Bitcoin Forum

14 banks in the Philippines now recognize and transect bitcoins.
What about in yours?

Wooooww i bet many more will follow suit.
Unionbank is now lainching blockchain payment system.
This is good news you guys

These are goodnews indeed!
It will hasten up bitcoin promotion,and manu will start investing and soon!
Hehehe
Damn exchangw rates are gonna go up

It is very luck to the people of the Philippines that Bitcoin is not legal but not ban in the nation enjoying the benefits of Bitcoin income without tax then it was fully supported by the Central bank together with major banks as partners of local exchanges therefore you should not waste time of joining the Bitcoin investments as these great developments may also lead to regulation and legalizing bitcoin but the government will most likely to impose tax on bitcoin in the future.

I live in Vietnam. I'm Vietnamese too. In my country, the opposite, from January 1 2018 the government banned electronic money transactions. And are trying to control the activities of this.

I think more and more countries and banks will recognize bitcoin because as time goes by, bitcoin will enter the stage of the world and become one of the important economic systems.

I am really wondering how it works there.
Do they offer you a wallet connected to the bank account?
And is it possible to convert bitcoin into the lokal fiat and back?
How high are the fees for their service?

I believe many more investment banks will begin experimenting with making markets in bitcoin and other blue chip cryptocurrencies as they begin to see the amount they can make from it.

Seriously? What are those banks? That'll be a good indication to other country and of course to include other banks in the Philippines as you said so. Hoping that there would be a lot of banks that will also recognize bitcoin. Philippines is one of the country that doesn't ban bitcoin unlike China. Hopefully bitcoin will prosper on the said country.

where I live is still not allowed the bitcoin and other crypto as a means of payment, but still limited to investment alone, but bertia that I heard there are 5 major banks are studying blockchain

I dont think so that they are operating and accepting bitcoins,ive heard from some friends that when they did cashout on some banks ,banks lockd up their account for using bitcoins saying its not accepted on their services.But i dont know if some banks do really process it

We have this app couns.ph to hold the peso wallet and as well btc wallet. You annuae it to pay bills and other stuffs.
You can exchange btc to local fiat and vice versa.
I believe within your wallet in the app, transaction is free. But when depositing your wallet, it depends on the remittance centers or banks.

I think it is very good for the financial system of this country. I am sure that they will be careful about money laundering issues as well. It is better to accept and regulate it suitable to its own rules.

Like BDO, BPI, metrobank, chinabank,unionbank and among others.
You can check this link http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/
Just stumbled upon reading stories regarding bitcoins.
Im hoping the same, banks should recognize bitcoin.
Hurra to all!
Hehehe.

these are great news indeed, good to see how banks progress and become better and better  in this field.

That's quite saddening steve..
But maybe, just maybe, if you try and spread the news that banks in the philppines even it's central bank, recognizes btc and so many banks and agencies (private and public) accepta payments and remittances using their digital assets.
I really hope yous will follow soon.

This would be a good news to all. Not only in security bank where we can deposit our earnings and cash out as well but also to other banks in the Philippines. I am looking forward in the announcement most especially in BPI where i trusted the most.

I thought that banks are only for the blockchain technology but this is only showing on how they don't want to be left behind when it comes to financial matters, they are banks you know. Philippines is truly welcoming the adoption of cryptocurrencies since before (2014). I hope that other banking sectors in some countries will do the same thing.

Well, this is a pretty good news and I hope the other banks accept bitcoin in time. This might be a good start and other banks should definitely follow this as there are alot of people who are into cryptocurrencies now. If this continues, in future when bitcoins/other cryptocurrencies get even more popular I think almost everyone will accept bitcoins as payments.

Hi Fit! You can check out this link, i got it from a friend.
It is but one of the banks that recognize btc.. so far,I haven't heard of news like locked up accounts in our country.
http://news.abs-cbn.com/business/01/22/18/visa-unionbank-launch-blockchain-payment-system

Wooooww..
Many are well read and are covering up for me.
Hehehe
Thanks guys for helping me spread the word!
We hope and pray that banks in other countries, and government as well, will recignize digital assets!
Keep posting guys!

This is a testament to the success of bitcoin in the philippines, and in effect, worlwide.
I believe this will influence other banks to engage in digital currencies, after all, banks don't want to get left out with matters concerning money.
This will revolutionize banks, and bitcoins in banks!

The date on that article is -
Published July 3, 2014 1:58am

So what is the latest news?

I agree!
This is a step to regulate btc in the country, and to better manage digital assets.
I just hope that financial syatem will carried out smoothly.

OP can you provide the link for that news.Because I am wondering what is the use of bitcoin in banking system because it is really against them so how they will use bitcoin for transaction.

