest rates. BSP is considering this as of now as they do not have governing laws regarding digital currency, but in the near future they might also ban bitcoins just like what China did, specially now that Philippines is with close ties with China. China could influence Philippines regarding their ban with bitcoins.

You are right all the people of the different countries are supporting the bitcoin and they are taking the benefit from the bitcoin, I hope I will buy the bitcoin and will hold for the long time so I will be able to have the future in the bitcoin and I will earn the large amount of the bitcoin in the very short time and the best source for the money is bitcoin so it does not matter either its Philippines or any other country.

This is both a good news as well as a good indication that the Central Bank of the Philippines is somewhat open to the future of the financial industry by embracing digital currencies / cryptocurrencies.

The only thing is, with the 100+ million population of the Philippines probably less than 0.5% know about Bitcoin and other cryptocurrencies.

Awareness campaigns with the help of the big telcos can really help the mass adoption of digital currencies in our country.

I'm not really sure why Globe and Smart are now into the cashless payment race but didn't even include Bitcoin options in their respective wallets (Gcash, PayMaya & Smart Money).

Anyway, perhaps adoption rate takes time but I'm hoping Bitcoin will be integrated in their cashless systems by 2018.

I also want that to happen. However, it is still a good move for bitcoin since the Central Bank of the Philippines is starting to recognize it. Sooner or later,  telcos  will start to recognize bitcoin as its users keep on increasing day by day. And there were a lot of people who keeps posting about bitcoin in social media. At least now, bitcoin's popularity were able to level up. 

Very happy to hear this previous state philippines lies in asia my neighbor country there is very advanced his government also support the progress of his people,this is for example also for a country that has not support BTC in full.I hope this news sounded till my country government,so that they can think again support BTC for its people.

These will never happen. It is due to the volatility of the price. The heads of these businesses are old school. They prefer fiat or precious metals in their investment portfolio. Perhaps, when young bloods take over, those who really understand how crypto currencies work, then we will see this happen.

That great news will bring bitcoin demands goes skyrocketing  ;) The prices will get good this end of the year and for next year i hope there's more country that do the same or if they can go more than this awesome news  :)

Yes, people seems to confused that BSP needed to scrunitinized the BTC community. Somehow apps that can access moneys are needed to legit in the Central Bank of the Philippines. BTC became more popular that any crypto currency in the country, which I think they support the financial connections in the country. They realized that people are interested in getting a career in many online jobs to BTC matters. Coins.ph are examples to Central Bank connection more popular than Globe GCash or other establishments,  I hope that they really support in more years to come.

Central Bank of the Philippines finally recognizing bitcoins potential to revolutionize delivery of financial services etc. Yes this is good news indeed. Today BSP's new circular, Bitcoin companies are now to be treated as remittance companies. Which means that all requirements for remittance companies shall apply to Bitcoin startups. Wow. These kind of news, somewhat triggers the curiosity of the nation about cryptocurrencies and i am positive that sooner or later, more and more Filipinos wii be on to bitcoins. More happy people.

Central bank of the Philippines became aware to what is bitcoin and what benefits that we can earn from bitcoin. The bitcoin is now legalize in the Philippines and it seems that many people are now entering to the cryptocurrency world.

This means Bitcoin has become famous worldwide even in the Philippines it is been recognized by Central of The Philippines. We will see bitcoin will be more develop because of more supports coming from the user itself. And ofcourse Im hoping that there will be a merchant happen in the coming years.

I apreciate to central bank of Philippines.. they are make the bold step to recognize bitcoin as a payment.. I hope my country can follow Philippines to recognize bitcoin, maybe like that can improve the economi problems in my country..

Yes, I think I might agree with you on this. Until cryptocurrency will go mainstream and/or the new generation of business leaders will take over, these big telcos won't really implement them on their systems.

Wooh I am so excited that Central Bank of the Philippines recognize bitcoin as another digital currency of our country.It is a development of our currency that it became popular in my country I cannot hardly explain it to other as long  they are gettin to know about bitcoin now.I  really appreciate it if they would implement bitcoin in the Philippines.

Yes it is. Filipinos are wide spoken and very sincere when it comes to technology, Central Banks said that there are 2 exchanges in the Philippines that are regulating bitcoin and I think Filipino traders are good at handling it.

The Banku Central i guess is going to help ma loty of their kabayans on this forum because many are desperately involved in signatuire campaigns and  so by recognizing bitcoin they will be able to cash out money easily without restrictions. The exchanges are in turn going to add foreign exchange to their local economy.

