Central of the Philippines Recognizes Bitcoin

[Xester]

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.

[Mometaskers]

Our country have a large segment of its population living and working abroad and since we can hardly be called industrialized, all those remittances form a large part of our income (10.2% of GDP according to World Bank figures of 2015). So it probably did not escape the BSP's attention that people have started to use bitcoins to send money back to the Philippines. That they recognized it as a legitimate form of money transfer is a good thing since this will encourage Filipinos abroad to look up Bitcoin. Once they see how cheaper it is (and still faster despite the backlog) they might be sending more remittance in bitcoins, further increasing adoption in the country. Since all those remittances fuel consumption here, it could result to more businesses accepting bitcoin as payment.

I think there's also a more pragmatic reason for this. Ever since the money hacked from Bangladesh's central bank wound up here in the Philippines (the Chinese who encashed it promptly disappeared) there has been fears that workers abroad would find it harder to send money back home should we get a downgrade from international bodies. Should that ever happen, I believe they can still use bitcoins.

[Question123]

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.

[emezh10]

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.

I'm a Filipino It is good opportunity for many Filipinos at the Philippines because some there are want to invest in bitcoin. Many Filipinos will know and they can help bitcoin community to pump the price a large again. Many investors of bitcoin I think lots are Filipino. So I am very happy to heard that news many Filipinos will be educated because of that.

[Dmitry.Vastov]

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.

[MFahad]

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.

Most of the countries has same situation where bitcoins are not known widely among all the people on the country. News like Philippines  recognizes bitcoins should be spread widely across the globe so that other countries also takes such steps and also new people start using bitcoins.

[pacifista]

This news might a be stepping stone of bitcoin to be recognize by other people here in the philippines,not only by some but for other companies big or small. Here at my location two or people only knows what is bitcoin.

[summer68]

Happy to see friends from Philippines. This news is an exciting development for bitcoin. If in Philippines, the use of bitcoin is positive, I think other countries will take appropriate policies to promote bitcoin progress. I am looking forward to my country to issue such a legal document.

[Idrisu]

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.

Most of the countries has same situation where bitcoins are not known widely among all the people on the country. News like Philippines  recognizes bitcoins should be spread widely across the globe so that other countries also takes such steps and also new people start using bitcoins.

Philippines central bank and Nigeria central bank recognized bitcoin as a mode of financial payment is a good development and I  expect bitcoin and blockchain in general to play a very high rule for both financial and political of world Economy in a nearby future. For those who has been posting bitcoin is banned here every you will be the one to regret as the price will soon take upward direction.

[k@suy]

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.

Most of the countries has same situation where bitcoins are not known widely among all the people on the country. News like Philippines  recognizes bitcoins should be spread widely across the globe so that other countries also takes such steps and also new people start using bitcoins.

Philippines central bank and Nigeria central bank recognized bitcoin as a mode of financial payment is a good development and I  expect bitcoin and blockchain in general to play a very high rule for both financial and political of world Economy in a nearby future. For those who has been posting bitcoin is banned here every you will be the one to regret as the price will soon take upward direction.

Hope more countries will follow suit. This is one way up for bitcoin to become mainstream. Slowly adding another country one by one on list to recognized is a good omen in the coming future for bitcoin. I do believe in the new prediction that bitcoin will reach $25,000 and its happening slowly.

[warwar]

The time has come well most of the country now a days recognizes the bitcoin, most of the time i heard news from there to here. Im from philipppines too and its a great news to us filipinos that is using bitcoin as payment, most of the user of bitcoin gets a lot of benifits from it because the price of bitcoin will go high and now lets hope that there are lot of store will open up that accepts bitcoin as payment

[deadsilent]

This news is great for the bitcoin community here. Im from the Philippines and i hope this news will boost the development of bitcoin here in the Philippines. So all filipinos will experience the benefits of using bitcoin. So this is a good start of bitcoin here in the Philippines. The problem is, majority of population here in the Philippines dont know anything about bitcoin yet.

[hase0278]

It is really a good thing that the central of the Banko Central recognizes bitcoin as payment system. Im from the Philippines too and maybe they considered it since there is a service that offers easy conversion of bitcoin to fiat here in Philippines which is a web wallet called coins.ph. I personally use it to send fiat to me or send to some relatives far away. Many others do it too so they have noticed bitcoin and have seen it's potential.

[Xester]

It is really a good thing that the central of the Banko Central recognizes bitcoin as payment system. Im from the Philippines too and maybe they considered it since there is a service that offers easy conversion of bitcoin to fiat here in Philippines which is a web wallet called coins.ph. I personally use it to send fiat to me or send to some relatives far away. Many others do it too so they have noticed bitcoin and have seen it's potential.

Yes, the Central Bank of the Philippines had seen the potential and merit of bitcoins. Unlike other countries who sees bitcoin as a tool for money laundering and other forms of illegal activities, Bangko Sentral has looked on the usability of bitcoins as form of financial payments. But there are rules and conditions set by the Bangko Sentral to the exchanges in the Philippines so as to avoid issues on money laundering and other forms of fraudulent activities using bitcoins.

[Seansky]

It is really a good thing that the central of the Banko Central recognizes bitcoin as payment system. Im from the Philippines too and maybe they considered it since there is a service that offers easy conversion of bitcoin to fiat here in Philippines which is a web wallet called coins.ph. I personally use it to send fiat to me or send to some relatives far away. Many others do it too so they have noticed bitcoin and have seen it's potential.

Yes, the Central Bank of the Philippines had seen the potential and merit of bitcoins. Unlike other countries who sees bitcoin as a tool for money laundering and other forms of illegal activities, Bangko Sentral has looked on the usability of bitcoins as form of financial payments. But there are rules and conditions set by the Bangko Sentral to the exchanges in the Philippines so as to avoid issues on money laundering and other forms of fraudulent activities using bitcoins.

Its okay to set some rules and conditions at least they have recognized bitcoin as payment system. I am from the Philippines too and I hope that they won't impose that big of a tax in terms of bitcoin to fiat conversion but in my opinion if they plan to do that it will be hard to tax it but even if it is hard, they will try to tax it that's for sure since remittance is one source of the government's money.

[(altair)]

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.

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.

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.

what a good news for us, now bitcoin will be more in demand cause of its authority that given by our central bank and the price of bitcoin will be higher so we must stock as soon as because we can't mess at bitcoin when time come and regret it.

Good day chief! thanks for update.

[megynacuna]

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.

 It's good news for the Bitcoin world as I also heard yesterday that the central bank of Philippines have also formulated policies for the Bitcoin exchangers in the country and its all working in the positive direction of promoting the cryptocurrency. It is good news for Nigeria too which has enough population to enhance and sustain the blockchain technology.

[panju1]

Overall this is good news. Recognition of Bitcoin and regulations to help the nascent industry grow should be welcome.
Philippinos are one of the most active communities here. The remittance industry in Philippines is also big and Bitcoin should see some growth there.

[Hazir]

Overall this is good news. Recognition of Bitcoin and regulations to help the nascent industry grow should be welcome.
Philippinos are one of the most active communities here. The remittance industry in Philippines is also big and Bitcoin should see some growth there.

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.

[clickerz]

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.