Central of the Philippines Recognizes Bitcoin

[mastica]

This is really interesting, we are now moving forward to our continuing development of the economy. So I am excited to have our own Bitcoin ATM here in our country. This is a great news ahead of us especially to those who are already involved in BTC and also for those who are still curious, I hope they can now understand and accepts bitcoin as a currency.

We already have our own Bitcoin ATM somewhere in Makati.  It was available since last two years as far as I know.  I don't know if it is still functional since I have not even went where it is to see it for myself.  And in my opinion there is nothing to get excited about this news.  This only means that the exchanges will function like a bank where they need our identities and proof of identities to be able to make a transaction especially converting Bitcoin to local fiat.  And worst, the possibility of imposing tax to all exchange transaction is inevitable.

This is just to trying to legalize bitcoin, but they does wanna to know who is dealing at crypto world, but im pretty sure some of us able to make a good money at crypto dont wanna money frozen at the banks because they wont accept the dark marketplaces were we did used  to get those coins, knowing that those are the exchanges that already pay fees to their respective countries.

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[digaran]

I have to say that if someday by some miracle one of the top 10 most advanced countries in the world publicly announces that they are accepting bitcoin as a currency to deposit and open accounts solely with bitcoin itself then price will really skyrocket like %500. but still any country with 5m+ population is a good thing to let their people take advantage of the benefits bitcoin is offering them.

[eternalgloom]

I have to say that if someday by some miracle one of the top 10 most advanced countries in the world publicly announces that they are accepting bitcoin as a currency to deposit and open accounts solely with bitcoin itself then price will really skyrocket like %500. but still any country with 5m+ population is a good thing to let their people take advantage of the benefits bitcoin is offering them.

That would have both positive and negative consequences. I'm not sure if it's better for Bitcoin to be recognized as an actual currency or rather an asset.

[kidoseagle0312]

http://www.newsbtc.com/2017/02/08/philippines-bangko-sentral-recognizes-bitcoin-payment-system/

According to this article the Philippines’ Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states  sees the virtual currency’s potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin but also the the Central Bank of Nigeria.

This is sounds great news to Filipino citizens, Bitcoin will be supported by the Banko Sentral ng Pilipinas after announcing this update news. It will surely that some of the investors who became negative about in bitcoin before their negative thought will turn into positive way now. Even the people don't have enough knowledge in it will also become curious more about in bitcoin.

[Sled]

This kind of news is great because this is one of the proof that bitcoin is getting stronger and bigger and now there is a possibility for the philippines to fully adopt bitcoin as their another kind of payment or maybe currency. I hope this kind of news will be keep on coming because this news or updates can surely help the bitcoin to be stable and it can also makes the price high and make it strong.

[BitcoinPC]

I am a proud Filipino citizen and I am glad that we are really adopting this crypto currency ,
And we are supporting it hope that we could use our bitcoin to buy in some supermarkets .

Good to know that your country is starting to adopt bitcoin now. And since it was started to publicize by the bank for sure it will be going be open to some other store out there to try the service given by bitcoin. And so we are hoping that too that someday other country will accept bitcoin as your country does.

[lionheart78]

This is really interesting, we are now moving forward to our continuing development of the economy. So I am excited to have our own Bitcoin ATM here in our country. This is a great news ahead of us especially to those who are already involved in BTC and also for those who are still curious, I hope they can now understand and accepts bitcoin as a currency.

We already have our own Bitcoin ATM somewhere in Makati.  It was available since last two years as far as I know.  I don't know if it is still functional since I have not even went where it is to see it for myself.  And in my opinion there is nothing to get excited about this news.  This only means that the exchanges will function like a bank where they need our identities and proof of identities to be able to make a transaction especially converting Bitcoin to local fiat.  And worst, the possibility of imposing tax to all exchange transaction is inevitable.

This is just to trying to legalize bitcoin, but they does wanna to know who is dealing at crypto world, but im pretty sure some of us able to make a good money at crypto dont wanna money frozen at the banks because they wont accept the dark marketplaces were we did used  to get those coins, knowing that those are the exchanges that already pay fees to their respective countries.