This is really a great news. By being recognized by the Banko Central of the Philippines,  Bitcoin value will definitely increase. And aside from that, it will now be more popular to  Filipino people from all levels. Our eyes will be opened on how we can utilize bitcoin as a monetary and become part of our daily lives and transactions, thus could mean a big help and could have more positive affect in our lives.

I am Filipino. Good news to us filipino that bank of philippines recognize the bitcoin. Becasue it is big help to us using bitcoin,although some of filipino not recognize or know the bitcoin. But someday if their a chance that here in philippines using bitcoin to buy some stuff or buy our needs I think all filipino use bitcoin forever.

There no such thing as forever, bitcoin might be the best online currency now but we can expect more useful online currency will be develop.
Due to the popularity of bitcoin the Philippine government already recognizes it but I haven't seen any concrete guidelines yet stating that they fully regulated bitcoin, the big news that I know is that they issued permits to exchanges sites which one is the coins.ph.

I am Filipino also, and yes not all Filipino they do not know about bitcoin. But if they give a chance to teach about bitcoin, more Filipino will interested about bitcoin. And more Filipino will work harder to get more bitcoin...

According to this article the Philippines’ Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states  sees the virtual currency’s potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin.

The thread is mostly 1 year old. Does that actually happen? And what it actually mean? Is there any legal businesses in Phillipine that accept Bitcoin?

This is an honor for me because I am from the Philippines as well. Certainly big changes will be realized and many Filipinos will lose their poverty and become financially independent. Finally freedom is ours to enjoy.

The recognition of the Central Bank of the Philippines was actually for the likes of Coins.ph and a few Bitcoin exchanges in the Philippines. There's also a Bitcoin ATM in Makati City but no small businesses yet such as coffee houses, computer shops, etc that I know that accepts Bitcoin.

But I think give it a few more months or years, Bitcoin will slowly be adopted by businesses. I know for the fact since I myself and a few other friends will be putting up a businesses that will accept Bitcoin soon.

In every country there are poor who are suffering from the poverty and i don't think that if bitcoin is being accepted in a country then it will make the country free from the poverty because that is not possible and with bitcoin it will only give opportunities for the limited people because not all the people will surely become interested in bitcoin so i don't see any possibility for any country to become free from most common problem  which is poverty.

Yes I also thinking for it the adoption for bitcoin in the country is not becoming fast but it can be used as soon as all people being educated about bitcoin so that they can easily use it.

And if the Bitcoin will continously be recognized by BSP and be legally operated, it can create new lines of services that will give way for more business opportunities and  generally help Filipino people earn additional income and make life more easier.  However,  this step must be accompanied by precautionary guidelines as it is still a trial period since it is a new practice here in the Philippines.

This is the case in the Philippines. Although their Central Bank has issues a statement about bitcoin, the adoption rate is very slow because not everyone really find bitcoin attractive. Yes, I would agree that there are a lot of Filipino's are into bitcoin but its not very significant in numbers and most Filipino would prefer to accept cash or cards when you are in the country. For bitcoin to be really widely used it should be accepted as payment method, I hope that it can happen in the Philippines.

I think it will be revolutionary for a start like this recognizing bitcoin will put the banks at ease but so as the consequences involved to it proccessing bitcoin and let this be go on around and round it could be a good sign to criminal doers and drug dealers to put up some huge money pays to the items etc.

I think it will be revolutionary for a start like this recognizing bitcoin will put the banks at ease but so as the consequences involved to it proccessing bitcoin and let this be go on around and round it could be a good sign to criminal doers and drug dealers to put up some huge money pays to the items etc. Because of the anonymity of bitcoin.

Now that Bitcoin has been recognized by the Central Bank of the Philippines,  I just hope that there will be progress soon.  For instance,  new areas of services where we can use it for exchange or Bitcoin to be accepeted as form of payment. That is really something to look forward as it is really a revolutionary step to start.

It is good news from our country for giving recognizes bitcoin as a Legal and trusted coin. I hope also bitcoin  recognize to the filipino how bitcoin change their lives.

Wow. I think it will change many lives in the Phillipines since the USD is volatile these days and bitcoin can be transferred without a bank. I hope this will help the poor in the country.

I agree with you mate. It's undeniable that Bitcoin may help Filipino's to have a better living and will become successful with Bitcoin. Central Bank of the Philippines in doing good job in accepting Bitcoin as form of payment and investment asset because it will surely benefit the people that has knowledge in crypto  all over the country. But we still have to accept the fact that Bitcoin can only change an individual who dedicated their time, money and hardwork on it. Poverty is everywhere even the most highly developed countries in the world has poor people living in the streets. Poverty is also one of the  factors that affects crime rates. Not all poor people are having an access to internet connections, smartphones, computers or any electronic devices that connects people into cryptocurrency world. I am actually one of the poor and unemployed people but I can still manage to interact with the cryptocurrency community because I find ways on how to live a better life and escape poverty and lastly of course have financial freedom. I am happy because I found cryptocurrency as a tool to succeed and have a bright future and was so lucky too that I am here in this openminded community.

