Philippine government will soon regulate bitcoin operations in their country

[groll]

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

[Btcvilla]

Very interesting. But I don't think the Philippine government can do much, judging by everything else they do.

Although, I wonder if its going to be "tax the hell out of you" or "don't do shady shit and rob your clients". I guess we will wait and see.

[groll]

Very interesting. But I don't think the Philippine government can do much, judging by everything else they do.

Although, I wonder if its going to be "tax the hell out of you" or "don't do shady shit and rob your clients". I guess we will wait and see.

I believe that is is a probability given the new president whose been historically chosen by people to stop corruption, criminality and drugs. The new president is a straight one and a person who has an iron grip. In his administration this things are possible hopefully for the good of the country Philippines. The exact time is not clear but it is a well plan that need to be implemented.

[Doms]

Very interesting. But I don't think the Philippine government can do much, judging by everything else they do.

Although, I wonder if its going to be "tax the hell out of you" or "don't do shady shit and rob your clients". I guess we will wait and see.

I think it would be ok that there be some regulations on the use of digital currency, like bitcoin, but not to tax what we have, but just to monitor what are the things that are being exchanged with the transactions. If the new administration is serious about stopping corruption and drug problems, they should focus on catching the big fish and not feast on those small time drug dealers and criminals.

[arwin100]

Very interesting. But I don't think the Philippine government can do much, judging by everything else they do.

Although, I wonder if its going to be "tax the hell out of you" or "don't do shady shit and rob your clients". I guess we will wait and see.

I believe that is is a probability given the new president whose been historically chosen by people to stop corruption, criminality and drugs. The new president is a straight one and a person who has an iron grip. In his administration this things are possible hopefully for the good of the country Philippines. The exact time is not clear but it is a well plan that need to be implemented.

I think its way to far to be happen because bitcoin is not known in philippines and only those enthusiast are using it as you can see in outside world we can count only those people who use it because majority of people are merely not known about this coin existence thats why i think its so early for bitcoins to introduce in philippines it cannot gather trust in short period of time.

[shinratensei_]

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

can you give me a source of this information, if this is real I'm very exciting with this. The Philippines became one of some countries can make a new blow for another country who always relies on fiat currency became their value. At the same time, this will give some usefulness for Philippines to leave from another countries domination for their currency.

[kryptqnick]

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

Is it good or bad for those people in Philippines who use it?

[Jemzx00]

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

This will be bad since other countries will get Philippines money online via hacking and Philippines can't do anything to defend their selves on other countries. And I don't think Philippines have a good system to do this.

[harizen]

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

Is it good or bad for those people in Philippines who use it?

Good for those who treat bitcoin as currency.

Bad for those using bitcoin as a pure investment, they hate tax without knowing that local exchanges has putting a same tax scenario when it comes to converting bitcoin to fiat.

However, the government here will not focus on providing regulations in using bitcoin for now seeing how government is spending some time in one thing.

[Fatanut]

Just in case you guys have never seen the new President of the Philippines. In less than a month, people in my area are admitting that they are drug addict/users and has took an oath that they will never do it again. The news is all about the new President. Sometimes it's starting to become boring because it's all about killing drug lords and stuff.

In other words, Mayor Duterte (we call him Mayor for some reasons) has the power to do these things. Anyway, I'm not brainwashed or something to say this but all of his actions are focused on making this country a better one. If he makes a cyber surveillance division, then surely his intentions are purely for the safety of the online money that we all have. And he doesn't want to make money out of this action.

[pawel7777]

Hope they regulate it the right way, not criminalise average Bitcoin users.

I believe that is is a probability given the new president whose been historically chosen by people to stop corruption, criminality and drugs. The new president is a straight one and a person who has an iron grip. In his administration this things are possible hopefully for the good of the country Philippines. The exact time is not clear but it is a well plan that need to be implemented.

Is it the same guy who proposed killing drug addicts, or was it just rumour?

[iqlimasyadiqa]

you could say this is good news. Now some countries are beginning to pay attention to the movement and development of bitcoin in the country. hopefully some future time in several regional countries will adopt a system like phillippine government. This is an improvement for bitcoin world.

[yayayo]

Such actions by government are not motivated by fighting (cyber)crime. This is just a pretext. The true reason for "regulation" (read: restriction) of Bitcoin use is the understandable fear of the government that people no longer use the inflationary fiat junk money provided by central banks. Using money outside of governmental control bereaves the government of one of its most important sources of power.

Fortunately these initiatives of shortsighted officials are destined to fail. They will only work as long as people convert Bitcoin to fiat money. But what if people use Bitcoin for direct payments? There will be no way for the nanny state to prevent that.

ya.ya.yo!

[Fatanut]

Is it the same guy who proposed killing drug addicts, or was it just rumour?

Yep, it is the same guy. He won the election. A lot of drug users/addicts especially drug lords has been killed already. Not by him, though. I don't expect much from the new President in stuffs like cyber crime because his focus is on drugs and other crimes. But cyber crime is just another type of crime and we all know that a lot of scams are happening nowadays. It's likely that the President would ask for help from another country (USA or other first world country) to do such action. Philippines alone can't do all these things.

[RoommateAgreement]

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

you should add some links for things you post here so we can research further about them easier

anyways, i think this can go both ways (good or bad) because usually regulations lead to more taxes and people and merchants staying away because they would have to pay more taxes or get in troubles for unpaid taxes,...
but also it is good because it also can lead to more people trusting bitcoin because it is regulated and approach it which will help the mass adoption in long term.

[Wendigo]

Bitcoin getting regulated by the government is not a bad thing as long as they don't impose a lot of taxes on the annual Bitcoin profits. Actually it may be a benefit to the Bitcoin community in the country if the government officials help to curb down all the scams and thefts that seem to be rampant in the Bitcoin world right now. Of course some people won't like it being looked into by the government but in this day and age I don't think we could get much privacy any more unless we move to live in the mountains 

[LoyceV]

But I don't think the Philippine government can do much, judging by everything else they do.

If they make their internet a bit slower, bitcoin won't work anymore

On a serious note: they can regulate the exchanges of course. Even without living there I know coins.ph, that's how big/famous it is. I read about it on multiple locations.
I don't even think regulation is a bad thing. Illegal trading will continue anyway, and government approved legal trading could be an incentive for more users.
Considering how expensive it is to send money to/from the Philippines, Bitcoin can very well be competitive for overseas workers.

[buddu]

It is really good news because this what Bitcoin is missing right now. Bitcoin will be regulated easy by easy in many countries and all this will back it by providing strength. Bitcoin will open new opportunities and will grow up much more fast. In spite of all fears related to this regulation there are hidden hopes and opportunities in my opinion.

[allthingsluxury]

A shame, regulations by government only stifles growth.

[JeffBrad12]

Well done, I'm very glad to hear that the philippine is wanna making a regulate for bitcoin to prevent all of their issues and solve the problem. but never see about this rumour on the internet, I need a reliable source for this. but I sure for certainly there is any interest by some parties in this policy.