Central of the Philippines Recognizes Bitcoin

[STT]

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  

I had not heard of that news before now.   Vietnam does have a long term problem with excessive inflation, its form of taxation by government on the people by their printing of money.     Its not then surprising the government wants to force people to use only paper money they print even when its value is undermined to pay government bills.

I have heard how houses in Vietnam are priced in blocks of gold because it takes too long to arrange a sale before the paper sale price changes again.   Neither side can agree a price that suits both and so the business and exchange of goods are surpressed.  
This is always bad for every country, less business and trade means all citizens become poorer.   Bitcoin is actually trying to help the people but government on their wages wont accept this, its also true in other countries.

Philippines may not want to allow so much dollar influence or accepts the positives of bitcoin business can bring.

[dali_masmoudi]

Welcome Phillippines, you just joined Germany and Japan.
Only three countries in the globe recongnize Bitcoin as a currency. We hope that it will be recongnized in all over the world so we can buy and sell it everywhere, every time without high transaction fees and without being traced because for me, I think it is good to be secure and to have some privacy.
In addition, poor gouvernements should start  think of investing in it to make some money.

[curry101]

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.

Yes, i heard that news and it is a good news for us for recognizing bitcoin by philippines’ bangko sentral. Many filipino investors will come in bitcoin. And it will help surely the value of bitcoin to pump up.

[Cherylstar86]

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.

Yes, i heard that news and it is a good news for us for recognizing bitcoin by philippines’ bangko sentral. Many filipino investors will come in bitcoin. And it will help surely the value of bitcoin to pump up.

Wow!That's a good news to know. It will surely be a great help to Filipinos because this country is not that modernized of everything and it is still a developing country. Somehow,this will have a big impact to those small businesses knowing that they have a very nice target in the market. As I've heard from many sources,foreigners are so loved the country because of its beauty and prices of the commodities. All in all it's nice to know that Central of the Philippines recognizes bitcoin.

[fuer44]

Welcome Phillippines, you just joined Germany and Japan.
Only three countries in the globe recongnize Bitcoin as a currency. We hope that it will be recongnized in all over the world so we can buy and sell it everywhere, every time without high transaction fees and without being traced because for me, I think it is good to be secure and to have some privacy.
In addition, poor gouvernements should start  think of investing in it to make some money.

yes, maybe the government should start thinking of its people for a promising long-term investment, but there is certainly a consideration that the government in some countries has not legitized bitcoin. philippines, germany, and japan, their government must have thought of all possibilities before making a decision. whereas in china, the government actually closed all bitcoin activities. so we still have to accept the government's decision because they must have thought about it.

[jubalix]

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.

I would honestly use BCH if there is a good exchange, fees are going to be way lower.

[fishbonez11]

It's a good news for the Philippines, how they have recognized bitcoin already. Their neighboring countries are also doing the same and has started to accept bitcoin as payment also.

[meldrio1]

its nice that our country recognized bitcoin and many OFW using bitcoin for fast transaction to send their money for their love ones in philippines.

[stadus]

its nice that our country recognized bitcoin and many OFW using bitcoin for fast transaction to send their money for their love ones in philippines.

I hope this opportunity for the OFW to benefit from the cheap and fast transactions of bitocoin will be given to them.
They'll not gonna use it if we will not educate them but if the government will show its support then educating them is easy as they have the trust.

[Malaya]

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! This is a good news to us and even for the Filipinos who aspire to discover more about bitcoin for their own investments. I'm glad that Banko Sentral ng Pilipinas or BSP is recoginising bitcoin in the Philippines now. It can surely help the Philippines' economy moreover the Filipino's way of how they can earn more.

[Visbay]

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

Yes its true and it happen long time before when bitcoin arrived to Philippine so in first month its users were almost above then thousand and Philippine government were trying to make it legalized so they use different kind of source to find out the actual use of bitcoin in their country and know they are trying to give legal shape to bitcoin.

[UCHCHILD]

This will be a great help if so, but how about the charges that they will take? There will be a big deduction if so?/I hope they come up to the point that they put up an ATM for bitcoin somewhere in the philippines, so they can proove that bitcoin is now legal to the country.
And so with the other countries world wide we hope they stop banning bitcoins, because they cannot do anything with that, they cannot manipulate either.

[TrumpD]

Some countries knock it, while other countries don't seem to mind. If put to a vote, I can imagine most people voting to be allowed to use bitcoins and other cryptocurrencies, regulation from the likes of China stems from their need to exert control over their citizens to maintain power. Thanks to Japan, Philippines, etc ..we will see continuous growth in the market.

[Pumapipa]

It's a good news for the Philippines, how they have recognized bitcoin already. Their neighboring countries are also doing the same and has started to accept bitcoin as payment also.

How can this be true? I heard that there are rumors that some filipinos think bitcoin is a am and bitcoin is not true at all. How can they legalize someing that they have a doubt in?
But if this is true, then good for the filipinos because it can be a pathway to a cashless society.

[Bionicgalaxy]

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 also from the Philippines and they started to broadcast about bitcoin were people earning money with it by just staying at home and using their computers. But in some news, sadly they say bitcoin is just a scam that you can't earn money from it. Time by time bitcoin is becoming more famous and used by many people just to earn bitcoins.

[Theb]

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 also from the Philippines and they started to broadcast about bitcoin were people earning money with it by just staying at home and using their computers. But in some news, sadly they say bitcoin is just a scam that you can't earn money from it. Time by time bitcoin is becoming more famous and used by many people just to earn bitcoins.

From what I watch they briefly explained how the HYIP programs are targeting Bitcoin in their platform. They chose Bitcoin as a mode of payment because it is more attractive to them and there is no jurisdiction over them as well it makes it hard to track a stolen Bitcoin. "Bitcoin is a Scam" is now being more use to often then the statement "Bitcoin is money for buying Drugs" as a lot of people are having the wrong thoughts on it because of the crimes involving with it and the media is not doing anything to clarify it.

[stellgod]

It's a good news for the Philippines, how they have recognized bitcoin already. Their neighboring countries are also doing the same and has started to accept bitcoin as payment also.

Recognition of bitcoin and other crypto currencies in Philippines is really appreciating thing. This will help a lot not only the people living in Philippines but also it will bring good name to the reputation of bitcoin. This step will encourage other countries as well and they will also go for declaring bitcoin as legal. This will help them in making the economic condition of their country better.

[kevpantof]

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.

Yes I know that the world is turning towards bitcoin and in the near future all the people in the world will use only bitcoin as a mainstream currency for their necessities. Philippines has recognized bitcoin it means that now they will also invest in bitcoin and looking to them their neighbor countries will also legalize bitcoin and so the whole world will one day legalize bitcoin and that will be the peak of bitcoin and all other currencies will disappear.

[LuanX3]

The article is misleading. I am from this country and I study law, the fact that OP declared something false here is misleading people into believing the statement. The true meaning of these news is that BSP (central bank of the Philippines), is only recognizing Bitcoin Exchanges as an entity. They are only dealing with buying and selling cryptos for fiat. They are not the government agency that will be able to declare that bitcoins would be a currency that can be used for actual payments. BSP only regulates flow of money, which means it can only deal in AML policies, anti-terrorist funding polices and monetary policies for the state.

[ghost07]

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.

This is a big news for our country, philippine central bank is the biggest bank in philippines when they ligalize bitcoin or used as a payment other bank will also use it. This is a big news for our country, bitcoin will be more famous when it will happen.