Good news for all of the Filipino. Now Bitcoin will be introduced to us legally without the doubt of its "scam" theory. As Filipino knows that its a form of scam (ofcourse with the help of media) if the Central bank consider it legit and advertise it that it can be use as a payment, well Lot's of Filipino might benefit from it.

Still the Central Bank of the Philippines says that we need to be cautious in using bitcoins. Actually the way I see it, they aren't legalized yet, although they say that it can be used as remittances for OFW. It may be the start of the bitccoin booming in the Philippines and we can't wait to see restaurants or retailers accepting bitcoin as mode of payment.

It is good for us filipinos. Because more and more filipino are getting into bitcoin nowadays. The Central Bank removes the doubt in the mind of other people that think bitcoin is a scam.

Difficult to put into use in life as a form of payment because there are too many problems. If it is accepted, then many criminals use it as  guilty offense.

Don't focus on negative things because if bitcoin will get accepted then it will bring more positive things rather than negative thing like being use of the criminals because if you will ask me, bitcoin will give more and more opportunity and the government can take action and stop the possible criminality by putting regulation on bitcoin which i agree.

You are right mate, there is no system that is perfect, any currency as long as it has a value can be use for illegal activities so you cannot blame
that to bitcoin. That will always be depending on the users and how strong the law of the government to combat illegal activities, they should be the one who are making actions because we pay taxes to do their job.

Not only the start but it will be more than this because the bitcoin was not that much high in the price but now it is very high. Now a lot of the countries who were not aware of the bitcoin are now recognizing the bitcoin and they are being a part of the bitcoin, it will not take much time to make the bitcoin legal and then the value of the bitcoin cash will also be high and the bitcoin will be the best investment .

yeah i heard that BSP didnt recognize it as a payment system simply because its too volatile. they dont want that the payment that happen sink its value because of the volatility of bitcoin. but they still regulate it so that they can monitor illegal transactions like money laundering. they give licensed to 2 exchanges here in the philippines just to monitor bitcoin here in the philippines. the BSP chairman even told to the media that its to soon to adapt the cryptocurrency or bitcoin as a whole in the country.

Bitcoin recognition from the Bangko Central ng Pilipinas can be the mark of the beginning of digital currency being accepted in many retail merchants. This will eliminate doubts and detractors which in turn will attract more people to invest on Bitcoin. Increase of demand will result to increase of bitcoin value which is definitely a good sign of business.

With all these in mind, I think we Filipinos who are into Bitcoin now should spread awareness and advocate on the advantages of Bitcoin.

Better to have your friends and/or families who have businesses to take into consideration of accepting Bitcoin as a mode of payment.

In this way I believe, more and more Filipino will be made aware of Bitcoin and other cryptocurrencies thus making the mass adoption faster.

Bitcoin being recognized by the Bangko Central will also open doors for our Overseas Contract Workers to invest their hard earned money and earn additional income.   At the same time, Bitcoin currency can be accepted as a form of remittance from different countries which is also good for our country as well. This is really an awesome news.

I think it will be more accepted as a payment system where they can use for remittances but not as an investment.
Majority of the filipino still do not understand about bitcoin and our media is not showing the positive side of bitcoin, it will take time before they can understand and that will only happen when bitcoin are rampantly use in big countries and our government will support it.

Yes, actually Cryptocurrency exchanges are now regulated by Central Bank of the Philippines for the benefits of the Filipinos. Most Filipino in other countries send money to remittances and banks but as the technology grows we have bitcoin now to send money to our loves ones

I'm a Filipino also, I tried to pay bitcoin on "Bayad Center" for my bill on my Smart plan and it was accepted. I was amazed and think that Philippines now recognized bitcoin.
Some news from the TV about it.
But sadly some/few Filipinos know the benefits and value of it.

When it comes into investment i would say that most filipinos would really be keen or hesitant on that one specially bitcoin is only new into their ears and knowing that they do experience scams online then i would say it would takes time for them to engage and i would say only few % of filipinos are totally trusting bitcoin as of now considering that PH do have huge population but only a few who do aware on bitcoins existence. They are really recognizing bitcoin but only for its original purpose which is a innovative new way payment system.

At the end, it all balls down to who has the information, those who utilized the information to their benefit and those who decided to discard it. The thing is that not everyone can actually be imparted by the presence of bitcoin and the rich obviously have more advantage than the poor as they have enough resources to pull in anytime they want and reap the benefit.

