Bitcoin Forum

Do you think the call for inquiry relative to bitcoin at the policy making body like the House of Representatives in the Philippines would help in determining the future of bitcoin and its price?  

anything that is about bitcoin will have an impact on the future of bitcoin!
the difference is the result of the policies they decide to put in place for bitcoin. it can speed up the adoption of bitcoin and with it increase the price of bitcoin (like Japan last year) and also help the economy of the country.
or it be naïve and restrictive and slow everything down, mainly in the said country.

It will always play a role when it comes to bitcoin since government nowadays are really interferring when it comes to crypto taxes and regulations.

one inquiry talks about crytocurrencies being compared to "pyramid Scheme" which is a total non-sense. While the intention is noble, given the benefit of the doubt, but the problem is making them understand and that's probably one of the challenge to look into

I think everything will affect the development of bitcoin in the future, because I think it will not be prevented (as long as there is still an internet connection)
he will not die, I think if the state legalizes it will accelerate its development in a country, rather than vilify it that makes its development obstructed.

well there is always that one idiot everywhere who is saying something like that. sometimes that idiot is a government employee. these days countries that  decide to go against bitcoin won't succeed anymore because the adoption has already started everywhere. it may be small but it exists and it is growing. on top of that the bigger developed countries such as Japan, Germany,... have adopted bitcoin already so when one small country goes against the tide they are just making a dumb decision.

The call itself likely won't have any effect. The Philippine market is quite small, and is certainly nowhere near big enough to cause worldwide jitters like the G20 summit did.

The outcome probably could though, but you can't expect it to have the same effect as when big news drop from South Korea or pre-exchange ban China. Bitcoin has been fairly steady during the India and Iran bank bans, so I would guess it will take much more than bad press from a small country to move it.

I agree with you even India could not affect the market, Iran and The Philippines are little players in the industry. They will be only follower of other big counties in the industry which can affect the bitcoin.

I only hope that they will tackle the issue very carefully and really understand how bitcoin works. If any unecessary information get mixed-up and suspicions and confusions join in the process, let's hope they won't have to ban bitcoin from the country. Aside from that, i hope they decide that people should be informed about these new changes in our era and they consider cryptocurrency as the future of transactions,payment and trading.

Probably yes! When the policy makers call for open public inquiry, it shows they are willing to hear out the people. Few months back, Australia also opened such discussion with their citizens to hear their proposal on the bitcoin and crypto currency. Today Australia is one of the most crypto favored nation. Philippines is coming up fast as a destination of global business outsourcing. Even my company opened up a center in Philippines to support our global clientele. It shows the eagerness of the government to support development. I won't be surprised if they decides to adopt bitcoin in their economy.

However, can you please share any link of news which confirms about this open inquiry extended by Philippines government?

I am welcoming this inquiry so that it can cleared that those many scams associate with Bitcoin has nothing to do with Bitcoin actually in the same manner that any scam using the US Dollar has nothing with the money as the medium of exchange. Now, having said that, we should be sending the message to lawmakers that Bitcoin and cryptocurrency are actually representing big opportunities and we have already shown this for years here in the Philippines. Though the country is still a small fry in the global Bitcoin market, still I believe that this country has the potential to be the hub in the region.

I wouldn't think that it will have a significant effect on the overall price of bitcoin because The Philippines is quite small as comparde to other Asian Tigers like Japan, South Korea or even China. The only one being affected here will be the Filipino bitcoin community and crypto enthusiast in the country. I don't know what will be the outcome if there will be one Senate inquiry against crypto but local trading exchanges coins.ph have been complying with BSP (local Central Bank)  with regards to AML/KYC policies of the government already.

I think every community opinion will give effect to price specially like price stuff such as crypto currencies, but it is necessary to predict the impact of such policy from a community. I heard 3 negative news for bitcoin recently, and this is the third. However it is considerable for fundamental analysis, then combined to technical analysis. My conclusion that price is halted at around 9000K for such kind of resistance, added with negative news above. But several weeks ago we heard big positive news by entering BIG people such as George Soros and others into Crypto currencies that shown us now their impact in ascending trend of crypto currencies.

Representatives in the Philippines will fix the usage of Bitcoin only in their country - not that way you are thinking.

The one thing that I know for sure is that governments if they legalized it and made it a part of their economy not just some unwanted currency but something that holds value and is accepted then no matter where this happens it will increase the price trust and make the crypots stronger.
If the government decides to regulate it in an unbiased way then for that country the Bitcoins will fluorish..it's localized to the part where Bitcoins have gotten the strong hold .

The Philippines might be a small market now and if taken as a single player But would it be different if the position of small markets (small players) are the same? One peso is composed of centavos, just a thought   

I think any news will impact bitcoin,  so policy intervention is the same. News or policy can be lead us to FUD or FOML,  and you must keep calm down before do anything.

of course, they are controlling government policy, so I think their policies will affect the future of bitcoin, and also the crypto market.

In India the government bans bitcoin and it inhibits the prospect of bitcoin in the future, so, I think every factor that comes from outside that talking about the crypto, then it will determine the future of crypto.

I think Bitcoin will be affected in future development. It is moving forward in the global market. So it will not be resisted or resisted. It will continue as long as it has an Internet connection. If a country declares its legitimacy, then the country will be the role model for development.

I think that does not matter much, and the future price of bitcoin will flow by itself at a high price because of the high demand.

This is uniquely so. The issue of the passage of the crypto currency is very serious, first of all, a political issue for each state, although it has more influence on the economy than on politics. However, at all times financial issues have been a priority both in the economy and in politics. Therefore, everything related to the crypto currency, given that it has a very serious impact on the economy of each country, will be considered if necessary at the highest legislative and political level. Soon, even representatives of the G-20 countries will consider the issue of circulation of the crypto currency. It will also happen in any state.

One aspect influences but the scope is not large. However, many countries that recognize and recognize BTC will make it stable.

I think no
because the Philippines market not big

if the House of Representatives will fix the bitcoin price of course it applies only to their country will not apply worldwide, because bitcoin is the digital currency that only spin in the internet world and there is no institution or even a country that can arrange it because bitcoin is not supported by Constitution.

As is known, policymakers around the world are trying to control the global explosion of Bitcoin trade and other virtual currencies. Included in the Philippines, there susceptible to the theft of bitcoin swallow so that To protect online wallet, strong passwords can be used. You can also add two-factor authentication services like Google Authenticator that are often offered by web-based wallets

I think bitcoin is a hi tech product that can across country boarders. It is impossible to change the future of Bitcoin with policy intervention from one or two countries.