pinoy sellers on localcoins

[nagtatago]

A few months ago I warned of the dangers when it was announced the RP government is now officially regulating bitcoin.

Most on this board cheered and welcome this news, oblivious to future repercussions of this development. Repercussions  which I took the time to enumerate here a few months ago.

Now I bring you this as another warning of things to come that will affect  localbitcoin.com pinoy sellers, once the RP government follow's America's lead, which they ALWAYS do.

https://news.bitcoin.com/the-slow-criminalization-of-peer-to-peer-transfers/

[nagtatago]

Hope all your sorry asses having fun on localbitcoins and other venues enjoy the release of your cherished Government regulations released today.

I warned of this right here on this board. Most here on this forum embraced the news of the soon to come regulations.
My warnings were ignored and laughed at in favor of government interference. Well you got it now. Hope everyone likes it.

https://news.bitcoin.com/bitcoin-regulatory-guidelines-philippines/

https://news.bitcoin.com/philippines-central-bank-issues-guidelines-for-virtual-currency-exchanges/

[Dabs]

We have to live with it I guess, but as a comment on that article has said, it's old news. For the most part, nothing really changes.

I regularly withdraw and deposit a million here and there, not related to bitcoin. I don't see how users of localbitcoins in the PH will get affected. The PH government has more than enough to deal with all the other crimes around.

When the PNP or NBI have people who actually pose as buyers or sellers on localbitcoins, will we see some news about this. Sting operations. But then for this to get effective, they have to target high profile pinoy bitcoin users who use localbitcoins. (I don't use localbitcoins even though I do have an account there.)

Lilipat lang ang tao sa kung ano anong groups o forums o tipidpc (kunin nila kaya ang tipicbtc?) ayosdito, olx or mga ganun (unless selling virtual currencies is against their rules.)

The exchanges are regulated, and they follow whatever the law requires of them, and I use them (although there are only two major ones I am aware of at the moment.)

[nagtatago]

Very true are your comments regarding the local regulators for the time being.

But there is an even worse adversary. The USA, and it's plans to force all Crypto_exchanges worldwide to be classified as "financial institutions" like they forced all non-USA banks to become FATCA compliant or face BIG financial penalties that make it impossible for non-USA banks to stay in business if they aren't FATCA compliant.

Our country has always been quick to follow any extraterritorial dictates from the USA. The USA is planning on coming after Locabitcoins.com and that WILL affect Filipino traders even though the initiative is done by the USA.

 Quickly, Philippine BTC regulations will be amended to include this USA over reaching mandate and thereby affect all us Pinoy traders too.

[papajamba]

and there's news that before entering the US, all should declare any bitcoin-wealth. WTF!

https://themerkle.com/new-us-bill-will-require-travelers-entering-the-states-to-declare-bitcoin-at-the-border/