Aside these, stages like this is the best, for the poor ones who have the information and are willing to make good use of it which still balls down to the learned and informed ones.

I have heard about the issue but not fully familiar about it. Little I know about this is that Central Bank of the Philippines (BSP) is encouraging business who accepts bitcoin as payment to be registered, central bank wanted to regulate the exchange in btc transaction but not the btc issuance per se. As long as there is conversion that happen from btc to fiat or vice versa then that would be the one that will fall w/in the ambit of BSP. But when when the scenario is a btc user holding their btc in their wallet (no conversion took place) the BSP can't take control of it. I think BSP is doing this to have a reliable and safe transaction and also to prevent money laundering and other policies related to that. I think for a country to recognize btc transaction is a good sign. Keeping up with the current trend and development happening in cyber world is a sign of a developing country. I just hope those in position will not abuse and take advantage of the scenario.

the fight now be between Philippines and Chinese to be leader of bitcoin users (many users here is Philippines or Chinese )
not know why Philippines use bitcoin but i think rules in that country allow to use it acd exchange it so they now effect in bitcoin price

Well this is shocking news to me. This is a good thing for us here in the Philippines. I hope soon there would be many more companies accepting crypto currency for business. Right now bitcoin is the only recognized crypto currency. The only way for us here to liquidate crypto currencies like altcoins and others is to convert it to bitcoins first through bittrex or other exchanges. I hope soon ETH and other alt coins would be generally accepted here in business and trade. Good things are coming.

This is a good news from BSP, it really has a positive impact on local economy, how much more if more and more people starts using Bitcoin as a part of payment system. I just hope it could not be used for terrorist activities in the country.
While on the other hand mainstream media started to talk about Bitcoin scams, this bias way of reporting ruined the reputation of bitcoin. It doesnt matter anyway when BSP itself speaks how legitimate Bitcoin can improve our economy.

Even though they still don't recognize bitcoin as a true currency because the Central Bank didn't say so. It is still good to know that our Central Bank of the Philippines is now accepting bitcoin as a way of payment. And I hope one day they accept other crypto currency like altcoins so we don't have to convert it to bitcoin before we really use it. And after they implement this in February I think many things will change here in the Philippines about bitcoin and how the pinoys thinks about it.

It is a good thing to know that our country recognizes usage of bitcoin and we know it is safe because government the government supports it. Sad thing is not all people here are not using bitcoin and there are are few people know about this. If fellow Filipinos are sharing this to others then it is good for us and many will see the benefits of using bitcoin. We just need to introduce it to the people clearly.

I agree with you bit i do not know what to do with it but i am glad that the central of Philippines recognizes bitcoin because there are a lot of Philippines people around bitcointalk.

We cannot say categorically that it would help all the poor people of the country. The rich will still end up benefit the most. We all know that poverty has categories and there are some level of poverty that makes those in question not to even have access to such information or even have any means to earn it.

On the other hand, for those who learned, struggling to survive and having some information and opportunity to earn or start something for them without currency barrier for international trade, then it would be a great opportunity.

It is a great news to the filipinos who are known bitcoin in the country. They can easily manage their bitcoin in the bank and we can easily invest money to the bank to bitcoin. I hope it will implented as soon as possible because it is not totally approve by the government that i expected. I imagine if the bank of thr philippines make bitcoin money and it been use to buy to stores and mall. Our economy will be high and our country fix the financial problems face of my country.

Normally, whenever government shows their interest in something and it surely gives the citizens even more benefit, it would create awareness for the product (bitcoin as a currency in this case). This is a welcome development and I so much believe it would bring so much great level of usage of the currency in the country and hopefully we start seeing merchants and shops seeing a reason to start accepting it soon, maybe after the scaling issue have been resolved.

i'm from Philippines, and i'm happy to here that news. and i'm happy to know that there's a lot of filipino here in this thread. and i hope someday 50 to 70 % of the filipino can earn extra income by using bitcoin.. :)

The opportunity that Philippines central bank seen in Bitcoin is economical way of remittances because there many Filipino oversees worker because the network of Bitcoin is peer to peer transaction no third party envolved that would ask higher payment for money remittances and besides that if a lot of Bitcoin currency coming in it is good the philippines economy.

I've just heard this news recently and this is a great news for all bitcoin holder residing in philippines. I think Philippines recognize the bitcoin as a payment system mainly because they considered the growing number of OFW's that sends money through remittance centers and by recognizing bitcoin it can help ease the way of OFW to send money since it has a peer to peer system which is really good thing to have.

