Central of the Philippines Recognizes Bitcoin

[avikz]

That's really great to see that a Central bank of a country is recognizing the potential of bitcoin and moreover blockchain technology to include in to the financial transactions. It surely will have positive impact on bitcoin price and it has already started I guess. Also the Central bank of Nigeria is doing the same as OP mentioned.

However, it also has a darker side, while bitcoin is meant to be the currency of the mass, countries taking interest in bitcoin may or may not have adverse effect on the bitcoin users of that country. If the central bank tries to regularize the bitcoin transaction and start taxing it, it won't be good. Lets just hope the central bank only takes interest in the blockchain technology and not on bitcoin users.

[bohr]

Regulation is only welcome when it is not harsh to the point of being unbearable, a good example is New York's BitLicense.
3 days ago we learned thatJapan will introduce their own version of Bitcoin legislation, far worse that BitLicense.
At this point it is certain that it will cause more harm than good. Let's hope that Philippine's version of bitcoin regulation won't be that cruel.

I agree with you, since bit license in Japan is very expensive its almost the same as you are being taxed.This is the way the government can regulate and have an inmone on bitcoin but I hope it should be moderate so as not to harm the bitcoin enthusiast and supporters like us.

They are not harming bitcoin with those moves they are only harming themselves since no one will want to open shop there and will move to countries with legislation that is more friendly, they are shooting themselves in the foot with this.

[Idrisu]

Bank of central Philippines recognition of bitcoin is good news to crypto currencies communities. Bitcoin provides inclusion in our financial system something the  convention bank could not do. Even as bitcoin is over price I think now is still the best time to buy and hold it.

[pinkpanther03]

--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.

As far as I know aside from that Xapo also is the same as coinbase, the same rules and policies too. Since there are implementing this things most of their client users are abiding this rules and policy also.

[Yakamoto]

That's actually pretty interesting to see, I would expect somewhere like the Philipines to recognize something like Bitcoin, but their most recent President/Prime Minister/Whatever seems to be pretty based and seems to be open to helping his people more, while cracking down on crime at the same time. This might be one of his ways of getting to that.

[buharikx31]

I think Phillippines maybe the only country which are giving a lot potential to bitcoin. Mostly countries are scared to trust bitcoin,because of non-stable priceand non-decentalized system,which always make a big impact on political thoughts about bitcoin and real potential to inject it in different countries

[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.

That's the reality situation of your country's now, on which many of your citizens there was not quite familiar into bitcoin. And as far as I know bitcoin in your place was having a bad introduction in your country because of some investment scheme where they used bitcoin at their own self interest which is bitclub and The Billion Coins so the image of bitcoin was become bad to anyone because of those shit coins that has been arise in your country. Though the acceptance of BSP was a real good news to all Filipino out there its a good advantage that can be considered.

[marjoree]

this is a great news! We Filipinos may now have an access investing here in bitcoin and then easily convert it into our currency. I bet many of us will get encourage joining Bitcoin. And sooner, our economy will rise up since this provides employment even if we are just in our homes!

[Nerman]

This is a very good news not only for the Philippines but for the whole Bitcoin community.

I Hope other countries approve or recognize not just Bitcoin but other reputable Altcoins.

[Lumada]

This is a very good news not only for the Philippines but for the whole Bitcoin community.

I Hope other countries approve or recognize not just Bitcoin but other reputable Altcoins.

It will be hard for Altscoins since it's too broad . There are plenty of alts and some are just shitcoin to be acknowledged. But there are really aome that are worth identifying.

[Pakboy]

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.

Another good news. I am from the Philippines and I happy that the bitcoin is now accepted and recognize that the bitcoin as payment system. I know that the priceof the bitcoin will rise up again because of the good news.

