Central of the Philippines Recognizes Bitcoin

[bearexin]

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

There are pros and cons attached with everything on this earth. No one is going to get hundred percent of efficiency when bitcoin will become legal. Plus, you will be seeing a drastic downfall in fame of bitcoin and this really I am telling right here.

You know what is the reason? Because when some expensive thing comes in bundle then you can’t expect the same fame and want of that thing.

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[Lolang]

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 think Philippines sees what other bitcoin users see. The potential of virtual currency is very high, almost every day bitcoin value rises that is why individual are continuously trusting and engaging work that will let them accumulate bitcoin currency. There is no harm anyway in using virtual currency like bitcoin. This is helpful either, because investing in bitcoin has a greater chance to accumulate more money than having a bank savings where little interest annually. This is the reason why I think some country are in favor of virtual currencies.

[passwordnow]

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.

Just be ready when a government or country accepts and recognizes bitcoin. That will be next to it, the taxation and that's a normal thing as people are earning on bitcoin there will be a benefit for the government. Those taxation from the people who are earning bitcoin will be applicable but that will help the economy because a government that supports something will be attracting more investors.

[Osarman]

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.

Well I think the regular job is also important along with the bitcoin because the country is dependent on the crypto currency and the bitcoin is not that easy to be ignored so all the countries are now investing in the bitcoin and in the future the best of the all the currencies will be the bitcoin the future will be dependent on the bitcoin in the coming days.

[carlfebz2]

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.

Well I think the regular job is also important along with the bitcoin because the country is dependent on the crypto currency and the bitcoin is not that easy to be ignored so all the countries are now investing in the bitcoin and in the future the best of the all the currencies will be the bitcoin the future will be dependent on the bitcoin in the coming days.

All currencies would be dependent on bitcoin on coming days? Its impossible and it wont really happen and government wont really allow such thing to happen.It may progress,adopted and legalize but going to the point on where it would place currencies then its an another story. Philippines did already recognize bitcoin since they do already allowed an local wallet which do offer bitcoin services.

[mariaana]

I am glad that the Central of the Philippines recognizes Bitcoin.  As a Filipino, additional income from Bitcoin can help uplift the lives of the masses especially the poor who has access in the internet by just a piso.  The window to the bitcoin system was open to them thus give them a chance to earn aside from daily earnings.  The Philippines belong to the third world countries and most of the dollar earner are Overseas Contract Worker who works as house maid and the acceptance of the bitcoin by the Bangko Central has given the poor people a chance to stay with their family.

[TravelMug]

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.

Well I think the regular job is also important along with the bitcoin because the country is dependent on the crypto currency and the bitcoin is not that easy to be ignored so all the countries are now investing in the bitcoin and in the future the best of the all the currencies will be the bitcoin the future will be dependent on the bitcoin in the coming days.

You are fool if you think that cryptocurrency will going to uplift your life. You still need to find a decent job to make your life good and for your future. Although bitcoin has already far reaching effects to the Filipinos, I hope no one will quit their job and pursue their bitcoin obsession because that's what I read from few threads.

However, this is a welcoming news for the bitcoin community because I believed that even though the country is small, they can greatly play a major role for the continued growth of bitcoin not only in Asia but in the whole world.

[Dewao]

This is a good news,  i am from Philippines but i didn't know about this, because of this forum i already know this news, well thank you it is a good image of bitcoin, that is one of the way to know many people about bitcoin.

[doomloop]

Its a good news to us Philippine citizens  that the bitcoin is recognize the potential of this crypto currencies. I hope this bitcoin is also recognize all over the world and accept this kind of currency .its very helpful to everyone knows.

You are right now all the people are aware of the bitcoin and they are investing in the bitcoin so it is the time t have the bitcoin and to wait till the value and the price of the bitcoin will be more than this till the end of the year I hope as the Philippines are using the bitcoin and they will hold till the people will hold for all the people and the bitcoin will be the world’s best currency.

[Bestfriendko]

Definitely a good news for the Philippines. Given the recognition by the Central Bank gives all the Filipinos the awareness of what bitcoin can do. It's a good thing though to those who are already investing in bitcoin. The demand will definitely escalate soon.
I just hope that the government will not meddle and impose tax into it. If that happens, Mr. Buwaya (corrupt) comes knocking at the door with a big smile on his face. Goodbye huge profit.

[Ranly123]

Indeed its is a good news for us. But, knowing that only a few filipino are using bitcoin wallets to pay for transactions is way far from what is expected for philippines to be a cashless society. The government must conduct more seminars and orientations to educate lot of people for the use of cashless transactions.

[Question123]

This is a good news,  i am from Philippines but i didn't know about this, because of this forum i already know this news, well thank you it is a good image of bitcoin, that is one of the way to know many people about bitcoin.

Thatls right this is good news. This news is last few months ago or half year ago when bank central pf the philippines recognized bitcoin as payment. This forum you will get enought information what happening in bitcoin and in your society. Im from Phililpines also and im very happy because of that and I hope many country alsp recognize bitcoin so many people can know it or see bitcoin so those people can invest and use bitcoin.

