PH is now considering Bitcoin

[boyptc]

I'm glad that the Bangko Sentral ng Pilipinas ( Central Bank of the Philippines ) is now considering the use of bitcoin.  And I'm sure it will be implemented soon here in our country.
You may read the whole article below.
http://interaksyon.com/business/128696/ph-now-a-major-player-on-virtual-currency-usage---bsp-exec

[MingLee]

Well I won't lie, a lot of the stuff I've started hearing coming out of the Phillipines is more "unique" than I've heard coming from other countries, but I guess this could be good news if everything happens properly.

I'm not sure why the would choose to do such a thing so suddenly, but that's not my business.

[bbc.reporter]

Good news. But I don't really buy it. These are politicians, you know. I'm sure there's an always ulterior motive behind it. Maybe another avenue for the politicians over there to make use of BTC for money laundering, perhaps?

[boyptc]

Good news. But I don't really buy it. These are politicians, you know. I'm sure there's an always ulterior motive behind it. Maybe another avenue for the politicians over there to make use of BTC for money laundering, perhaps?

Well I'm also thinking about the money laundering and btc can be used by corrupt politicians here in our country. But no matter what the government's purpose about it. For sure many stores here are going also to consider accept bitcoins as a method of payment for more convenience. And it will become a cashless society here in the future for sure.

[electronicash]

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

[Cryptonitex]

A bank contributing to BitCoin? Is that a good thing?

[BitTyro]

While it may be true that the Philippines is now one of the major player with regards to virtual currency use, and Central Bank of the Philippines is considering to adopt the use of it, it is also reported that the Philippine government is planning to tighten the use of it.

http://themerkle.com/philippines-will-tighten-regulations-for-bitcoin-operators-and-exchanges/

IMO, they are just trying to regulate further the use of bitcoin in the country and keep track to those use it.

[boyptc]

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

So that when the government is already regulating the use of bitcoin here, the corruption also can be digital and no liquidation can happen.
Digital corruption is possible but I'm looking at the good side of it when it is already implemented in our country.

[electronicash]

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

So that when the government is already regulating the use of bitcoin here, the corruption also can be digital and no liquidation can happen.
Digital corruption is possible but I'm looking at the good side of it when it is already implemented in our country.

They should instead work with their own blockchain technology NOT virtual currencies.
i remember someone suggests e-peso on the lower house and never have we heard it again because somebody figured its sort of way to once again milk millions.

[jossiel]

This is a good news somehow, I can still see the behind plans of the people behind it because they want something that cannot be trace immediately
just like how bitcoin works.

i remember someone suggests e-peso on the lower house and never have we heard it again because somebody figured its sort of way to once again milk millions.

I think that plan is already vanish and not being review in the congress.

[shinratensei_]

I'm glad that the Bangko Sentral ng Pilipinas ( Central Bank of the Philippines ) is now considering the use of bitcoin.  And I'm sure it will be implemented soon here in our country.
You may read the whole article below.
http://interaksyon.com/business/128696/ph-now-a-major-player-on-virtual-currency-usage---bsp-exec

Yeah, I'm very glad to hear that, that's nice progress for Philippines, I hope my country want to adopt bitcoin too and make regulating for bitcoin but maybe it's become a high chance to money laundering.

[bbc.reporter]

Good news. But I don't really buy it. These are politicians, you know. I'm sure there's an always ulterior motive behind it. Maybe another avenue for the politicians over there to make use of BTC for money laundering, perhaps?

Well I'm also thinking about the money laundering and btc can be used by corrupt politicians here in our country. But no matter what the government's purpose about it. For sure many stores here are going also to consider accept bitcoins as a method of payment for more convenience. And it will become a cashless society here in the future for sure.

Uh, no. No chance of that happening anytime soon. Cash is still king. I could not imagine the common people in the Philippines using BTC as their primary way to spend. I've been there, so I know. Especially in areas where the reach of education is so low. And that's including the urban areas.

[bbc.reporter]

While it may be true that the Philippines is now one of the major player with regards to virtual currency use, and Central Bank of the Philippines is considering to adopt the use of it, it is also reported that the Philippine government is planning to tighten the use of it.

http://themerkle.com/philippines-will-tighten-regulations-for-bitcoin-operators-and-exchanges/

IMO, they are just trying to regulate further the use of bitcoin in the country and keep track to those use it.

That's always a bad thing. Leave the internet alone!

[Mark1003]

Uhmf ? I think bitcoin is gradually being accepted here cause some of the items now can be bought using bitcoins.

[btccashacc]

Uh, no. No chance of that happening anytime soon. Cash is still king. I could not imagine the common people in the Philippines using BTC as their primary way to spend. I've been there, so I know. Especially in areas where the reach of education is so low. And that's including the urban areas.

yeah i was thinking the same thing, bitcoin is not ready for people who lack of interest and knowledge on new technology like bitcoin, in other way the government actually can gain a lot of money by taxing and regulate the bitcoin, like BitTyro mentioned they are just trying to regulate bitcoin in their country in order to protect the costumer , not to adopt it as their official currency

[jdacer95]

some people here in the philippines dont know about  BITCOIN

[bittrojan]

I'm glad that the Bangko Sentral ng Pilipinas ( Central Bank of the Philippines ) is now considering the use of bitcoin.  And I'm sure it will be implemented soon here in our country.
You may read the whole article below.
http://interaksyon.com/business/128696/ph-now-a-major-player-on-virtual-currency-usage---bsp-exec

they looking for good chance to do this since bitcoin have good market cap,and that because bitcoin in philipine have good reputation,so many exchange there,and also so many people use bitcoin,and this fact will be blown our mind that we never know on philipine have good bitcoin developing.

”In the Philippines, bitcoin exchanges or estimated transactions passing through registered companies here range between USD 2-3 million per month. So it is not a small amount of transactions,” he said.

[drwtsn32]

For those who do not know yet, the Philippines has http://coins.ph/ (a third-party bitcoin wallet site) where you can send bitcoins without (or very low) transaction fees.
You can also buy mobile network load, pay bills and shop online using your wallet.
Awesome right?  

[Doms]

Good news. But I don't really buy it. These are politicians, you know. I'm sure there's an always ulterior motive behind it. Maybe another avenue for the politicians over there to make use of BTC for money laundering, perhaps?

They are not politicians, actually. BSP Gov. Tetangco is one of the more popular central bank governors around the world, having won different awards for his good governance at BSP. If they could see that the advantages could outweigh the weaknesses, it could be a great thing for bitcoin since one of the main sources of Philippines' GDP is remittances from OFWs, which if even a portion is converted to bitcoin would already be a huge amount.

[Kakmakr]

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^