Yeah can you emagine if you use bitcoin as a medium of remittance aside from being economical way, since bitcoin price continue increasing it will gain profit during the process of  sending money and if you will not in cash to local currency emmediately upon receiving it is another posibilities of gaining profit. So this will uplift the economic status of the families Filipino migrant workers.

It is awesome because it seems that the Asian countries are slowly getting into bitcoin and Philippines which is one of the richest country in terms of the natural resources also recognizes bitcoin and i hope that they will follow what the Japan did in bitcoin which they already accepted and implement it to their country and a lot of people are now getting great benefits with bitcoin.

This is good news for us Filipinos but does it also mean the government will impose taxes or fees for earning and using bitcoins?

I think it is really been. I saw and read an article that there is a ATM machine here in makati, philippines. That you can withdraw your bitcoin as cash. if philippines does not recognize bitcoin. That ATM should be banned also the coins.ph. Coins.ph is also regulated by the Banko Sentral nang Pilipinas. As all you know coins.ph is also a wallet of both php and bitcoin. Looking at this perspective it is really obvious that bitcoin is really recognize here in the philippines.

Obviously, we should not expect the growth and development to come just sudden. The little that has been seen so far has shown that there is very much light at the end of the tunnel for the Philippines. What has happened so far will definitely create more awareness and before we know it, we will gradually start seeing merchants and some shops accepting the currency.

yes that's true. Central Bank of the Philippines even released their official rules and guidelines for BTC which took them almost a year of delivaration. BSP announced their recognition of VC because basically they already know the potential of BTC in terms of payments, remittances etc..But they do not endorse BTC as the national currency.

It is just doubtless because the bitcoin demand and the value is increasing so it is the best thing to have the bitcoin and to invest in the bitcoin today same as the Philippines bitcoin is now famous in my country and the value of the bitcoin will be high in the value and the price, it is the new age and now the bitcoin is very famous I am sure the bitcoin will increase with the passage of the time now.

Yeah this is but if you are from the pillions why are you saying like this I hope you will use the bitcoin and you will get the beset future I use the value and the coming time is the time of the bitcoin for sure because now the value and the price of the bitcoin is very high and a lot of the people are aware of it in my country I hope the best and the only thing that a bitcoin can ever do is the best future and the value of the bitcoin from the start till now.

the best thing about bitcoins in the philippines is you can but it at 7-11

Congress also already representing some regulations or studies on it, I just hope that it was only for investors sake like what they are saying but not into making corruption or putting tax on it, BTC users in Philippines indeed increasing in numbers now.

Any government that doesn't recognize Bitcoin now is going to have to do it the next time the price soars like it has this year. I think we are headed for a crash in the near future, but the reality is sooner or later it will go back up and this time it cannot be ignored. It will get regulated and banks will have to decide whether to recognize it or fight against it. I am happy the Philippines made the right choice. :)

I agree with you. Rules and official guidelines has been announced by the BSP at least by doing this investments will no be compromised by scammers or anyone who wants to do ilegal in terms of bitcoin. This is also good news for OFW who send money through remittances  because it will make sending money easy. Well just hope they will not put higher tax in bitcoin.

Thanks to coins.ph ,Filipinos become crypto oriented and started to learn investing. Soon Filipinos become entrepreneurs. They will start to value money, and use it wisely.

Regarding that matter, since from the start of crypto currency in the Philippines are already recognize by Banko Sentral ng Pilipinas (BSP), but still they can't make a decision to covered it. Due to decentralization of the crypto currencies, but as per lawyer I've been talk. Crypto currency have own entity and until they can't covered by the government they still runs into they own world.

You sounds like other countries might conform on Philippines recognition on bitcoin as payment system, that I think is not so much possible. For me, our country Philippines, is so much little and our innovation is not that so matured, so who are we for them to comply with in terms of innovation. I think bitcoin can help our country, and I'm glad to hear such news from Bangko Sentral, but I don't think other country might need the help of bitcoin!  :-\

There is a possiblitity that our government will impose taxes this a good news for us because there are 2 exchanges coming at the same time bad news we can expect lower conversion rate.

This will a good news to all Filipinos and all the investors who greatly believe the bitcoin capacity in each and everyone of us.

This will be a great news and it means a lot because  they open their minds already towards bitcoin.

You may also expect that the philippine government will impose taxes on bitcoin and thats the only con i can think of but Any government that reconize bitcoin  is good because it will build confidece for people to invest in bitcoin. I hope more government follow this recognition.

I agree to that. The Filipino people in the Philippines will believe more in bitcoin because they will know that the Central of the Philippines also recognizes bitcoin and the people there who are already earning bitcoin will be more happier because they will have a chance to make their wants happen like paying bitcoin in a store.