[karmakeddon]

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You are fool if you think that cryptocurrency will going to uplift your life. You still need to find a decent job to make your life good and for your future. Although bitcoin has already far reaching effects to the Filipinos, I hope no one will quit their job and pursue their bitcoin obsession because that's what I read from few threads.

However, this is a welcoming news for the bitcoin community because I believed that even though the country is small, they can greatly play a major role for the continued growth of bitcoin not only in Asia but in the whole world.

I do agree with you but sadly this is the case for most people who have discovered crypto currency. I had 2 guys quit from my bar because they said they could earn more by joining a HYIP that pays in bitcoins than working in a bar. I told them to stay with their jobs since crypto currencies does not offer a real job security but I still looked like the bad guy.

Even though I trade in multiple currencies, I still keep my businesses running as it is my main source of income. Who knows, when an exciting start up company starts in the near future, I might advertise them in my place of business.

[Capt00]

Indeed its is a good news for us. But, knowing that only a few filipino are using bitcoin wallets to pay for transactions is way far from what is expected for philippines to be a cashless society. The government must conduct more seminars and orientations to educate lot of people for the use of cashless transactions.

Hopefully it won't be a conflict of the government interest towards crypto. This is just a start and welcoming crypto currencies in our country. Although isn't declared legal by the government but still an indication of coming that way.

[Cosbycoin]

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.

Yes that’s 100% right taxes are the main way to development and don’t feel bothered if government will start taxation to the bitcoin this will also benefit you and your region also and as before you are paying transaction fee so taxes are acceptable at the national level and still there is more room of development and progress into the bitcoin so the Philippines will enjoy their progress soon and they will praise this coin.

[Nasty23]

Indeed its is a good news for us. But, knowing that only a few filipino are using bitcoin wallets to pay for transactions is way far from what is expected for philippines to be a cashless society. The government must conduct more seminars and orientations to educate lot of people for the use of cashless transactions.

Hopefully it won't be a conflict of the government interest towards crypto. This is just a start and welcoming crypto currencies in our country. Although isn't declared legal by the government but still an indication of coming that way.

Yes it is a good indication that our country are ready for accepting Bitcoin in order to have a fast transaction and also they seeks a good opportunity on which it can enable everyone to earn a good profit while holding it.

[prince05]

This is good news, at least Philippines is considering bitcoins as a form of payment, I hope this will not be illegal as the government won't earn any tax revenues from bitcoin transactions unlike the traditional banks wherein the government earns something from the interest rates. BSP is considering this as of now as they do not have governing laws regarding digital currency, but in the near future they might also ban bitcoins just like what China did, specially now that Philippines is with close ties with China. China could influence Philippines regarding their ban with bitcoins.

[supercanada1]

Its good to hear statements from central bank about bitcoins, Im also filipino, so overwhelming to hear their decision especially im using bitcoins to cater  my daily needs. Its really true that bitcoins revolutionize payments, and in so many ways, this is the answer of all problems financially. Im looking forward that it will also lift up the value of btc in the up coming days.

You are right all the people of the different countries are supporting the bitcoin and they are taking the benefit from the bitcoin, I hope I will buy the bitcoin and will hold for the long time so I will be able to have the future in the bitcoin and I will earn the large amount of the bitcoin in the very short time and the best source for the money is bitcoin so it does not matter either its Philippines or any other country.

[ro2sf]

This is both a good news as well as a good indication that the Central Bank of the Philippines is somewhat open to the future of the financial industry by embracing digital currencies / cryptocurrencies.

The only thing is, with the 100+ million population of the Philippines probably less than 0.5% know about Bitcoin and other cryptocurrencies.

Awareness campaigns with the help of the big telcos can really help the mass adoption of digital currencies in our country.

I'm not really sure why Globe and Smart are now into the cashless payment race but didn't even include Bitcoin options in their respective wallets (Gcash, PayMaya & Smart Money).

Anyway, perhaps adoption rate takes time but I'm hoping Bitcoin will be integrated in their cashless systems by 2018.

[Joriecoinbit]

This is both a good news as well as a good indication that the Central Bank of the Philippines is somewhat open to the future of the financial industry by embracing digital currencies / cryptocurrencies.

The only thing is, with the 100+ million population of the Philippines probably less than 0.5% know about Bitcoin and other cryptocurrencies.

Awareness campaigns with the help of the big telcos can really help the mass adoption of digital currencies in our country.

I'm not really sure why Globe and Smart are now into the cashless payment race but didn't even include Bitcoin options in their respective wallets (Gcash, PayMaya & Smart Money).

Anyway, perhaps adoption rate takes time but I'm hoping Bitcoin will be integrated in their cashless systems by 2018.

I also want that to happen. However, it is still a good move for bitcoin since the Central Bank of the Philippines is starting to recognize it. Sooner or later,  telcos  will start to recognize bitcoin as its users keep on increasing day by day. And there were a lot of people who keeps posting about bitcoin in social media. At least now, bitcoin's popularity were able to level up.