Bitcoin Forum

Now finally the central bank has announced to legalize bitcoin. After the announcement the Philippine central bank receives a lot of application for exchanges services. We all know about the strict implementation of KYC policy in the ph. I  am just thinking that since the central bank legalize btc would it also mean a taxable income for them from us?

This is a big news to many Filipinos into Bitcoin and cryptocurrency in general. If you mean tax on the services offered by wallet service providers and exchanges, that is quite possible because they would just be making an add-on. But if you mean tax on people who are earning from Bitcoin, then that can be hard to implement as we can easily not declare our real income here in the Philippines. Actually, it is good for all of us making money online.

Really a big news. I just want to add up that the news came from cointelegraph. Basically this mainstream is happening right now in the philippines because most of the filipinos doesn't have access to banking system. If the other 3rd world countries will be doing the same it would be an awesome economic growth for them as well.

It seems like Asia is more bitcoin-friendly than the rest of the world.First China,then Japan and now the Philippines.
What`s going on with USA and western european countries. :(
Yes,it`s obvious that they want to get more tax revenue after legalization of cryptocurrencies.
The only tax income they can get must be from cryptocurrency exhcange platforms transaction fees taxation.
They can`t tax the cryptocurrency profits that all the traders make.If they do,the traders will run away.

Yes, indeed Asia is leading the way for bitcoin with the big (Japan, China and South Korea)3 then countries like Philippines, Singapore and Hongkong doing the same. Problem with other country is that they think that bitcoin is used for criminality and for Ponzi scheme. Those countries that are anti-bitcoin will later regret their decision when bitcoin become mass adopted. They don't have a choice but to really adopt bitcoin they will be left behind globally. We may even see governments transacting bitcoin with other governments.

I think central bank will tax the income coming from the exchanges and tradings but not the income from sending money from person to person because they cannot involve in this kind of transactions.

The transaction fees are too high for Filipinos, first and foremost.  Secondly most Filipinos are being introduced to BTC by shady characters asking them to invest in scams or bizarre schemes.  Third, not even 1% of Filipinos invest in the local stock market....one of the best performing markets in the past decade with many companies returning 1000% or more in the same period of time.

This news is highly insignificant to an economy that relies primarily on cash.

Well I think it should be a significant news because this will open up doors for more exchanges to come into operations within the Philippines and allow for competition and when there's competition the transaction fees will be per individual exchanges will be competitive and reasonable.

this is great news for the Philippines, this means a big boosts for the market, specifically in the I.T. industry, however, people may not acknowledge this, since when it comes to financial education they are really left behind. It is true the Philippines has on the best stock market in Asia today, but they are ignoring it, most who are investors in the Philippines have Chinese blood and they are more knowledgeable on investments,they don't mind the fees as long as they know they will gain more in return, sad to say that this news will also be ignored by a lot of people, since they are fearing the unknown and they never mind to study it, I just hope this kind of thinking changes, only a few percentage of the population will rejoice because of this news, and on few within that percentage are Filipinos.

The show has already begun and the number of audience is increasing gradually. Legalization of bitcoins by central bank, which plays very important role in any country's economy, is definitely a big step forward. I also agree with you on the Chinese and Philippines skill level in trading. May be still many people ignore this advancement, but bitcoins are making progress and that’s good news.