Yeah, I know.. I posted it because many are yet to know.
And is evident when people know little, like asking the article was dated way back (?), which mean he/she is still have got no idea. Until now.
Well for the latest, check mary dale's link posted in this thread!
http://news.abs-cbn.com/business/01/22/18/visa-unionbank-launch-blockchain-payment-system

This was the link posted  http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/
It was dated many years back, but it's good to know since many have no idea still.
Even me.

Some exchanges in India also dealing with bitcoin but they have to deposit more money in terms of security. As per Govt. rule, bitcoin is a very volatile and a risky so they are demanding more security money to play with safer side. 

None, our government and banks consider crypto currencies as fraud therefor banks are closing the accounts of the owners.

I wouldn't trust the Op but saw this one with reference so it has weightage now. Looks like Philippines is going under revolutionary change with this one and many other counties and countries will follow them only if they succeed in the proper use of it.

See, the blockchain and current traditional technology that is swift are completely two different algorithms with decentralised and centralisation work nature. For the first time it could happen that they merge and accept the payment over blockchain and process over it as and when needed.

However the current affairs says different thing than the old article that you have shared here.

See this one : https://www.google.co.in/amp/s/www.coindesk.com/philippines-central-bank-grants-first-cryptocurrency-exchange-licenses/amp/

But it's mostly about central bank issuing license to exchangers.

I agree with posting news that are even way back, Because they are one of those that are completely forgotten, if not having no idea at all!
Just like how government per diems when they travel on official business, it was only known that they are allotted 800php, but then the news that it was upgraded to 1500php was not promulgated sufficiently - and memorandum was dated wayback, around 2012-2013

So thanks for sharing

kingkats0803 Can you list them please pm if you like as this is really good news if accurate. If the likes of PNB, Metro Bank, UCPB etc will accept it is fantastic news for it could be the start of a wider trend. How will it work? do the banks have wallets etc?

on my opinion its something suspicious banks are against in bitcoin or any cryptocurrencies because they cant take or they cant collect any taxes from bitcoin so beware and learn how to observe

There is a wallet that let exchange Bitcoins to Fiat directly to remittance centers also bank accounts.
Yes they have fees and it increased when bitcoin skyrocket happened.
Also, benefits were reduced like limiting the amount of exchanges to fiat in a year.
That was really a buthurt for most of us today.
Since there are still no local store accepting it, we don't have a choice but to go with the flow.
It's like we have taxes already.

But I think there's still controversy over Bitcoin transaction in some banks. A story of a client who have bank account in Banco de Oro (BDO) have gone viral when she posted in facebook her story wherein she said that a staff of the bank told her that her account is subject for closure because they traced that there was a bitcoin transaction in her account. And they stated that an order to close all accounts that has BTC transactions was given to them as per the Central Bank of the Philippines (BSP). The staff insisted that the order was from BSP which is quite confusing since they approved a local exchange and there are 12 more exchanges subject for review. However, upon reaching out to BSP there was a misunderstanding and there's no such order but they are eyeing to regulate virtual currencies.
You may refer to this link (some are in Filipino language): https://web.facebook.com/permalink.php?story_fbid=516683295371902&id=100010907075861

her news source can be from where it agan. because this news very awaited pleh bitcoin user community in particular. because of the existence of the bank dipilifina already bertantraksi dengat automatic bitcoin other banks also have to dipertimbangkannya for continuation of user bitcoin agan.

wow! that's some really good news for Bitcoiners of Philippines! I guess other Asian countries will also take a note.

Perhaps we should all move to the Philippines :) I wonder if there are already other countries with similar BTC banking measures already in function.

Good for them, honestly saying I am not surprised if I hear from the news that all banks will accept bitcoin tomorrow.

This is great, I hope that banks in other countries are also considering accepting the bitcoin traffic and shipping. This may be the premise, the motivation for other countries to learn how to operate the bank in the Philippines and we will see the good news.

Hi mek!
I believe they already posted the link, at the thread above, check this http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/

I've read it and it is and old report, but still,many are yet to know and is beneficial and encouraging at the same time

Bitcoins are either legal or illegal in india tough stand by govt of india

this is very encouraging news, even though I am not a citizen of that country and I live in another country I am very glad to hear this news, more and more countries are realizing that bitcoin is not as dangerous as many countries fear

I honestly don't care since I am not a huge fan of majority of the banks around the world which is one of the main reasons I liked Bitcoin in the first place due to its decentralized nature. Most banks only try to spread FUD for their own personal gains which is why I don't really care about news related to crypto related banking actions. This might actually be good news, but I don't completely trust banks which is why I am not sure whether more banks utilising Bitcoin would actually help the crypto market in the long run.

