Central of the Philippines Recognizes Bitcoin

[valta4065]

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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

[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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

[Dudeperfect]

It’s really great to hear that organisations around the world are not only recognising bitcoin but also appreciating this technology and actively participating in pushing this technology in the masses. On the other hand, many organisations including some banks, land records management institutions are adopting blockchain to make their transactions or activities faster and as a first child of the blockchain, it is very good news for bitcoin.

[Aamir1]

I saw the news too on google and it is really something great for us, bitcoin users because it can be the first step for bitcoin to get worldwide recognition because bitcoin would spread way more than how it is doing right now if the countries officially start accepting it as a payment method in their wide areas. Congrats to the people of Philippine and hoping to see more of this in future.

[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.

[meemiinii]

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.

you have a point mate. and this might be the negative effect too if this will really be push through. the price may pump for a lot might be using bitcoin BUT we will also have to deal with these taxes to be imposed by the banko central as well.

[stadus]

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.

you have a point mate. and this might be the negative effect too if this will really be push through. the price may pump for a lot might be using bitcoin BUT we will also have to deal with these taxes to be imposed by the banko central as well.

We cannot do anything with that, they saw some great opportunity to increase their tax collections and they should do that. We us citizen of a certain country must comply with the law as no is exempted on it. We have our times and we enjoyed it, and now it's the time where the government will get their fair share.

[carlisle1]

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.

I get your point man, and you are right exchanges would be moderated and controlled the government which may not be a good news to all of the users and I think it is already happening since the last few months because coins.ph is already requiring for further information about our Identity and it seems they are getting more strict with their users . well in terms of taxes, the government have the rights to impose a tax on us whenever we are going to make a transaction whether we are going to exchange it out local fiat or whatsoever and I know that this is the disadvantage of what is going to happen in the near future but still the good thing is they do not have the rights to manipulate bitcoin .

[meemiinii]

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.

you have a point mate. and this might be the negative effect too if this will really be push through. the price may pump for a lot might be using bitcoin BUT we will also have to deal with these taxes to be imposed by the banko central as well.

We cannot do anything with that, they saw some great opportunity to increase their tax collections and they should do that. We us citizen of a certain country must comply with the law as no is exempted on it. We have our times and we enjoyed it, and now it's the time where the government will get their fair share.

yeah, this is a great opportunity to the government to earn more taxes. but dont you think its a bit unfair for bitcoin users? we knowthat we are using bitcoin for freedom and now we will be facing some taxes to be imposed by the government. i guess nothing in this world will have advantages without disadvantage to it.

[secdark]

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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

Government could tax everything if they like it . we cant control government because they are powerful but first they should recognize bitcoin in their country then after that they can do tax bitcoin but lets hope that they will not do it

[cramcram21]

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 .

[Xester]

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 actually a good news to the Philippines. If the Central Bank did not see the merits of bitcoin but instead its potential to be used in money laundering and other illegal activities they will move for the banning of bitcoin in the country. But the fact that they see merits in bitcoin, banning is now out of the picture and bitcoin can now be accessible to anyone in the country without any hindrance from the government.

[X-ray]

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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

Government could tax everything if they like it . we cant control government because they are powerful but first they should recognize bitcoin in their country then after that they can do tax bitcoin but lets hope that they will not do it

But I think it's not easy to get approve by the government because too many the countries has stated bitcoin as a high-risk investment. This will take a long to go for the bitcoin to get a permission by the government. They must learn more about bitcoin.

[maydna]

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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

Government could tax everything if they like it . we cant control government because they are powerful but first they should recognize bitcoin in their country then after that they can do tax bitcoin but lets hope that they will not do it

But I think it's not easy to get approve by the government because too many the countries has stated bitcoin as a high-risk investment. This will take a long to go for the bitcoin to get a permission by the government. They must learn more about bitcoin.

beside that, there is only few country that already approve bitcoin and the adoption is not fast like many people thinking but i am sure that in someday, if many government doing what Philippines do, then bitcoin will be approve too and guess what, we can use bitcoin in many places and we can see bitcoin ATM is available too like ATM machine.

i think the government is already learning about bitcoin and trying to use bitcoin for secret and they are not yet giving statement anything about bitcoin because they still studying bitcoin until they sure about bitcoin.