Exchange like coins.ph have issues too on where you get your Bitcoin.  If they found out or traced that you get your Bitcoin the illegal way, or in a shady way, they will freeze your account.  Or if you have a numerous shady transaction.  There is some inquiry in Coins.ph thread in Philippine Local Board about his relative's account being freezed.  Same way how the BSP wanted to implement a more strict compliance by Exchanges like Coins.ph, Rebit.ph etc. on AML/KYC.  They even implement a submission of yearly report of theses exchanges.

[Drago2016]

I am a proud Filipino citizen and I am glad that we are really adopting this crypto currency ,
And we are supporting it hope that we could use our bitcoin to buy in some supermarkets .

Good to know that your country is starting to adopt bitcoin now. And since it was started to publicize by the bank for sure it will be going be open to some other store out there to try the service given by bitcoin. And so we are hoping that too that someday other country will accept bitcoin as your country does.

Yes, I agree - it's a big step to a brighter future. Thanks to Bitcoin, the Philippines people will be able to keep their money safe

[sportis]

--snip--

Exchange like coins.ph have issues too on where you get your Bitcoin.  If they found out or traced that you get your Bitcoin the illegal way, or in a shady way, they will freeze your account.  Or if you have a numerous shady transaction.  There is some inquiry in Coins.ph thread in Philippine Local Board about his relative's account being freezed.  Same way how the BSP wanted to implement a more strict compliance by Exchanges like Coins.ph, Rebit.ph etc. on AML/KYC.  They even implement a submission of yearly report of theses exchanges.

It's not strange for me. There are and other exchanges too, like as Coinbase which follows the same policy that is tracking how their users spend their bitcoins not only for illegal activities but to gambling sites too.

[Japinat]

--snip--

Exchange like coins.ph have issues too on where you get your Bitcoin.  If they found out or traced that you get your Bitcoin the illegal way, or in a shady way, they will freeze your account.  Or if you have a numerous shady transaction.  There is some inquiry in Coins.ph thread in Philippine Local Board about his relative's account being freezed.  Same way how the BSP wanted to implement a more strict compliance by Exchanges like Coins.ph, Rebit.ph etc. on AML/KYC.  They even implement a submission of yearly report of theses exchanges.

It's not strange for me. There are and other exchanges too, like as Coinbase which follows the same policy that is tracking how their users spend their bitcoins not only for illegal activities but to gambling sites too.

Most of my money is coming from gambling sites and I do not think it is illegal in any way since the gambling sites that I am playing is not operating in the Philippines, if they will be very strict, I guess we have no choice on that but to comply. Since it has not happen yet, I guess it would be fair for us if exchanges such us coins.ph will release an official statement for our awareness.

[junlyaa]

I am a proud Filipino citizen and I am glad that we are really adopting this crypto currency ,
And we are supporting it hope that we could use our bitcoin to buy in some supermarkets .

Good to know that your country is starting to adopt bitcoin now. And since it was started to publicize by the bank for sure it will be going be open to some other store out there to try the service given by bitcoin. And so we are hoping that too that someday other country will accept bitcoin as your country does.

Yes, I agree - it's a big step to a brighter future. Thanks to Bitcoin, the Philippines people will be able to keep their money safe

Happy for the philippines. Bitcoin development in Philippines looks quite positive, Japan is also the case, the use of bitcoin has increased significantly in japan. Most people are aware of how bitcoin has a positive impact on the local economy.

[stadus]

I am a proud Filipino citizen and I am glad that we are really adopting this crypto currency ,
And we are supporting it hope that we could use our bitcoin to buy in some supermarkets .

Good to know that your country is starting to adopt bitcoin now. And since it was started to publicize by the bank for sure it will be going be open to some other store out there to try the service given by bitcoin. And so we are hoping that too that someday other country will accept bitcoin as your country does.

Yes, I agree - it's a big step to a brighter future. Thanks to Bitcoin, the Philippines people will be able to keep their money safe

Happy for the philippines. Bitcoin development in Philippines looks quite positive, Japan is also the case, the use of bitcoin has increased significantly in japan. Most people are aware of how bitcoin has a positive impact on the local economy.

Well, this is a very good start for a bright future, imagine if small countries like Philippines will also acknowledge bitcoins in their country, it will have a great effect for the bitcoin economy as a whole. With the acknowledgement of the government, people will be aware that it is a legitimate payment processor and their funds will not be compromise.

[Mr. Big]

Well, this is a very good start for a bright future, imagine if small countries like Philippines will also acknowledge bitcoins in their country, it will have a great effect for the bitcoin economy as a whole. With the acknowledgement of the government, people will be aware that it is a legitimate payment processor and their funds will not be compromise.

