Central of the Philippines Recognizes Bitcoin

[Bibite]

this is good for filipinos, congrats for having an open mind gov. 

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[dothebeats]

The Philippines is known for its OFW remittances which help drive its economy afloat through economic instability and big market shakers through these years. A large portion of its GDP (10%>) comes from remittances abroad. With that said, bitcoin as we know it could help these overseas workers remit money wherever they are, whenever they please with only a small cost.

[savioroshan]

Yeah its a good news for the crypto community that Philippines central Bank recognized bitcoin as another payment method. So lets all can hope positively that other nations will also recognize bitcoins as a legal payment method very soon. Whats this bitlicense? I am hearing it about this for the first time in this thread. Why i am asking this because I have got few friends in newyork , and they are new to this bitcoin world and I always force them to buy bitcoins and store. But I didnt know about this bitlicense.Is it reqiured to get some license to hold bitcoins in US?

[Immakillya]

Im from Philippines also. And this is great news for us who are bitcoin enthusiast. The growth of bitcoin here is going to grow immensely. So i think this is a good start of development of bitcoin here in the Philippines. Hope many establishment and companies are going to accept bitcoin. So we got a lot of options where we should spend our btc.

[bitgoldpanther1978]

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.

That's nice and great news actually, only not to use by the abuser people in the politics in your country about this things in bitcoin. For sure in the long run bitcoin wil be good as well.

[geopolisch]

But, why bitcoin prices are not reacting to this great news ? I just want to know why still Philippines people are waiting to invest more into bitcoins or why they are not demand their employers to provide salary in bitcoins for example.

If my government recognize bitcoin, I will start new bitcoin based business to spread bitcoins to new people. Hopefully Philippines people will do that so that we can confirm it by seeing its impact on bitcoin price levels.

[BitFinnese]

But, why bitcoin prices are not reacting to this great news ? I just want to know why still Philippines people are waiting to invest more into bitcoins or why they are not demand their employers to provide salary in bitcoins for example.

If my government recognize bitcoin, I will start new bitcoin based business to spread bitcoins to new people. Hopefully Philippines people will do that so that we can confirm it by seeing its impact on bitcoin price levels.

Because the government just wanted the money out of the transaction of Bitcoin.  The first thing they do is to regulate exchanges and made them to strictly comply with AML and KYC.  BSP  is not different from what PBOC wanted with bitcoin.  It is like,

Banko Sentral ng Pilipinas (BSP) :  Hey I recognize your  Bitcoin now pay me  taxes for your Bitcoin transactions.

They just want to reap the money but will do nothing to improve Bitcoin status in the Philippines.

[hase0278]

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.

I also agree with you two. I really do hope that if they really impose some tax on it or a license, I hope it would not cost that much since it will be a pain in the ass. I think they can just tax a little on every fiat conversion since those fiat conversion goes into remittance anyway if you have sent via coins.ph here in Philippines. In my opinion they can also get tax from that so there's only a little need to add some tax.

[GreenBits]

But, why bitcoin prices are not reacting to this great news ? I just want to know why still Philippines people are waiting to invest more into bitcoins or why they are not demand their employers to provide salary in bitcoins for example.

If my government recognize bitcoin, I will start new bitcoin based business to spread bitcoins to new people. Hopefully Philippines people will do that so that we can confirm it by seeing its impact on bitcoin price levels.

Because the government just wanted the money out of the transaction of Bitcoin.  The first thing they do is to regulate exchanges and made them to strictly comply with AML and KYC.  BSP  is not different from what PBOC wanted with bitcoin.  It is like,

Banko Sentral ng Pilipinas (BSP) :  Hey I recognize your  Bitcoin now pay me  taxes for your Bitcoin transactions.

They just want to reap the money but will do nothing to improve Bitcoin status in the Philippines.

Im agree with it BSP and the government also want to take taxes from the Exchange so they recognize Bitcoin.But BSP have set some regulations and law that can regulate Bitcoin exchanges in the Philippines.

[Schuyler]

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.

Yes. Good news for everyone. If there was interest the Central Bank of the Philippines, not far to be interested also our government and other local banks.Many investors have confidence in the bitcoin and invest a lot of money.  Looking forward to be positive all the future. Hopefully, many of us would enjoy a bitcoin here in the Philippines.


