Bitcoin Rally Could Be Stalled by Philippine Regulation

[ddink7]

Message deleted. This was somebody impersonating me.

[1715533083]

1715533083

[gentlemand]

Sounds rather sensible to me. Where's the doom and gloom in making it less dodgy for the average customer?

[lumeire]

It's a pretty small market to affect the whole space if you'd ask me.

[pooya87]

this "rally" will continue on, and Philippines market is too small to have any effect on the results. there is already a couple of million dollars in daily trade volume on Chinese exchanges combined. and no to mention the US market and the huge volume there (which is a lot more real than Chinese).

[valley365]

this "rally" will continue on, and Philippines market is too small to have any effect on the results. there is already a couple of million dollars in daily trade volume on Chinese exchanges combined. and no to mention the US market and the huge volume there (which is a lot more real than Chinese).

Yes agree, Philippines is way too small to affect the bitcoin price. Bitcoin price depends mainly on China, where now the housing market bubble created a lot of money. People put the money in untraceable currency like bitcoin to avoid taxation and others (remember not all money are legal there)

[Herbert2020]

that is just a bold statement you made about the current rally. it is the same as before if you ask me, the same way other smaller countries like Greece, Cyprus, ... couldn't change the price up when the news said they are "adopting bitcoin" with those picture they put up with people with money in hand.
this is no different Philippine is a smaller country with much smaller share of the bitcoin market and any change there has little to no effect on bitcoin.

[Kakmakr]

The rally can only be stalled if the majority of the push were coming from the Philippines and I am not sure that it is acctually the driving force behind this latest rally. So let's just tick it off as a contributing factor and not the force behind it. The regulation is not entirely a bad thing, if it's primary goal is to control criminals from using the technology for illegal money laundering and other crimes. We should just concentrate on what is in front of us now, and that is riding the wave of success. ^smile^

[NorrisK]

So many countries have asked for regulations and so far the only thing that really influenced the price was when the US senate was discussing about it during the 2013 rally.

The others have caused minor bumps for no more than a few hours and I guess people understand by now that bitcoin can continue even with government regulations.

[LFC_Bitcoin]

As if the Philippines doing anything is going to have a major effect on bitcoin. I can't see how anybody would really care?

[BitcoinHodler]

"We are concerned with potential money laundering and consumer protection. We are studying putting virtual currency operators under a more formal regulatory framework," Philippine Central Bank Deputy Governor Nestor Espenilla said, according to Bloomberg.

every country, and everyone with smallest brain is worried about money laundering and all other kinds of criminal activity that can be performed with bitcoin. and none of them have been hiding it so far in the past 7-8 years. and these are talks and talks have been happening for as long as bitcoin existed and regulations are not always a bad thing preventing things!

[Sundark]

So minor acts of money laundering (at lest compared to fiat money laundering scale, which is significantly higher) and fake concern about customers will limit cryptocurrency revolution?
I guess Philippine government is a little hasty and a bit too vigilante after they had to take care of their rampant drug crisis.

[addicto]

Introducing some regulations for Bitcoin and other alternative coins will bring more boost and trust in these markets. It is really good thing which has nothing to do with Bitcoin rally as it will keep continue. In coming years we are going to see many countries coming out with such regulations. Philippine want to know the flow of money under remittance name through Bitcoin. It is indeed a good thing. 

[Jet Cash]

Who do they consider to be "operators" - wallet holders, exchanges, or merchants.

The real revolution for Bitcoin will be the time when exchanges are redundant.

[lemipawa]

No effect at all. There's only a few users of Bitcoin in the Philippines. Only a handful of merchants accept Bitcoin and theres 1 Bitcoin ATM but not sure if its still working or not.

[Red-Apple]

regulations can never stop bitcoin revolution. people are going to continue buying bitcoin and invest in it and continue the rally forward. and besides last time i checked it is not yet regulated there and if it becomes regulated people are going to move on to buying bitcoin through other channels like localbitcoins and we all know that always increases the price.

so if anything that will only help the rally.

[shintosai]

its just a small country and for sure even they conduct any regulation it wont affect the market of bitcoin as there are many traders who's investing all over the world and those big players who really knew bitcoin for many years now so i don't think it can have any big impact.

[Mometaskers]

Ah, beloved Philippines lashing out blindly again. They're not even doing their job to regulate banks. Remember that time when Chinese hackers was able to cash out Bangladeshi money from the Philippines? Those are the sort of problems BSP should be focusing on. And what are they doing to stop money laundering in those casinos? Jeez..

[xuan87]

It was already predictable, the government will reject the idea of bitcoin because of they afraid of the users used it for illegal things such as money laundry, and the other reason is the government is trying to control bitcoin, the government want to know every transaction you have and every identity that makes the transaction

[judeafante]

As if the Philippines doing anything is going to have a major effect on bitcoin. I can't see how anybody would really care?

There will be no effect,not because the Philippines is a small market but because,the government are more in fighting drugs syndicate and corruption,it is hardly a news here in the Philippines,because coins.ph the Philippines local exchange is already regulated..

[carlfebz2]

As if the Philippines doing anything is going to have a major effect on bitcoin. I can't see how anybody would really care?

There will be no effect,not because the Philippines is a small market but because,the government are more in fighting drugs syndicate and corruption,it is hardly a news here in the Philippines,because coins.ph the Philippines local exchange is already regulated..

Indeed,there would be no effect since there are only small investors would potentially tend to jump into bitcoin but it doesn't mean it would affect soo much on bitcoins price unlike on China and other Big Countries does have the power or capabilities to move bitcoins price.As I have heard there is a local exchange that is being regulated by the government and you did mention it which is coins.ph.