Yeah a lot of the other countries are now accepting the bitcoin and this is the reason why the value and the price of the bitcoin is now increasing with the time, I hope this will be the best for the future of the bitcoin as I can see how fast the bitcoin is growing and how much all the people are making bitcoin best price so buy the bitcoin and secure a lot of the money for the better future as much as the time passing all people are getting in the bitcoin.

We are happy as a Filipino Citizen that Philippines has been open and vocal when it comes to cryptocurrency, although there is high risk associated with this still our government just made laws and did a thorough research about the sake of those who has been scammed by hyip and those using bitcoin to cheat people.

That's good for philippines to recognize bitcoin how ever because bitcoin is haved a high value right now and some pilipino can invest of bitcoin and some other shop accept bitcoin and the good news philippine central bank recognize the bitcoin. Some pilipino now can work at home to earn bitcoin and withdraw they can pay cashless for they bills grocery what so ever.

It's a good news that Central Bank of the Philippines has a positive insights towards bitcoin of having a potential to revolutionize financial services and a faster transfer of funds.Even if it's not yet legalized buy the exchanges are being regulated and it's still a good indication that our country won't get behind in adopting this cryptocurrency and will always ready to compete in innovative ways. 

Earlier SBI joined with nChain and will be promoting BCH. Good news from that side of the world ;D

I am also a Filipino. When I heard that news, I was happy because our government gradually accepted the importance of Bitcoin in our society. They see the ability of Bitcoin to possibly help with the development of the Country Economy. Unlike other countries, they do not want to enter Bitcoin because they have nothing to do with it. Because they can not tax the Bitcoin, their government does not want to enter the bitcoin because they can not control it. What they want is to tax it. But they know that is imposible.

That was a good news for the filipino user of bitcoin,that it was supported by our central bank .I am so glad that they have the positives comments about it and seeing the good benefits of bitcoin in our country that it can help us financially through this digital system maybe it can reduces poverty if they will legalized it.

Contrary to recognizing Bitcoin in the Philippines, the Central of the Philippines as of the moment reminding the public of investing in bitcoin can be a huge risk. Some of them also are saying that Bitcoin is just a scam and not something to invest your money with. News here in the Philippines are having a love-hate relationship with Bitcoin now especially the sudden rise of it. The government is concerned since they only have a limited knowledge in Bitcoin. They resort to seeing Bitcoin as a scam since they don't have enough knowledge about it.

Our country has a growing segment of living and working population especially in our country that is called industrial .I'm also from the Philippines its a good news central bank has been intrigued to invest in bitcoin where bitcoin has the highest price on investment.
Anyway who knows inventors to invest big money in bitcoin should do so that bitcoin price will go to the moon .well in a bank like a central bank of the Philippines to be introduced to all news that many Filipinos need to work here in bitcoin and also in other countries want to work as a sideline here in bitcoin .for me not yet done one year bitcoin is getting popular in our country .so I'm happy with my audible news about many filipino studies I'm also one of the Filipinos who is a good opportunity for many Filipinos here to invest in bitcoin .to helps the bitcoin community to increase the price of many investors in bitcoin in Philippines and I'm happy to heard that the Philippines recognized bitcoin..

Interesting, my colleague made a thesis about the legalization of bitcoin in the Philippines and they were able to interview a lawyer at the BSP (Central Bank). The lawyer said that they see bitcoin as property, not currency thus not being subject to legal tender. With the recent article you provided, this conflicts with their statement before (I think last 2-3 months ago) and I guess that it is due to bitcoin's price increasing everyday. My colleague interviewed the lawyer when prices were around $2000-$3000, and I guess they changed their decision when they saw the implications and opportunities of bitcoin in the economy.

If even some small countries adapt bitcoin I guess the big ones will follow them in order to not fall out of the competition and it would be enough just one strong country to do that.

Actually the big one already make their action, and those are well developed countries such as US, Japan, and many more. Even some of them not recognizing bitcoin as a currency but more about
a commodities, it's still a good thing, atleast, they recognize it and people can freely use it without any risk of being accussed of doing criminality.

Our government just see the a one sided story and don't know the whole picture.
It's saddening that they don't see the beauty of bitcoin unlike what other Asian countries did and I feel pity and worried to all of us. Well it actually made me laugh that they call bitcoin as a scam and can lead to money laundering.

That's was a good news here now in Philippines, i was also read that article if i was not mistaken bitcoin recognized on august 21 this year. That's the another achievements of bitcoin now here in Philippines it's bring popularization to filipino and attract them by the profitable of bitcoin even though only few establishment and company adopt on bitcoin but i know some day they adopted already.

