Central of the Philippines Recognizes Bitcoin

[Sled]

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 an honor for me because I am from the Philippines as well. Certainly big changes will be realized and many Filipinos will lose their poverty and become financially independent. Finally freedom is ours to enjoy.

In every country there are poor who are suffering from the poverty and i don't think that if bitcoin is being accepted in a country then it will make the country free from the poverty because that is not possible and with bitcoin it will only give opportunities for the limited people because not all the people will surely become interested in bitcoin so i don't see any possibility for any country to become free from most common problem  which is poverty.

[Nasty23]

The thread is mostly 1 year old. Does that actually happen? And what it actually mean? Is there any legal businesses in Phillipine that accept Bitcoin?

The recognition of the Central Bank of the Philippines was actually for the likes of Coins.ph and a few Bitcoin exchanges in the Philippines. There's also a Bitcoin ATM in Makati City but no small businesses yet such as coffee houses, computer shops, etc that I know that accepts Bitcoin.

But I think give it a few more months or years, Bitcoin will slowly be adopted by businesses. I know for the fact since I myself and a few other friends will be putting up a businesses that will accept Bitcoin soon.

Yes I also thinking for it the adoption for bitcoin in the country is not becoming fast but it can be used as soon as all people being educated about bitcoin so that they can easily use it.

[Nylelyn]

And if the Bitcoin will continously be recognized by BSP and be legally operated, it can create new lines of services that will give way for more business opportunities and  generally help Filipino people earn additional income and make life more easier.  However,  this step must be accompanied by precautionary guidelines as it is still a trial period since it is a new practice here in the Philippines.

[Jating]

The thread is mostly 1 year old. Does that actually happen? And what it actually mean? Is there any legal businesses in Phillipine that accept Bitcoin?

The recognition of the Central Bank of the Philippines was actually for the likes of Coins.ph and a few Bitcoin exchanges in the Philippines. There's also a Bitcoin ATM in Makati City but no small businesses yet such as coffee houses, computer shops, etc that I know that accepts Bitcoin.

But I think give it a few more months or years, Bitcoin will slowly be adopted by businesses. I know for the fact since I myself and a few other friends will be putting up a businesses that will accept Bitcoin soon.

Yes I also thinking for it the adoption for bitcoin in the country is not becoming fast but it can be used as soon as all people being educated about bitcoin so that they can easily use it.

This is the case in the Philippines. Although their Central Bank has issues a statement about bitcoin, the adoption rate is very slow because not everyone really find bitcoin attractive. Yes, I would agree that there are a lot of Filipino's are into bitcoin but its not very significant in numbers and most Filipino would prefer to accept cash or cards when you are in the country. For bitcoin to be really widely used it should be accepted as payment method, I hope that it can happen in the Philippines.

[cydrix]

I think it will be revolutionary for a start like this recognizing bitcoin will put the banks at ease but so as the consequences involved to it proccessing bitcoin and let this be go on around and round it could be a good sign to criminal doers and drug dealers to put up some huge money pays to the items etc.

[cydrix]

I think it will be revolutionary for a start like this recognizing bitcoin will put the banks at ease but so as the consequences involved to it proccessing bitcoin and let this be go on around and round it could be a good sign to criminal doers and drug dealers to put up some huge money pays to the items etc. Because of the anonymity of bitcoin.

[Nylelyn]

Now that Bitcoin has been recognized by the Central Bank of the Philippines,  I just hope that there will be progress soon.  For instance,  new areas of services where we can use it for exchange or Bitcoin to be accepeted as form of payment. That is really something to look forward as it is really a revolutionary step to start.

[kaizerblitz]

It is good news from our country for giving recognizes bitcoin as a Legal and trusted coin. I hope also bitcoin  recognize to the filipino how bitcoin change their lives.

[sangwookie]

Wow. I think it will change many lives in the Phillipines since the USD is volatile these days and bitcoin can be transferred without a bank. I hope this will help the poor in the country.

[0t3p0t]

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 an honor for me because I am from the Philippines as well. Certainly big changes will be realized and many Filipinos will lose their poverty and become financially independent. Finally freedom is ours to enjoy.

In every country there are poor who are suffering from the poverty and i don't think that if bitcoin is being accepted in a country then it will make the country free from the poverty because that is not possible and with bitcoin it will only give opportunities for the limited people because not all the people will surely become interested in bitcoin so i don't see any possibility for any country to become free from most common problem  which is poverty.

I agree with you mate. It's undeniable that Bitcoin may help Filipino's to have a better living and will become successful with Bitcoin. Central Bank of the Philippines in doing good job in accepting Bitcoin as form of payment and investment asset because it will surely benefit the people that has knowledge in crypto  all over the country. But we still have to accept the fact that Bitcoin can only change an individual who dedicated their time, money and hardwork on it. Poverty is everywhere even the most highly developed countries in the world has poor people living in the streets. Poverty is also one of the  factors that affects crime rates. Not all poor people are having an access to internet connections, smartphones, computers or any electronic devices that connects people into cryptocurrency world. I am actually one of the poor and unemployed people but I can still manage to interact with the cryptocurrency community because I find ways on how to live a better life and escape poverty and lastly of course have financial freedom. I am happy because I found cryptocurrency as a tool to succeed and have a bright future and was so lucky too that I am here in this openminded community.