[Tubig]

I'm from Philippines also. Yes its good news to us! Because many Filipino heard that news they might been interested to invest to bitcoin. So the price of bitcoin will pump to high.  What if big investor can read that and invest big money the bitcoin price go to the moon. Thanks to bank central ng pilipinas for publishing like that news. Many people the job is bitcoin and many (ofw) overseas Filipino workers the sideline in bitcoin. I think it will not end this year bitcoin will become popular in my country.

The bank recognizes bitcoin because bitcoin is becoming popular in the Philippines, and because poverty is a problem lots of Filipinos are willing and are interesed on how to earn in bitcoin. And as you said, its an advantage for the OFWs to transact using bitcoin because it has a low transaction fee. But I think the government will apply taxes to it so that they will also earn to the Filipinos industriousness.

[gunhell16]

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.

Wee just need to wait for the right time .. yeah! i think less than 5% of the population knows what is bitcoin is and 50% of the 5 are the one whos doing bitcoin, they dont know yet the gain in bitcoin.. though the banks now are really doing some jobs for bitcoin and if you will go somewhere in Makati there is an ATM machine for bitcoin. this good news from central bank hopefully will not  pull the attention of the government by doing what china did !

[ongels]

I'm from Philippines,  and im glad to hear Philippines recognized bitcoin as a mode of payment. The fact that some areas in the Philippines are not yet reached by bitcoin community due to its limited access in internet, But it will be a great help in the economy. Lot's of Filipino's are jobless hoping this will be the tool to escape from poverty.

[julius caesar]

I'm from Philippines also. Yes its good news to us! Because many Filipino heard that news they might been interested to invest to bitcoin. So the price of bitcoin will pump to high.  What if big investor can read that and invest big money the bitcoin price go to the moon. Thanks to bank central ng pilipinas for publishing like that news. Many people the job is bitcoin and many (ofw) overseas Filipino workers the sideline in bitcoin. I think it will not end this year bitcoin will become popular in my country.

That's true, amd I think it will be a good idea that Philippine Central Bank is recognizing bitcoin as one of the helpful sysem that may contribute a lot in our Economy unlike in the other coumtries, they banned Bitcoin in a unclear reason and I think that's because they dont see the potentials that bitcoin may acquire for their Economy.

[syaripudin]

I think this is good news for Filipinos if their government is able to accept bitcoin. this will certainly be very profitable for those who do dibitcoin activities. I know that the Philippines is a country that does not develop much industrial systems in this country, which causes some percent of its citizens to decide to work outside the country. of course this will be an opportunity for them to buy bitcoin at a fairly low price and get bitcoin with a high enough value of course this will make them prefer bitcoin in sending money his country. of course this will be very profitable for them, not to mention the effect gained that of course will be more and more investors who want to invest in the country of philippines. this will be very beneficial for the citizens of the Philippines yes of course with the rules applied by the government of the Philippines.

[Kotone]

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.

As the Philippines is usually connected to Overseas Workers and other stuff. Remittance has really been made easier by Bitcoin and that is why that slowly and sirely Bitcoin is making waves at the Philippines. More and more are trying out bitcoin and trying and sayo g that bitcoin has been making it easier for them to send money.

[ajmapalo22]

It is nice to hear that some countries recognizes the financial help bitcoin has offer to many people with this kind of recognition chances that the value of bitcoin will continue to appreciate and the demand will likely to increase since there are published story regarding bitcoin more people will get interested that can lead to sudden increase in the market gap of bitcoin.

[karmakeddon]

I have actually seen some mom and pop stores here set up a payment system for bitcoin. They display a paper wallet option in front of the counter and you can just go ahead and scan the QR for payment. One such place is called Mr. Delicious, which is a cured meat shop where they offer assorted deli meats.

[omonuyak]

This is good and like btcc CEO has said bitcoin is  resilent and it value did not come from governments acceptability.banning bitcoin will not be a good idea because people will go underground to do black market business with it. Philippines recognise bitcoin is a good development but bitcoin value did not come from governments acceptability but from it demands and supplies force.  Bitcoin is decentralized and without government bitcoin has able to get this popularity and great development in technology and public acceptability.