The central bank executive, however, assured the public that the BSP is continuously studying VC usage intricacies “to formally regulate virtual currencies.”
They did nothing to contribute any development and they want to formally regulate, really? regulate their ass
Bitcoin will only be allowed in some countries, if these governments can have some sort of control. They have a duty towards their voters to protect them as consumers, even though they forget that role, when it comes to banks. In some sense regulation would help merchants to adopt Bitcoin quicker, because they will not accept a currency, if there are no future for that currency and they will lose money from this endeavor. ^hmmm^
Bitcoin users are just fine without a central regulating the users. Merchants do have the information about bitcoin now and its up to them if merchants accept it or not. if not, they'd miss there chance to adopt at the very early stage of virtual currencies.
True, but what if the merchants are not allowed to accept Bitcoin as a payment method/currency? The governments have control, no matter what you say. We might not need centralized control, but the government will not give you a choice. You can either accept their rule, or they ban Bitcoin in their country. You should just accept that and work with them. ^sob^
