Central of the Philippines Recognizes Bitcoin

[prtty2gal2]

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.

That was a clear information sir, yeah its true we are in the same country. As what he said BSP only regulate the money that comes in and out to our country they are not like our goverment politician who to control bitcoin crypto currency.

If the central bank of any country is making any sort of move, I think it won’t be a secret from its government. If the central bank of Philippines is dealing in bitcoin regardless of to which extent, definitely it shows the interest of its government.

Sooner or later, the politicians will also make a statement about bitcoin and honestly, I don’t like the idea of talking about bitcoin with banks. I mean to say, I would never do any bitcoin transaction through a bank.

[ask]

this shows that some small countries going to change the world order using blockchain technology.
But super power goverments are trying to ban them. does it makes sense for you?

[superjeyy]

This news is actually great as it is a sign of how the country is moving towards positive progression. The Philippines is a very traditional and for it to be open to these kinds of advancement is a giant step towards improvement and growth for the betterment of the country. I just wish that education towards cryptocurrency and its advantages would be widespread so that each Filipino may benefit from it as well as improve the state of the economy of the country.

[Hotel_Prodeo]

This is a good news and info, maybe this is a factor that causes bitcoin prices to skyrocket and has now reached $ 6420. hopefully this step is followed by another country.

[athanz88]

Wow, way to go Philippines. More and more country to legalize bitcoin. I guess bitcoin will take place in some several country in the next year. Even South East Asia country already make some move, and i heard Malaysia will joining Philippines soon. And i hope my country will consider bitcoin too. O ya well i am from Indonesia.
Well, i am curious too how come a country do not recognize and consider bitcoin as a legal payment, anyone can enlighten me? please? it would be so much help for me.

[Bakugan]

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 a good news for us and for my countrymen who uses bitcoin for living but I hope it will no lead for government to take over the control of bitcoin because we know, filipino, how corrupt the politicians here in the philippines.

[batang_bitcoin]

This is a good news and info, maybe this is a factor that causes bitcoin prices to skyrocket and has now reached $ 6420. hopefully this step is followed by another country.

It happened long time ago and it did affected the price of bitcoin up until now but it's not the only factor that made the price of bitcoin skyrocketed. And on what's with the rumors I think the main reason of the rapid price increase of bitcoin is because Amazon is about to accept bitcoin but there's no confirmation about and just like what I said it is still a rumor. Otherwise, every country that accepts bitcoin will affect the price positively.

[Fulmand]

This is a good news and info, maybe this is a factor that causes bitcoin prices to skyrocket and has now reached $ 6420. hopefully this step is followed by another country.

It happened long time ago and it did affected the price of bitcoin up until now but it's not the only factor that made the price of bitcoin skyrocketed. And on what's with the rumors I think the main reason of the rapid price increase of bitcoin is because Amazon is about to accept bitcoin but there's no confirmation about and just like what I said it is still a rumor. Otherwise, every country that accepts bitcoin will affect the price positively.

That is absolutely true the central of the Philippines recognizes bitcoin issuing a regulations allowing bitcoin exchanges in a legislative move that was effectively acknowledged and legalized the bitcoin in the country.

[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.

That was a clear information sir, yeah its true we are in the same country. As what he said BSP only regulate the money that comes in and out to our country they are not like our goverment politician who to control bitcoin crypto currency.

If the central bank of any country is making any sort of move, I think it won’t be a secret from its government. If the central bank of Philippines is dealing in bitcoin regardless of to which extent, definitely it shows the interest of its government.

Sooner or later, the politicians will also make a statement about bitcoin and honestly, I don’t like the idea of talking about bitcoin with banks. I mean to say, I would never do any bitcoin transaction through a bank.

All arguments don't make sense. There was no secret nor was there any bank there. Central banks are not banks per se. They are monetary boards that regulate how money works and is being used in the country. There was no statement in the news nor in mine that says that we are dealing with commercial banks.

Bottom line is that the government in the Philippines did not regulate bitcoins that would be advantageous nor disadvantageous to it. The fact is that they only are regulating exchanges so that they will not be used for money laundering or terrorist financing. Nothing more. The BSP is not dealing in crypto or bitcoins!

[Japinat]

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.

That was a clear information sir, yeah its true we are in the same country. As what he said BSP only regulate the money that comes in and out to our country they are not like our goverment politician who to control bitcoin crypto currency.

If the central bank of any country is making any sort of move, I think it won’t be a secret from its government. If the central bank of Philippines is dealing in bitcoin regardless of to which extent, definitely it shows the interest of its government.

Sooner or later, the politicians will also make a statement about bitcoin and honestly, I don’t like the idea of talking about bitcoin with banks. I mean to say, I would never do any bitcoin transaction through a bank.

All arguments don't make sense. There was no secret nor was there any bank there. Central banks are not banks per se. They are monetary boards that regulate how money works and is being used in the country. There was no statement in the news nor in mine that says that we are dealing with commercial banks.

Bottom line is that the government in the Philippines did not regulate bitcoins that would be advantageous nor disadvantageous to it. The fact is that they only are regulating exchanges so that they will not be used for money laundering or terrorist financing. Nothing more. The BSP is not dealing in crypto or bitcoins!

They don't see the need to regulate it now, maybe they believe the exposure is just to small to regulate but you are right they regulated the exchanges and in fact they already issued license to some who applied. When they regulate, they are bound to follow the rules and they need to do reportorial requirements to the bank, that report should include compliance on the AMLC because money laundering is rampant using cryptocurrency.