Confectionery thought it does not see Bitcoin's official currency because it will be a risky move there will be a lot of controversy.

could you provide with full list please or some of them?

Is a good news and lucky for them to be accepted by banks. Hopefully more countries and banks are opening up to bitcoins to allow them to be traded freely.

Really good news, and btc prices will rise again

It is indeed a good thing for banks to transact bitcoin, as it will be a way of adopting the new technology that would serve as an upgrade to their system, as services would be rendered to customers who wishes to make such transactions.

Is this for real? Because I only knew 2 Banks that accepts BTC in exchange for fiat money .. would it be possible for you to list down all of those banks because I tried to search for them but only 2 associated with coins.ph app are the ones I know.

lots of good news wandering about Bitcoin, this is Bitcoin time to fly, enjoy the moment and take as much profit as possible

Yes, there is a lot of good news about bitcoin in the past. Many banks have cooperated with bitcoin and no longer oppose bitcoin. Over time, we can see that bitcoin is no competitor. It is attracting more and more people to cooperate with them. That made bitcoin grow and become better.

I'am a Filipino and I'm certified level 3 coins.ph user. Coins.ph is affiliated to 30 banks. But theses banks do not directly engage in cryptocurrencies but coins.ph send them money to that it is already converted from btc to php then withdraw it there. This kind of misinformation leads to false hope. I repeat, PHILIPPINE GOVERNMENT AND SOME BANKS ARE STILL NOT RECOGNIZING BITCOIN.

Basically, you must have a wallet to a PH bitcoin platform and the platform is partnered with several banks and local remittances. It's possible to convert bitcoin to local fiat and vice versa. Fees for their services? It's so worth paying for because of the less hassle transactions, however if you send money to a wrong reciever then it won't be reimbursable.

I am from the Philippines but i have never heard of this news and never know that it was possible. Lucky for us filipnos that we have easier access to bitcoin and recently ethereum as coins.ph added it yesterday.

For kingkats0803 actually philippine government recognize bitcoin as a currency. It was all over the news a few months ago.

These are good news for cryptoworld!
I'm living in Finland and we don't have any banks doing this, yet. But i believe after more countries and banks recognize bitcoin then Finland will follow the same road.

But how does Philippines goverment itself view cryptocurrency? Do they view it as negative thing?

I'm very happy to know that many banks in the Philippines was really adopt this system and I hope one of this day bitcoin will already have it's legalization to it's government. Now I can see that the Philippines was entering in the gate of having success economy and fully enhance and better development of the government. It is also advantage for their communities of having a system like this. Pretty sure that more opportunity and benefits awaits for them.

in our country, banks do not recognize the calculation of bitcoins and impose more restrictions on the cryptocurrency but thanks to the wallets that make bitcoin independent and free withdrawal

hi bro I also live in vietnam. You may have heard the wrong information. vietnam we are considering and will have specific legal regulations on bitcoin. Not completely banned bitcoin.

I think I missed this news. may I see a link that proves this to be true? because after all it is almost impossible that this really happened.

Good news for a cryptoworld. I hope the next countries will follow these banks.

This is good news, but only one country is not enough to make Bitcoin better. It requires more countries to recognize Bitcoin, whether as a currency or an investment, as long as it recognizes its legitimacy, it can guarantee A certain amount of security is enough.

 ;) ;) I think the whole world will be covered by Bitcoin at one time.  ;) ;)

I have always said that banks will resist the introduction of crypto currency until the state legalizes the crypto currency. As soon as this happens, the banks, fearing losing their piece of cake, will begin to provide services in the crypto currency. However, they themselves are unlikely to use decentralized types of crypto currency in their activities. For this they will use such centralized coins as ripple.

for me that's a good news, because in this philippines security bank, I know that I can not afford to withdraw. We will not be having difficulty withdrawing because of the huge amount of bank transfer.

in Philippines 29 exchanges will approved for bitcoin transactions and 5 bank's are ready to do transaction in bitcoin  soon Philippines will be crypto hub and soon turn out to be like malta block chain island  .  hope Philippines will soon accept bitcoin as payment mode and bring law  example as parliament law   block chain bill  for the growth of Philippines economy.

Its very good for philiphines citizen can make transaction with cryptocurrency or bitcoin. In my country, bitcoin still prohibit if used for payment. I am believe bitcoin can helping economy. Hopely more country recognize cryptocurrency

Philippines are getting better and better in relation crypto, I really appreciate that. I'm kind of surprised to be frank, I had an impression that regime the president set there was real autocracy.