Bitcoin is slowly getting recognized in many parts of the world and that is the best about having bitcoin because we are slowly getting successful in bitcoin and if the people from different countries will accept bitcoin and implement it to their system then it will be much easier for us to transact and spend bitcoin which is i am always been waiting for.

THIS 2017, the rise of Bitcoin's popularity here in the Philippines gradually arise. Even coins.ph, an online wallet which is connected with BSP (it shares its details to BSP which made it more secure and stable like online banking) has a Bitcoin wallet, they sell bitcoin as well. It's a good news that BSP recognized Bitcoin...well, it is expected. A lot of Filipinos put a lot of interest with Bitcoin. As bitcoin revolutionize the businesses and e-commerce, the BSP open their minds to the "Bitcoin's potential to revolutionize the delivery of financial services" and that was truly amazing.

No ban but a great merit and open mind from our very own Bangko Sentral ng Pilipinas, thumbs up!  ::)  ;D

I'm from Philippines also. Yes its good news to to all filipino that work in bitcoin industry. Especially today that many investment sites are good to invest bitcoin and more people are already in the forefront of this money-making system and bitcoin in my opinion is more popular with people especially now that bitcoin is used business, and services, It is freaky to hear such news especially in our country without knowing most of our countrymen about bitcoin. Hopefully this will make way for big changes especially in our country

Its a good opportunity to those who are not aware of the existence of bitcoin. As people in the Philippines thinks its just a scam because it is used by scammers online ,(especially in social media). With the help of the Central bank, it markets the bitcoin to the people. But there this issue circulating in the social media about closing bank accounts that involves in bitcoin (i think its BDO, Iam not sure if the other banks also doing this). According to that post, BSP ordered BDO to cancel or close these accounts with bitcoin transactions. This is just my understanding in what ive read but if you want to know more, just check our local board.

Recognizing the bitcoin here in the Philippines was a good news and opportunity to the Filipino people, I hope that not only the BSP recognize the bitcoin but hopefully all the business establishment like how they accept credit card.

I am from the Philippines, this will be a game changer for every Filipinos here and it is a good opportunity to invest by young Filipinos who want to go into bitcoin. It is good to know that the central bank recognizes the bitcoin as a good source and believe what it can do. Pretty sure, other banks here do the same too, hope so.

That is useful for philippines to perceive bitcoin how ever on the grounds that bitcoin is haved a high esteem at this moment and some pilipino can contribute of bitcoin and some other shop acknowledge bitcoin and the uplifting news philippine national bank perceive the bitcoin. Some pilipino now can work at home to procure bitcoin and pull back they can pay cashless for they charges basic need what so ever.

I just attended a seminar last week about crypto currency and yes, they confirm that central bank is optimistic on the technology behind blockchain and cryptocurrency that this will beneficial in the economy. One day, things will fall in place on this technology.

It's good to hear that the " Bangko Sentral Ng Pilipinas " will recognize bitcoin as a payment system. Many Filipinos are joining in bitcoin to support their financial problem and because of that good news hopefully the big or small companies here in the Philippines will adopt too to the bitcoin as the payment system. And hopefully other countries are recognized also to the bitcoin to continue the popularity of the investors bigger and bigger.

Even if The Philippines is not really a developed country, it has shown here that it is still keeping abreast with the latest technology the world can offer. Even if this beautiful country is relatively small, this is still one big good news for me. I am sure the neighboring countries will take notice of the country's central bank. They may not immediately do the same, at least this step from a country's central bank is made clear and that other central banks may proceed to study such progressive step.

That's good about Philippines, they just keep on reminding their people how it can be risky but still supports knowing that it gives their people some chance of living, it gives their people to have some investment that only possible in crypto currencies.

Wow! That's a great news for the Philippines. It shows that Bitcoin is the new thing in a society. Bitcoin is really a game changer that can improve our economy and helps many people to earn extra income and it can reduce the povery rate. Bitcoin is our future investment so we need to cope up with it. Many people have already changed their lives better to we might as well to experience the same as well. So, we better to invest to Bitcoin now and wait for the price to go up again.

Actually this is very good news. It's just that the question is how will the government control and monitor the banks that receive bitcoin as a means of payment? If there is a solution then it will be very useful for all parties

I'm a Filipino and it's a good thing that here in our country, the government and the central bank recognizes the cryptocurrency. Hearing the news made my fellow countrymen into it. Most of the overseas Filipino workers prefer the blockchain technology(bitcoin) as transaction to send money from abroad to their families here in the Philippines. Plus, I know also people here who became financially stable because of bitcoins.

