Central of the Philippines Recognizes Bitcoin

[sheryl26]

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 is a great thing bitcoins is really that popular here in our country, yes i am a filipino. Even though there are no establishments that are accepting bitcoin as a mode of payment there are banks that are accepting bitcoins in exchange to fiat or a real cash and that is a great thing for us filipinos because we are not gonna think ways on how we gonna exchange bitcoins because with a single tap on an app we can withdraw our money in an atm machine thanks for the security bank and I'm hoping that all banks will soon accept bitcoins in exchange to cash.

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[Kemarit]

Never heard the news but it would be a huge change to the Philippines.  Maybe because of what Alibaba's founder said and advice to our government about e-commerce. Bitcoin is still new to our country and a small part of our population knew what or how does bitcoin moves in the market. Does it MEAN it will be legalize to our country or maybe tax will be implemented to transaction that uses bitcoin?  If ever,  those tax will be a big help to our economy to raise more funds.  And one more thing maybe corruption will be eliminate as of the founder said.

This happened very early this year and since then it has been a very sweet turnaround and a huge change for the Philippines.

It is necessary for governments to start realizing the benefits this has to create and find a way to make it beneficial for both the people and the government itself. Overtime as we keep seeing more adoption, we will keep seeing huge news surrounding the currency and then you will find out in your country that it has become massive than even you can imagine.

Correct, its a two way fold, citizens and government do really benefit from bitcoin. OFW remittance in The Philippines is one of the biggest dollar earner for the country. And it bitcoin will became the #1 choice for those OFW then bitcoin will really grow in the country bringing millions of dollars and make bitcoin as one of their logical choices. So its gonna be a win-win situation not only for the OFW but on the government side as well. Just to happy to see Philippines didn't follow what China did, but instead adopt bitcoin but gives the citizens a fair warning about the used of it. If they are going to imposed taxes, I think everyone would agree to it, instead of a total hammer ban.

[ivrynx]

This is wonderful news for our country, the central bank finally recognizes Bitcoin as payment, though it has been legalized before, only a few percentage of the population are using Bitcoin. This move of the central bank will surely attract more and more investors in Bitcoin, though there are already news reports saying that Bitcoin is a scam, I think they will change their mind once they realized that our Ally, the Japanese, sokor, Russia are using bitcoins as well, hopefully they will come into their senses. I think this is also due to the growing population of people that mostly do their shopping online and since Bitcoin is digital currency, we might see the Philippines following the footsteps of Japan, and soon will have it's own known ICO.

[aizen10]

actually i only read this topic by now and im surprise about this news. i only know that bitcoin is accepted in this country but not too deep in knowledge about this acceptance. good news for more pilipino who supporting bitcoin since then, your future is in your hand by having this opportunity related in bitcoin.

[Quietman]

Just this afternoon, a news segment have featured bitcoin. It has discussed how Filipinos have misconceptualized the use of bitcoin and bitcoin being used in different scam. And also it tackled about the potential and growth of bitcoin in the Philippines. It really amazing how Filipinos and many user come to adapt bitcoin, it's just that it really need a more detailed information for many to understand everything about bitcoin. Because, limited knowledge would only cost someone to get scammed.

[gabmen]

actually i only read this topic by now and im surprise about this news. i only know that bitcoin is accepted in this country but not too deep in knowledge about this acceptance. good news for more pilipino who supporting bitcoin since then, your future is in your hand by having this opportunity related in bitcoin.

Well has it been accepted already there? Being recognized is quite different from the central bank accepting btc use. I think.it's still open for study. There are only a few countries right now like japan who has accepted btc as a currency for transactions

[richkellj]

This is great I'm seeing new investors in bitcoin since it's being recognizes as one of payment system. and many rich people in the philippines would invest so expect the demand of bitcoin to increase also the price. SEA will be one of the reasons why bitcoin will goes to bubble anytime.

Lol funny…oh good to see that they recognized and started accepting Bitcoin, but I don’t really see any changes that will make. Other countries won’t be moved to take the same step just because Philippines did so. There are bigger countries that pushes the world to make a move like the U.S, EU and China (Japan too).

[joromz1226]

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.

Yes, I do agreed with you too mate.. majority of our co - Filipino citizens are not really aware of bitcoin. It maybe some of them they heard it or saw in Facebook but most of it are fake or artificial only or Ponzi schemes. But this is good step decision were Central of the Philippines recognizes bitcoin.

[bhadz]

Just this afternoon, a news segment have featured bitcoin. It has discussed how Filipinos have misconceptualized the use of bitcoin and bitcoin being used in different scam. And also it tackled about the potential and growth of bitcoin in the Philippines. It really amazing how Filipinos and many user come to adapt bitcoin, it's just that it really need a more detailed information for many to understand everything about bitcoin. Because, limited knowledge would only cost someone to get scammed.

Do you have any link of that? I would love to watch that. Well most of the people are thinking that bitcoin is a scam and now Filipino's love to earn quick with bitcoin so they are taking the risk with those scam investments and they are thinking that it's a legit one because they lack of knowledge about bitcoin. Bitcoin is going to rise and not only in Philippines but in every country, it's now on the mainstream and while it is still early for us that are into bitcoin now, hold.