[Viscera]

Good for your country if it recognizes bitcoin. hope to spread the word and love to anyone else. educate the poor and people who wants to be successful, bitcoin will change the world for the better future. Kuddos to all Fillipinos

[bellamae]

This is good news for Bitcoin's Filipino users. Officially legal the bitcoin in the Philippines. But I wish that those in politics does not control bitcoin. We all know that one of the Top 10 in the world is how corrupt the politics in the Philippines, they would also not pay a bitcoin for big tax.
It is also a good starting point in the Philippines because we can improve somehow when it comes to modern technology. Besides, we will not be afraid of other people to enter the world of Bitcoin. Hopefully somehow bitcoin will continue to improve our country.

[EastSound]

This is good news for Bitcoin's Filipino users. Officially legal the bitcoin in the Philippines. But I wish that those in politics does not control bitcoin. We all know that one of the Top 10 in the world is how corrupt the politics in the Philippines, they would also not pay a bitcoin for big tax.
It is also a good starting point in the Philippines because we can improve somehow when it comes to modern technology. Besides, we will not be afraid of other people to enter the world of Bitcoin. Hopefully somehow bitcoin will continue to improve our country.

How can they control bitcoin when it is easy to access it. They are hard up even regulating the digital currency.

[batang_bitcoin]

This is a good news and info, maybe this is a factor that causes bitcoin prices to skyrocket and has now reached $ 6420. hopefully this step is followed by another country.

It happened long time ago and it did affected the price of bitcoin up until now but it's not the only factor that made the price of bitcoin skyrocketed. And on what's with the rumors I think the main reason of the rapid price increase of bitcoin is because Amazon is about to accept bitcoin but there's no confirmation about and just like what I said it is still a rumor. Otherwise, every country that accepts bitcoin will affect the price positively.

That is absolutely true the central of the Philippines recognizes bitcoin issuing a regulations allowing bitcoin exchanges in a legislative move that was effectively acknowledged and legalized the bitcoin in the country.

Though there are people that are still not recognizing and believing bitcoin even there's a support coming from the Central Bank. They don't want to believe on it as they are still thinking that bitcoin is a scam and other sort of ponzi, well those people that are believing that bitcoin is real will have the benefits and those that are still skeptic even it's clear the Central Bank supports it will regret.

[Xanxus024]

This is good news for Filipino it will help those not have a regular working job right now. It is good source of income while finding regular job. But many people in the Philippines  did not know bitcoin and how to used it, they always think that bitcoin is scam or another type of modus.

[Dainye_dyep]

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 am also a Filipino , and yes it is a good news for me,Philippines has containing a huge number of people who will may be blessed if they know this already, I think it will help our economy to be better country to step out of the label being one of the 3rd world country which somehow degrades us.

[buwaytress]

All arguments don't make sense. There was no secret nor was there any bank there. Central banks are not banks per se. They are monetary boards that regulate how money works and is being used in the country. There was no statement in the news nor in mine that says that we are dealing with commercial banks.

Bottom line is that the government in the Philippines did not regulate bitcoins that would be advantageous nor disadvantageous to it. The fact is that they only are regulating exchanges so that they will not be used for money laundering or terrorist financing. Nothing more. The BSP is not dealing in crypto or bitcoins!

They don't see the need to regulate it now, maybe they believe the exposure is just to small to regulate but you are right they regulated the exchanges and in fact they already issued license to some who applied. When they regulate, they are bound to follow the rules and they need to do reportorial requirements to the bank, that report should include compliance on the AMLC because money laundering is rampant using cryptocurrency.

@Luan, yes you're correct, these statements from central banks in our region (I'm from Malaysia) are pretty much only worth lip service. My country and Indonesia have regularly come out with opposite statements saying that they don't recognise Bitcoin as payments, but the nett effect is close to zero in terms of actualy volume. Southeast Asian trading is still very low globally, but they have been climbing and if they keep at the same rate for a year or two more - which they surely will, they may very well become significant minorities in the global market.

Nevertheless, a lot of people will see this as positive. Now on the point of regulating exchanges, I believe coins.ph and Luno (active in all three countries I mentioned) have been several months in talks with central bank reps from all three. If nothing more, it merely legitimises their business of trading Bitcoin. Won't have affect on price, but definitely adoption.

[Tantlizbat]

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.

For me once Bitcoin become legalize in the Philippines, I doubt that there is a good impact for the bitcoin enthusiast about this matter. Because, as I can see once bitcoin be legalize of course there will going to have a restriction regarding about the transaction, the tax that we don't have before it could be happen once it become centralize. This is my opinion only

Taxation is the right thing mate without taxes we will go to back age because development occurs just because of taxes and this is the true thing that if bitcoin system will be implement governments will take taxes through it and that will be more easier for them and as Philippines bank accepted bitcoin that is good news for the bitcoin and as it will be used in Philippine there will be more user demand and profit.

[Webetcoins]

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.

Yeah this is the best step for the bitcoin because a lot of the people are a lot of the countries are investing in the bitcoin now and the time for the bitcoin will be the time when the bitcoin will be use at the international level and the profit will be the high profit for the long time, I am sure in the future a lot of the countries will start buying the bitcoin and they will hold the bitcoin for the long time and will buy more.

[btcjocan]

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.

Yeah this is the best step for the bitcoin because a lot of the people are a lot of the countries are investing in the bitcoin now and the time for the bitcoin will be the time when the bitcoin will be use at the international level and the profit will be the high profit for the long time, I am sure in the future a lot of the countries will start buying the bitcoin and they will hold the bitcoin for the long time and will buy more.

The title of the topic may sounds good to hear because bitcoin is already recognized by the Central Bank of the Philippines. But there is also an advantage just what other people in this forum said that there might be taxed that we didn't experienced as of now. So, if it will happen, the amount of bitcoin that we will earn will be taxable and for sure, it would be a bad news for us bitcoin earners if there's tax again because we have tax in our corporate job and another tax from our bitcoin will be deducted.