I must agree, I've known a lot of OFWs that are engaging in crypto in which they also use to send money to there family's. It's an advantage for them as it is easy to transact with a low fees unlike going to a respective store that you need to pay for a transaction and additional fees just to send money.

Though, BSP already announced or made a bill that acknowledged the use of cryptos as for of payment here in the Philippines. This was published around 2013-2014 though I noticed that BSP didn't literally broadcast it. That's why a lot of people thought that Bitcoin is acknowledged by BSP recently.

Good news because it has a positive and profitable impact on long-term growth in the bitcoin industry in Philippines. And hopefully can help boost the bitcoin price. Unfortunately this is not happen in my country, where the government of my country still prohibit bitcoin transactions because there is no underlying asset the price of virtual currency and the trade value is very volatile so vulnerable to the risk bubble and prone to be used as a means of money laundering and financing terrorism, and it can affect the stability of the financial system and harm the public.

A great news for all the people here, as this really makes us strong as a regular member of this forum and a holder of bitcoin, so for me it was a good point in our country that our government allows us to do it although it is not yet legal it is okay for as long as they are beginning to recognize it.

This is the start of the bitcoin regulation. When this news will scattered all around the country i am so sure that more investors will invest in bitcoin. BSP (Bangko Sentral ng Pilipinas) statements has a great impact to all investors who has a doubt about bitcoin and this is a big help to widen their knowledge and trust bitcoin again.

It's a good news for the Filipinos who are involved in bitcoin and not only the Filipinos can be benifited with the new payment system through bitcoin in Central Bank of the Philippines, also the foreigner who are visiting the Philippines. I'm sure this is the good opportunity to all people who are living in the Philippines because some of the big companies and small companies are also adopting the new payment system called the bitcoin.

With risks of using crypto currency you can cope, otherwise - it's a regular instrument of the money market and the object of investment. This opinion was expressed by the deputy head of the Central Bank of the Philippines Melchor Plabasan in an interview with the local news television channel ABS-CBN. In this he stressed that the central bank considers bitcoin as a payment and settlement instrument. Also, a representative of the financial regulator warned about the risks of using crypto currency for accumulation and investment, which are caused by high volatility of the exchange rate.
It should be noted that the monthly volume of crypto-currency transactions in the Philippines reached $ 6 million.

Considering the fact that it is risky to invest and volatility is inevitable. I think Central bank of the Philippines see through it, and they just see that bitcoin and other cryptocurrency positively.

It is a good news for us. This maybe the beginning that the country will embrace bitcoin. And more others will do the same. And its good to know that bitcoin will now be used by many.

As of today there still no news about this one. maybe because they not predicted that  value of bitcoin will decrease at this moment and not seeing a possible reason to increase because they are lack of knowledge about bitcoin. in the future they can understand it for sure.

It was a great news that Philippines is now recognizing bitcoin as a means of payment. This only means that more Filipinos will going to deal with bitcoin and many of us will become more expert when it comes to cryptocurrencies. So I think as a Filipino we need to educate people about it so that they will cope up with the changes.

I agree with what you said, I think this one which enlightened our fellow countries to acxept Bitcoin which is proven to be good to the people who might be involve in this platform with the accordance of proper assistance and guide to know the right way in orddr for you to earn here, I think we should be now working for it to basically include here to our currencies to be used.

On that news was very true, well many Filipino get benefited on bitcoin as long as they believe on it and to make them to convince what is bitcoin they must should search first about it of when gonna be the exact history of bitcoin. So that they can relate what going on now then if they did that I'm sure there's no doubt they start immediately invest in bitcoin or work here in the forum which many campaign could they want join as long as it is legit.

yes that was so true. Philippines are already accepting cryptocurrencies. especially bitcoin cause philippine government knows and sees a lot of good changes will be if their accept crptocurrencies in our country especially bitcoin. it is good on our economy cause it reduces the numbers of employment. someday it will reduce the number of in poverty

Thanks to the central bank for publishing such news, this is good news for all bitcoin users.

I expect that bitcoin and blockchain will generally have high rules for finance and politics in the future world economy.

Big news for philipinnes also for whole world crypto community. This will result for bitcoin growth on its price and demand. Continuing this kind of good news in every part of the world will make our bitcoin more suitable and stronger currency and no one can manipulate the price

I am from the Philippines, too, and this is such great news!
Bitcoin has so much benefits and advantages starting on each individuals using it for transactions to the economy of the governments in general.
It serves as another source of income for many Filipinos and can take in money as if they were overseas workers.
Glad to see people are able to see the positive side of the crypto more and more over the common "it will be easier to scam and be involved in black markets and illicit activities" ideologies over the influence of false news and the lack of proper inquiry of education due to being reluctant.