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.

[peter0425]

But, why bitcoin prices are not reacting to this great news ? I just want to know why still Philippines people are waiting to invest more into bitcoins or why they are not demand their employers to provide salary in bitcoins for example.

If my government recognize bitcoin, I will start new bitcoin based business to spread bitcoins to new people. Hopefully Philippines people will do that so that we can confirm it by seeing its impact on bitcoin price levels.

Because the government just wanted the money out of the transaction of Bitcoin.  The first thing they do is to regulate exchanges and made them to strictly comply with AML and KYC.  BSP  is not different from what PBOC wanted with bitcoin.  It is like,

Banko Sentral ng Pilipinas (BSP) :  Hey I recognize your  Bitcoin now pay me  taxes for your Bitcoin transactions.

They just want to reap the money but will do nothing to improve Bitcoin status in the Philippines.

Im agree with it BSP and the government also want to take taxes from the Exchange so they recognize Bitcoin.But BSP have set some regulations and law that can regulate Bitcoin exchanges in the Philippines.

The question is how strict is the Central Bank of the Philippines in implementing this law.

[Doms]

The Central Bank of the Philippines has been known to be among the leading central banks with its innovative thinking. No wonder why its governor has won a lot of international awards in the central banking industry. But in order for this to really be felt by ordinary Filipinos, the government must really do its part. With the governement's hands full fighting drug dealers, let us hope that the government pays attention to other relevant developments like the rise of virtual currencies.

[Text]

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.

[meemiinii]

this is a great news to all filipino bitcoiners. this is just the beginning of a more wider and huge positive impacts in the bitcoin community:

for the filipino and all Bitcoiners - it may motivate them to do more and engage more in cryptocurrency especially in bitcoin since this will probabaly make the price of bitcoin to increase.

for the non bitcoiners - those who have no idea about bitcoin, through this, it will make them to have interest in bitcoin since this is new to them. then eventually they will adopt, buy and use bitcoin. then again this will result to price increase.  because the demand is already increasing.

i just hope that the central bank of the philippines will gonna push this through. not only for the phiippines economy but as well as in general economy.

[just_Alice]

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.

The more news like this we have the better. Most people don't use Bitcoin because it's not recognized by any officials in their country and that's why they think it's a fraud. I know that for bitcoin community it may mean nothing whether it's recognized by the officials or not, but it means a lot for the regular people.

[zuyfg888]

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 glad that the Philippines is now recognizing the bitcoin! So it means people is getting curious about this and I'm really sure that people will take a risk to join Bitcoin. So meaning, the bitcoin price will go higher!!!

[valta4065]

Lol
I went to Philipines once... Can't really say it's a huge victory for btc
the country is poor and has closed banking system, means you can't withdraw cash from Philipines banks when you're a stranger.

But it's still a good idea. Especially for a country which is just a group of hundreds of different islands! Digital money can't be bad here!

[carlisle1]

well it's great that Central Bank of the Philippines (BSP) have recognized bitcoin, I hope that there will be a services or company that will be encouraged by the BSP to see the potential bitcoin to be another payment system which most people in the Philippines who uses bitcoin are hoping for it as well . by chance, it will be much convenient to use bitcoin because we can already use directly whenever we wanted to . I am still waiting for the moment that some establishment here in the Philippines will be able to accept bitcoin .

[chaser15]

But, why bitcoin prices are not reacting to this great news ? I just want to know why still Philippines people are waiting to invest more into bitcoins or why they are not demand their employers to provide salary in bitcoins for example.

If my government recognize bitcoin, I will start new bitcoin based business to spread bitcoins to new people. Hopefully Philippines people will do that so that we can confirm it by seeing its impact on bitcoin price levels.

Really doesn't know the answer? Do you think Philippines can create a big impact if the Central Bank recognized bitcoin in this country?

No doubt that bitcoin users here are small in numbers if we include it in the whole population of all bitcoin users in the whole world. Great news indeed on the other hand since it's a step for acceptance for this currency.

[electronicash]

there is nothing to improve in bitcoins situation in our country, BSP doesn't really care about what BTC does so long as the users get to be taxed. there will be no different to using paypal over btc due to these taxes and we possibly be the usual suspects too for all the extortions going on.