[romero121]

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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

Government could tax everything if they like it . we cant control government because they are powerful but first they should recognize bitcoin in their country then after that they can do tax bitcoin but lets hope that they will not do it

But I think it's not easy to get approve by the government because too many the countries has stated bitcoin as a high-risk investment. This will take a long to go for the bitcoin to get a permission by the government. They must learn more about bitcoin.

beside that, there is only few country that already approve bitcoin and the adoption is not fast like many people thinking but i am sure that in someday, if many government doing what Philippines do, then bitcoin will be approve too and guess what, we can use bitcoin in many places and we can see bitcoin ATM is available too like ATM machine.

i think the government is already learning about bitcoin and trying to use bitcoin for secret and they are not yet giving statement anything about bitcoin because they still studying bitcoin until they sure about bitcoin.

Op has just mentioned about the authorization given by the bank from Philippines and Nigeria in the direct way. Several other banks around the globe has made research about implementation of bitcoin as well several banks have indirectly made investment in bitcoin. This has made banks to create own digital currency for their requirements by creating their own public ledger to provide a better financial services.

[peter0425]

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.

Well the idea is that BTC can't really be taxed unless you want it.
So recognizing BTC is a big progress in stoping this "extortion" as you're saying.

can't be taxed of course it can't be. thanks for letting me realize that. its probably our accounts to the remittances and exchanges that will be taxed to which every time you will cashout, some usd will be deducted from the total amount.

Government could tax everything if they like it . we cant control government because they are powerful but first they should recognize bitcoin in their country then after that they can do tax bitcoin but lets hope that they will not do it

But I think it's not easy to get approve by the government because too many the countries has stated bitcoin as a high-risk investment. This will take a long to go for the bitcoin to get a permission by the government. They must learn more about bitcoin.

beside that, there is only few country that already approve bitcoin and the adoption is not fast like many people thinking but i am sure that in someday, if many government doing what Philippines do, then bitcoin will be approve too and guess what, we can use bitcoin in many places and we can see bitcoin ATM is available too like ATM machine.

i think the government is already learning about bitcoin and trying to use bitcoin for secret and they are not yet giving statement anything about bitcoin because they still studying bitcoin until they sure about bitcoin.

The Philippine Central Bank has already regulated bitcoin. This is a step towards making bitcoin a legal tender in their country. We will just have to wait and see how things went out in Philippines, whether taxing it or not is up to the government of Philippines.

[valta4065]

The Philippine Central Bank has already regulated bitcoin. This is a step towards making bitcoin a legal tender in their country. We will just have to wait and see how things went out in Philippines, whether taxing it or not is up to the government of Philippines.

It's the only reason why they would legetimize btc xD
Why taking the time and effort to create new laws including btc if not to tax it

[anavuajna]

The Philippine Central Bank has already regulated bitcoin. This is a step towards making bitcoin a legal tender in their country. We will just have to wait and see how things went out in Philippines, whether taxing it or not is up to the government of Philippines.

It's the only reason why they would legetimize btc xD
Why taking the time and effort to create new laws including btc if not to tax it

They have a lot of reforms. The new president wants to improve the lives of their people. And I think that these steps are very wise. Bitcoin also benefits from it

[cryp24x]

The Philippine Central Bank has already regulated bitcoin. This is a step towards making bitcoin a legal tender in their country. We will just have to wait and see how things went out in Philippines, whether taxing it or not is up to the government of Philippines.

It's the only reason why they would legetimize btc xD
Why taking the time and effort to create new laws including btc if not to tax it

They have a lot of reforms. The new president wants to improve the lives of their people. And I think that these steps are very wise. Bitcoin also benefits from it

I do not see how bitcoin benefit from the reform of the government since they are not Bitcoin directed.  Besides The Banko Sentral ng Pilipinas wants to ride the profit from the Bitcoin users thru eschanges. But for the benefit of the doubt, it will indeed boost Bitcoin adoption somehow.

[Wowcoin]

The Philippine Central Bank has already regulated bitcoin. This is a step towards making bitcoin a legal tender in their country. We will just have to wait and see how things went out in Philippines, whether taxing it or not is up to the government of Philippines.

It's the only reason why they would legetimize btc xD
Why taking the time and effort to create new laws including btc if not to tax it

They have a lot of reforms. The new president wants to improve the lives of their people. And I think that these steps are very wise. Bitcoin also benefits from it

I do not see how bitcoin benefit from the reform of the government since they are not Bitcoin directed.  Besides The Banko Sentral ng Pilipinas wants to ride the profit from the Bitcoin users thru eschanges. But for the benefit of the doubt, it will indeed boost Bitcoin adoption somehow.

Well lets see the actual scenario in the future effect of these bitcoin plans specially in central of the Philippines. Actually this bank have in control with the profit of entire country and as I have observed they see that bitcoin is really profitable, thats why they allowed the wallet site in the country to be a  mediator of digital currency exchanged with fiat money currency.