Great. As far as I know, the Philippines is just a small country in Southeast Asia. The economic situation in this country is mostly agricultural. But I can not imagine that  the Philippine government has allowed people to use Bitcoin legally

good news as well as a fresh breeze for the world of cry gan. By joining Banks with cryiptocurrency this could be an example for all banks around the world if investing in bitcoin is not a bad thing. even very useful

Good news. With this  bitcoin acceptance, other altcoins will soon be accepted too and many countries will follow suit .

This is a good thing， To hope more and more banks will do so.

Hi bro,i live in Vietnam,too!i remember there are not official decree in Vietnamese about it

This is very great news for the country of the Philipines, because it is a good start of the crypto adoption, I believe that there are more banks will consider cryptocurrency or bitcoins. I hope there are more banks will consider Bitcoin, and let's hope some country will also start to adapt Bitcoins.

A good thing indeed. It will probably helps the bitcoin to be more popular in Pilipino people, in that way more and more individuals will encouraged to use butcoin because of its perks or benefits. Moreover it is easier in doing transactions. This is a good start for butcoin rise.

Good for them, honestly saying I am not surprised if I hear from the news that all banks will accept bitcoin tomorrow.

I think this is good news for bitcoin development, the government and the philippines even agree on the use of bitcoin as currency. Even in some countries of Southeast Asia and Africa, the use of bitcoin for everyday life is often done.

Good! Is it really?
Can you give links about with news?
I think is so hot for BTC, need make it world wide :)

Hopefully with this news bitcoin prices will rise. Current price is low. I feel sad at the current price.  :( :( :( :( :( :(

This is awesome and a cheering news to the bitcoin family and all Philippines bitcoin holders congratulations all. This will further push more Philippines to be aware of bitcoin and their neighboring countries.  

Wow, that's good in the Philippines! I think that soon in all developed countries we will be able to receive Bitcoin services in any banks. I heard that in Amsterdam they put ATMs to exchange cryptocurrency.

Yes it is trur because before the banks accept bitcoin it was illegal before and banned bitcoin in the philippines so right now we are thankful that bitcoin was totally legal and even thr government and banks was embracing the world of bitcoin so that we can do any transaction in somr of banks so that was easy for us that its totally legal and no onr can stop.

GOOD NEWSS from the Phillipines! Hopefully, the banks in other countries will accept bitcoin transactions if we play our cards well. If believe this will be highly possible if bitcoin rises and become stable.

These is very good news. Filipino citizens are really lucky companies in the philippiensa re open to bitcoin. They are having more and more options in use of their Bitcoin. The philippines is becoming more and more crypto-friendly country. I do hope other countries follow this,.

I've read in some news before saying that Philippines is already accepting bitcoin, but i haven't read about some banks that transect bitcoin. If it is true, it will be a great news for crypto holder, especially bitcoin holders. In my country, Indonesia the banks still not attract in bitcoin movement.

It's really a great news for Philippines  

Good for the filipino citizens as their country as being more crypto friendly. I do hope other countries try to do this too.

I am glad that the Philippine government has been open to the idea of this technology.  And Bitcoin community is very active because it has lesser restriction by the government.  I just hoped that other countries would have the same crypto acceptance.

Well what do you expect. With cryptocurrency and bitcoin becoming more and more popular,banks will have no choice but to adapt to these changes in order to stay relevant. Sooner or later when bitcoin becomes widely accepted and has become a household name, all the banks will start accepting it.

I think this is good news for the Philippines if true, because it will allow the country to take the lead in fintech. For far too long third world countries have tagged along and followed the direction of other nations, but blockchain technology can help reverse or even this process.

Its a really good news for bitcoin lover.It time to go now bitcoin and take advantage of modern and secure electronic money. Now days are very competition on bank each other they want gather lot of customer and they added new feature and also cryptocurrency.

This is a great news, this type of news will probably help the bitcoin to gain popularity in said country. It will also influence the neighboring countries to accept and regulates bitcoin in able for them to control it in a good way. With this news it will helps the users of the Philippines to do transactions more easily and more probably it will encourage more users.

is there a link for proof here? I think there should be a link that includes it to be trusted by us as a wider community.

I knew lots of people in the philippines are now using bitcoins but i haven't heard banks trasact bitcoins. If that's so, this is a great new to all filipinos. Because of this, bitcoin will be more popular and most trus worthy coin of all cryptocurrency world market.

Wow this is absolutely amazing news to the citizens in philippines. I heard unionbank is now accepting bitcoin transactions. The philippine government is now adapting cryptocurrency because of it's popularity and they knew that people nowadays are now doing transaction payment methods via phone.

Oh that’s good to be heard that fourteen banks transactions bitcoins
because it a  good sign that  the company of bitcoin is growing and upgrading in this kind of business and industry.