[BaraxLo]

For real ? Ive just read about this topic today and im surprised. For us filipinos, this will become a great opportunity to focus on our cryptocurrencies. Keep on evolving

Believing that this would be a start of crypto involvement in our citizens. I know our people will have this as a great opportunity for us to earned more, instead of working all day in the farm. As it will be embrace by the community and having a support of the central banks, it could be possible that their will be a smooth operation in ou country.

There is hardly any reason to deny this fact the rest of the countries of the world actually need to do the same if they want to bring prosperity in their countries. I must say that this is really a very good step taken by the government of Philippines. This will encourage the people living over there to earn more amount of money and they will use bitcoin in their daily lives without having any worries.

[Gotottack]

Yes for some reasons I would like to suppose that the Philippines and all other countries that are skeptical about Bitcoins' proliferation are but afraid of change -- because this change, who knows, may cause the decline of their currency and what not. Otherwise stated, the heads of these States do not know what is going to happen if they openly accept Bitcoins as a form of payment. This is the fear of the unknown, and it is real. It cannot be said that this is negative because their reactions are normal, only that it may ALSO impede their progress. 

[ged00u]

what a great news to our cryptocurrency community. And dont you know that Vietnam has just made a new law to bitcoin and with that law, bitcoin is somehow forbidden in this country. Anyone who is found using bitcoin will have to jail or pay 150,000,000 VND which equal to $6500 

[karmamiu]

                It is not impossible that sooner or later bitcoin will be recognized and be legalized not only to a certain country but all over the world, it is just that there are so many involving schemes that made bitcoin looked bad. We cannot force the government to totally adapt into bitcoin and legalized it immediately, aside from there are also some conflicts and worries present, it will also took its time for its procees for the implementation of legalization.

[escrow4acc]

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.

Incredible! Finally, BTC began to recognize the market of developing countries. Filipinny course is more interesting than Nigeria, but this is already progress. Imagine if the USA recognizes Bitcoin?

[crazycatwoman03]

                It is not impossible that sooner or later bitcoin will be recognized and be legalized not only to a certain country but all over the world, it is just that there are so many involving schemes that made bitcoin looked bad. We cannot force the government to totally adapt into bitcoin and legalized it immediately, aside from there are also some conflicts and worries present, it will also took its time for its procees for the implementation of legalization.

Right,  for now we can only look out and be updated on the news,  after all we are all just the followers or the citizens who have to follow laws,  rules and etc.   The government is the one who has the power to legalize bitcoin in a certain country.  Even if many people wants bitcoin to be recognized all over the world,  it cannot be done with just one swoop of a wand. The word has to come from them. 

Bitcoin is starting to be recognized by many people and if this continue there is a possibility for the government to see it through.

[Lady Coquet]

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 is really possible that the central of the Philippines would recognized bitcoin because there are a lot of people talks about bitcoin in the social media and in public, so there's a reason why the central of the Philippines have recognized bitcoin. And it is now broadcasted in some news that they say" people work here for free and just staying at home". Sooner or later not in Philippines could be recognize bitcoin.

[sheenshane]

That's what a great new thanks for this thread giving us information, here our country many bitcoiners like me who used bitcoin as a additional income. And many people now here using bitcoin or even in payment transaction, theres no reason why did not recognized our central banks about bitcoin because as of now their are many users here.
Another big achievements to bitcoin and this will lead to succes!

[plaintiff77]

Never heard the news but it would be a huge change to the Philippines.  Maybe because of what Alibaba's founder said and advice to our government about e-commerce. Bitcoin is still new to our country and a small part of our population knew what or how does bitcoin moves in the market. Does it MEAN it will be legalize to our country or maybe tax will be implemented to transaction that uses bitcoin?  If ever,  those tax will be a big help to our economy to raise more funds.  And one more thing maybe corruption will be eliminate as of the founder said.

This happened very early this year and since then it has been a very sweet turnaround and a huge change for the Philippines.

It is necessary for governments to start realizing the benefits this has to create and find a way to make it beneficial for both the people and the government itself. Overtime as we keep seeing more adoption, we will keep seeing huge news surrounding the currency and then you will find out in your country that it has become massive than even you can imagine.

Correct, its a two way fold, citizens and government do really benefit from bitcoin. OFW remittance in The Philippines is one of the biggest dollar earner for the country. And it bitcoin will became the #1 choice for those OFW then bitcoin will really grow in the country bringing millions of dollars and make bitcoin as one of their logical choices. So its gonna be a win-win situation not only for the OFW but on the government side as well. Just to happy to see Philippines didn't follow what China did, but instead adopt bitcoin but gives the citizens a fair warning about the used of it. If they are going to imposed taxes, I think everyone would agree to it, instead of a total hammer ban.

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well i am from the philippines also and this is really true that almost all from this society have joined bitcoin already. This is one of the greatest decision a filipino had ever made. it helped a lot to the masses. it brought large amount of money to the country which means this could lift up our present standing in our economic situation which is a very great news.

[bitmagic1984]

what are the merchant websites support bitcoin payment ?

[Vatimins]

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.

Wow that's great news. If this is really true and not just a joke or something tonconfuse people. Philippines is getting more popular because of its talents but most of all, it is getting more known around the world because of its unique president. Damn that duterte guy is unique and brave. So i am curious as to what he's opinion about bitcoins and the whole crypto world as a whole.
I am also hapoy that nigerian government is also in good terms with bitcoins. Almost every week more and more countries are acceoting Bitcoins. I hope this continues Because this will clearly benefit everyone of use who love crypto currencies.