Actually it is not really being endorsed by the government or whatsoever, but they set guidelines on using it and banko central ng Pilipinas made a memorandum about it....

Though it didn't really mean that bitcoin was in the media limelight right now in the Philippines, it still means a lot to bitcoin users here... It means, we feel a little safe in holding a bitcoin as the local exchanges needs to comply with the banko central for their  users protection... 

[Doms]

--snip--

Exchange like coins.ph have issues too on where you get your Bitcoin.  If they found out or traced that you get your Bitcoin the illegal way, or in a shady way, they will freeze your account.  Or if you have a numerous shady transaction.  There is some inquiry in Coins.ph thread in Philippine Local Board about his relative's account being freezed.  Same way how the BSP wanted to implement a more strict compliance by Exchanges like Coins.ph, Rebit.ph etc. on AML/KYC.  They even implement a submission of yearly report of theses exchanges.

It's not strange for me. There are and other exchanges too, like as Coinbase which follows the same policy that is tracking how their users spend their bitcoins not only for illegal activities but to gambling sites too.

Most of my money is coming from gambling sites and I do not think it is illegal in any way since the gambling sites that I am playing is not operating in the Philippines, if they will be very strict, I guess we have no choice on that but to comply. Since it has not happen yet, I guess it would be fair for us if exchanges such us coins.ph will release an official statement for our awareness.

These exchanges just want to follow the rules and policy set by government rather than face heavy sanctions for the regulatory board. After all, they are in here, first and foremost to make a living, and even if it means being very strict with their rules and regulations, they are not going to go another way. These are great times for companies such as coins.ph because they are among the pioneers in this line of business, and I hope they keep improving their services so as to attract more potential clients.

[UCHCHILD]

Good to see that there is bank that accept and see the potential of bitcoin in the market. Is this the first bank that accept bitcoin or there were some already that recognize bitcoin in their bank of their country?

[Rinder]

Countries might even recognize bitcoin as currencie or asset but the thing is they have just one interest doing such that is the tax they will collect that they cant and arent able to get now. Soo they will be able to trace all our steps again.

[btcdiggingmaster]

I am a proud Filipino citizen and I am glad that we are really adopting this crypto currency ,
And we are supporting it hope that we could use our bitcoin to buy in some supermarkets .

Good to know that your country is starting to adopt bitcoin now. And since it was started to publicize by the bank for sure it will be going be open to some other store out there to try the service given by bitcoin. And so we are hoping that too that someday other country will accept bitcoin as your country does.

Many countries are looking into bitcoin and governments has an intention whether to accept them or not, but this one gives boost to the government who wants to accept bitcoin as their payment method. Soon other countries will start accepting bitcoin as their payment method.

[dearbesz1219]

Im Filipino also. But what i see in our country, only few people here in our country knows and appreciate bitcoin and only few companies or markets are accepting bitcoin. So this is a good news for all of us who use bitcoin. Hope this will intensifies the progress of bitcoin in our country so we all could benefit from it.

True, few Filipino only knows about in bitcoin. And the saddest things bitcoin became bad image in most citizens in your country, like what happen to bitclub, onecoin, and the latest was TBC those coins are more on hyped and all of them are ponzi or hyip scheme and too bad for the people became a victim by them. And this central of the Phil. want to accept bitcoin legally for them to implement the centralization but that's not good for the bitcoin fanatic actually, though their intention and concern is their so fellow filipino's

[HatakeKakashi]

I'm from Philippines , I see the news that central bank of the Philippines Promote bitcoin as a payment. And this news published in news paper so many Filipino here are read that article so if many Filipino know about bitcoin they have posibilities those peoples invest in bitcoin. And that's good news for us because  the price of bitcoin will increase for sure. And I'm happy because central bank of Nigeria would also accept bitcoin. Who  country next? More country for sure will accept bitcoin . bitcoin price is continue rising and no one can stop the good news!

[Jannn]

Countries might even recognize bitcoin as currencie or asset but the thing is they have just one interest doing such that is the tax they will collect that they cant and arent able to get now. Soo they will be able to trace all our steps again.

Your right dude.
They recognising Bitcoin because they want to take advantage and get some benefit to it.
But this is good to our country and especially to ours.