The numbers are in, bitcoin use grows in the Philippines

[jmigdlc99]

Cryptocurrency transactions have grown to $6 million DAILY from $2 million to $3 million a few years ago, according to Central Bank of the Philippines deputy director Melchor Plabasan.

"It's like any other monetary instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using (cryptocurrency)," Plabasan said.

Seeing statements like this really makes me want to quit my job and start a crypto-related company.

Source: http://news.abs-cbn.com/business/10/16/17/bitcoin-use-grows-in-philippines-regulators-flex-muscle

[gabmen]

Cryptocurrency transactions have grown to $6 million DAILY from $2 million to $3 million a few years ago, according to Central Bank of the Philippines deputy director Melchor Plabasan.

"It's like any other monetary instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using (cryptocurrency)," Plabasan said.

Seeing statements like this really makes me want to quit my job and start a crypto-related company.

Source: http://news.abs-cbn.com/business/10/16/17/bitcoin-use-grows-in-philippines-regulators-flex-muscle

Well make sure first that you'll have ample back up with your bitcoin earnings before you decide to quit your job. It's not only in your country but many countries are already following suit with japan in takig advantage of the rise of btc

[Scorpion]

In the past month or so there has been a surge of Bitcoin related Google Searches in the Phillipines, in the last month it has been an all time high. The blockchain is spreading.

[player514]

In the past month or so there has been a surge of Bitcoin related Google Searches in the Phillipines, in the last month it has been an all time high. The blockchain is spreading.

The more countries the better, right?

I mean if we can get more people globally in on this train now, they have a higher chance of earning and potentially earning more than they could have had they had no real introduction to bitcoin. It seems like the more the citizens start to know about crypto, the more often Bitcoin gets legalized in a country. Not a bad start for the Philippines at all.

[maydna]

In the past month or so there has been a surge of Bitcoin related Google Searches in the Phillipines, in the last month it has been an all time high. The blockchain is spreading.

The more countries the better, right?

I mean if we can get more people globally in on this train now, they have a higher chance of earning and potentially earning more than they could have had they had no real introduction to bitcoin. It seems like the more the citizens start to know about crypto, the more often Bitcoin gets legalized in a country. Not a bad start for the Philippines at all.

yup the more people will makes bitcoin more famous and i think people deserve to find out about how to make more money especially from bitcoin. it is good to know that in philippines, bitcoin can grows with good and the other people from other country will attract too. and finally crypto currency can be more famous in asia because we have japan, korea, and now philippines and i wonder who is next country in asia will followed.

[nydiacaskey01]

This is the reason why the Congress filed a motion to investigate the proliferation of Bitcoin and other cryptocurrency in the Philippines because it is being used in Ponzis and MLM with promise big earnings. It's good news and bad news actually. Government stepping in means  this will at least reduce use of Bitcoin in illegal activities. Bad news is stricter measures on existing crypto exchangers.

[speem28]

This just proves that the use of bitcoin in the Philippines is getting more and more frequent. It's good that our country is adopting the use of bitcoin and not making any laws or whatever the government may do to somewhat hinder us from taking full advantage of bitcoin. Let's just hope that there will be more stores that will accept bitcoin as a mode of payment.

[Pursuer]

Cryptocurrency transactions have grown to $6 million DAILY from $2 million to $3 million a few years ago, according to Central Bank of the Philippines deputy director Melchor Plabasan.

"It's like any other monetary instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using (cryptocurrency)," Plabasan said.

prove me wrong but this doesn't seem at all like "bitcoin use".
what the central bank says is the money that is flowing into bitcoin, possibly the money that people deposit in their exchanges to buy bitcoin with. in other words people are investing more in bitcoin and they may very well have sold already and gone back to fiat. even those figures may be half the money that goes in and half the money that comes out.
and that is why that article is talking about "regulations" and possibly taxes in the end.

when you talk about bitcoin usage it implies usage of bitcoin as a currency. and for that you should count the transactions that people make on bitcoin blockchain.

[SoulBargain]

This is the reason why the Congress filed a motion to investigate the proliferation of Bitcoin and other cryptocurrency in the Philippines because it is being used in Ponzis and MLM with promise big earnings. It's good news and bad news actually. Government stepping in means  this will at least reduce use of Bitcoin in illegal activities. Bad news is stricter measures on existing crypto exchangers.

It is not that "bad news" really. If you are not involve in any illegal activities then there is no need to be worried and comply with the strict KYC that the local exchangers are asking in response with the governments mandate. These exchangers might be clingy at some point asking "where did you get that" especially when you deposited a huge sum of money. You can just say it if it is not illegal of course.

This really is good so that scammers will not freely roam. There really are a lot of scammers here since they think that they can just getaway. I expect less scam cases would show up if governments decudes to get involve with Bitcoin or in the entire cryptoworld.

[jc89]

This just proves that the use of bitcoin in the Philippines is getting more and more frequent. It's good that our country is adopting the use of bitcoin and not making any laws or whatever the government may do to somewhat hinder us from taking full advantage of bitcoin. Let's just hope that there will be more stores that will accept bitcoin as a mode of payment.

Yes, more establishments that accept bitcoin is what we really need for us to fully enjoy the usage of btc. This might also add some interests for the tourists btc holders. Aside from the hospitality of Filipinos and majestic sceneries all over our country, btc acceptance will also add impact to our tourism. It will really get their attention because of the amount they can save from money exchangers too.

[soham]

Cryptocurrency transactions have grown to $6 million DAILY from $2 million to $3 million a few years ago, according to Central Bank of the Philippines deputy director Melchor Plabasan.

"It's like any other monetary instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using (cryptocurrency)," Plabasan said.

Seeing statements like this really makes me want to quit my job and start a crypto-related company.

Source: http://news.abs-cbn.com/business/10/16/17/bitcoin-use-grows-in-philippines-regulators-flex-muscle

That is a good news that at least one central bank has said that bitcoin related risks can be managed and also welcoming blockchain as a new technology. We need more such kind of news to have a positive impact on the bitcoin price and also to increase the investor trust on bitcoin. Bitcoin has now taken itself to a certain height which can't be ignored anymore. SO the users are now sitting on the fence, either it will accepted or banned. We don't expect that every country to legalize it, but if a government can provide a proper framework to tax bitcoin transactions, it will be a win win situation for both us and the government. We won't mind paying a small tax on the bitcoin transaction but what we need more is the legal tag. That is more important than the tax. Both will be happy.

[diegz]

This is the reason why the Congress filed a motion to investigate the proliferation of Bitcoin and other cryptocurrency in the Philippines because it is being used in Ponzis and MLM with promise big earnings. It's good news and bad news actually. Government stepping in means  this will at least reduce use of Bitcoin in illegal activities. Bad news is stricter measures on existing crypto exchangers.

I'm weighing more on positive side. I've seen a lot of ponzis and some of our fellow Filipinos who are not inclined into reading news about bitcoin fall at this ponzi schemes.

Lets just hope that congressmen would call on those people who are really knowledgeable about bitcoin such as those exchange owners and not just anyone who would declare themselves as computer experts.