[paparexon0414]

Good news for all of the Filipino. Now Bitcoin will be introduced to us legally without the doubt of its "scam" theory. As Filipino knows that its a form of scam (ofcourse with the help of media) if the Central bank consider it legit and advertise it that it can be use as a payment, well Lot's of Filipino might benefit from it.

[Reatim]

Good news for all of the Filipino. Now Bitcoin will be introduced to us legally without the doubt of its "scam" theory. As Filipino knows that its a form of scam (ofcourse with the help of media) if the Central bank consider it legit and advertise it that it can be use as a payment, well Lot's of Filipino might benefit from it.

Still the Central Bank of the Philippines says that we need to be cautious in using bitcoins. Actually the way I see it, they aren't legalized yet, although they say that it can be used as remittances for OFW. It may be the start of the bitccoin booming in the Philippines and we can't wait to see restaurants or retailers accepting bitcoin as mode of payment.

[Mainman08]

It is good for us filipinos. Because more and more filipino are getting into bitcoin nowadays. The Central Bank removes the doubt in the mind of other people that think bitcoin is a scam.

[FoxTheHuman]

And if the Bitcoin will continously be recognized by BSP and be legally operated, it can create new lines of services that will give way for more business opportunities and  generally help Filipino people earn additional income and make life more easier.  However,  this step must be accompanied by precautionary guidelines as it is still a trial period since it is a new practice here in the Philippines.

Difficult to put into use in life as a form of payment because there are too many problems. If it is accepted, then many criminals use it as  guilty offense.

[Sled]

And if the Bitcoin will continously be recognized by BSP and be legally operated, it can create new lines of services that will give way for more business opportunities and  generally help Filipino people earn additional income and make life more easier.  However,  this step must be accompanied by precautionary guidelines as it is still a trial period since it is a new practice here in the Philippines.

Difficult to put into use in life as a form of payment because there are too many problems. If it is accepted, then many criminals use it as  guilty offense.

Don't focus on negative things because if bitcoin will get accepted then it will bring more positive things rather than negative thing like being use of the criminals because if you will ask me, bitcoin will give more and more opportunity and the government can take action and stop the possible criminality by putting regulation on bitcoin which i agree.

[stadus]

And if the Bitcoin will continously be recognized by BSP and be legally operated, it can create new lines of services that will give way for more business opportunities and  generally help Filipino people earn additional income and make life more easier.  However,  this step must be accompanied by precautionary guidelines as it is still a trial period since it is a new practice here in the Philippines.

Difficult to put into use in life as a form of payment because there are too many problems. If it is accepted, then many criminals use it as  guilty offense.

Don't focus on negative things because if bitcoin will get accepted then it will bring more positive things rather than negative thing like being use of the criminals because if you will ask me, bitcoin will give more and more opportunity and the government can take action and stop the possible criminality by putting regulation on bitcoin which i agree.

You are right mate, there is no system that is perfect, any currency as long as it has a value can be use for illegal activities so you cannot blame
that to bitcoin. That will always be depending on the users and how strong the law of the government to combat illegal activities, they should be the one who are making actions because we pay taxes to do their job.

[yanlap]

I think it will be revolutionary for a start like this recognizing bitcoin will put the banks at ease but so as the consequences involved to it proccessing bitcoin and let this be go on around and round it could be a good sign to criminal doers and drug dealers to put up some huge money pays to the items etc.

Not only the start but it will be more than this because the bitcoin was not that much high in the price but now it is very high. Now a lot of the countries who were not aware of the bitcoin are now recognizing the bitcoin and they are being a part of the bitcoin, it will not take much time to make the bitcoin legal and then the value of the bitcoin cash will also be high and the bitcoin will be the best investment .

[noblesse09]

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.

yeah i heard that BSP didnt recognize it as a payment system simply because its too volatile. they dont want that the payment that happen sink its value because of the volatility of bitcoin. but they still regulate it so that they can monitor illegal transactions like money laundering. they give licensed to 2 exchanges here in the philippines just to monitor bitcoin here in the philippines. the BSP chairman even told to the media that its to soon to adapt the cryptocurrency or bitcoin as a whole in the country.

[Nylelyn]

Bitcoin recognition from the Bangko Central ng Pilipinas can be the mark of the beginning of digital currency being accepted in many retail merchants. This will eliminate doubts and detractors which in turn will attract more people to invest on Bitcoin. Increase of demand will result to increase of bitcoin value which is definitely a good sign of business.

[ro2sf]

With all these in mind, I think we Filipinos who are into Bitcoin now should spread awareness and advocate on the advantages of Bitcoin.

Better to have your friends and/or families who have businesses to take into consideration of accepting Bitcoin as a mode of payment.

In this way I believe, more and more Filipino will be made aware of Bitcoin and other cryptocurrencies thus making the mass adoption faster.