Central of the Philippines Recognizes Bitcoin

[Rufsilf]

It is awesome because it seems that the Asian countries are slowly getting into bitcoin and Philippines which is one of the richest country in terms of the natural resources also recognizes bitcoin and i hope that they will follow what the Japan did in bitcoin which they already accepted and implement it to their country and a lot of people are now getting great benefits with bitcoin.

[SerioGiocatore]

This is good news for us Filipinos but does it also mean the government will impose taxes or fees for earning and using bitcoins?

[Shendy23]

I think it is really been. I saw and read an article that there is a ATM machine here in makati, philippines. That you can withdraw your bitcoin as cash. if philippines does not recognize bitcoin. That ATM should be banned also the coins.ph. Coins.ph is also regulated by the Banko Sentral nang Pilipinas. As all you know coins.ph is also a wallet of both php and bitcoin. Looking at this perspective it is really obvious that bitcoin is really recognize here in the philippines.

[Kevin77]

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.

Obviously, we should not expect the growth and development to come just sudden. The little that has been seen so far has shown that there is very much light at the end of the tunnel for the Philippines. What has happened so far will definitely create more awareness and before we know it, we will gradually start seeing merchants and some shops accepting the currency.

[kyanscadiel]

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 that's true. Central Bank of the Philippines even released their official rules and guidelines for BTC which took them almost a year of delivaration. BSP announced their recognition of VC because basically they already know the potential of BTC in terms of payments, remittances etc..But they do not endorse BTC as the national currency.

[futuret]

Although this article is quite old already, I think this will be a really good progress for the rise of the Bitcoin. I hope this will be a usable method of  transaction starting in few months or years. From convenience stores like 7/11 where I mostly hangout at, I think Bitcoin would really be convenient to use as a payment. That is just part of microeconomics but how about macro? If Philippines started to mainly use Bitcoin, then imagine how much can we import from other countries. Judging how unpredictable the price of the Bitcoin is, we never know how much our country can buy when we use Bitcoin.

It is just doubtless because the bitcoin demand and the value is increasing so it is the best thing to have the bitcoin and to invest in the bitcoin today same as the Philippines bitcoin is now famous in my country and the value of the bitcoin will be high in the value and the price, it is the new age and now the bitcoin is very famous I am sure the bitcoin will increase with the passage of the time now.

[lol1yatme]

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.

Yeah this is but if you are from the pillions why are you saying like this I hope you will use the bitcoin and you will get the beset future I use the value and the coming time is the time of the bitcoin for sure because now the value and the price of the bitcoin is very high and a lot of the people are aware of it in my country I hope the best and the only thing that a bitcoin can ever do is the best future and the value of the bitcoin from the start till now.

[silentmax]

the best thing about bitcoins in the philippines is you can but it at 7-11

[Beparanf]

Although this article is quite old already, I think this will be a really good progress for the rise of the Bitcoin. I hope this will be a usable method of  transaction starting in few months or years. From convenience stores like 7/11 where I mostly hangout at, I think Bitcoin would really be convenient to use as a payment. That is just part of microeconomics but how about macro? If Philippines started to mainly use Bitcoin, then imagine how much can we import from other countries. Judging how unpredictable the price of the Bitcoin is, we never know how much our country can buy when we use Bitcoin.

It is just doubtless because the bitcoin demand and the value is increasing so it is the best thing to have the bitcoin and to invest in the bitcoin today same as the Philippines bitcoin is now famous in my country and the value of the bitcoin will be high in the value and the price, it is the new age and now the bitcoin is very famous I am sure the bitcoin will increase with the passage of the time now.

Congress also already representing some regulations or studies on it, I just hope that it was only for investors sake like what they are saying but not into making corruption or putting tax on it, BTC users in Philippines indeed increasing in numbers now.

[Razick]

Any government that doesn't recognize Bitcoin now is going to have to do it the next time the price soars like it has this year. I think we are headed for a crash in the near future, but the reality is sooner or later it will go back up and this time it cannot be ignored. It will get regulated and banks will have to decide whether to recognize it or fight against it. I am happy the Philippines made the right choice.

[kyanscadiel]

It is really a good thing that the central of the Banko Central recognizes bitcoin as payment system. Im from the Philippines too and maybe they considered it since there is a service that offers easy conversion of bitcoin to fiat here in Philippines which is a web wallet called coins.ph. I personally use it to send fiat to me or send to some relatives far away. Many others do it too so they have noticed bitcoin and have seen it's potential.

Yes, the Central Bank of the Philippines had seen the potential and merit of bitcoins. Unlike other countries who sees bitcoin as a tool for money laundering and other forms of illegal activities, Bangko Sentral has looked on the usability of bitcoins as form of financial payments. But there are rules and conditions set by the Bangko Sentral to the exchanges in the Philippines so as to avoid issues on money laundering and other forms of fraudulent activities using bitcoins.

Its okay to set some rules and conditions at least they have recognized bitcoin as payment system. I am from the Philippines too and I hope that they won't impose that big of a tax in terms of bitcoin to fiat conversion but in my opinion if they plan to do that it will be hard to tax it but even if it is hard, they will try to tax it that's for sure since remittance is one source of the government's money.

I agree with you. Rules and official guidelines has been announced by the BSP at least by doing this investments will no be compromised by scammers or anyone who wants to do ilegal in terms of bitcoin. This is also good news for OFW who send money through remittances  because it will make sending money easy. Well just hope they will not put higher tax in bitcoin.

[chichigirl]

Thanks to coins.ph ,Filipinos become crypto oriented and started to learn investing. Soon Filipinos become entrepreneurs. They will start to value money, and use it wisely.

Happy to see friends from Philippines. This news is an exciting development for bitcoin. If in Philippines, the use of bitcoin is positive, I think other countries will take appropriate policies to promote bitcoin progress. I am looking forward to my country to issue such a legal document.

[chineseprancing]

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.

Regarding that matter, since from the start of crypto currency in the Philippines are already recognize by Banko Sentral ng Pilipinas (BSP), but still they can't make a decision to covered it. Due to decentralization of the crypto currencies, but as per lawyer I've been talk. Crypto currency have own entity and until they can't covered by the government they still runs into they own world.

[uelque]

Happy to see friends from Philippines. This news is an exciting development for bitcoin. If in Philippines, the use of bitcoin is positive, I think other countries will take appropriate policies to promote bitcoin progress. I am looking forward to my country to issue such a legal document.

You sounds like other countries might conform on Philippines recognition on bitcoin as payment system, that I think is not so much possible. For me, our country Philippines, is so much little and our innovation is not that so matured, so who are we for them to comply with in terms of innovation. I think bitcoin can help our country, and I'm glad to hear such news from Bangko Sentral, but I don't think other country might need the help of bitcoin! 

[kobe24]

This is good news for us Filipinos but does it also mean the government will impose taxes or fees for earning and using bitcoins?

There is a possiblitity that our government will impose taxes this a good news for us because there are 2 exchanges coming at the same time bad news we can expect lower conversion rate.

[cryptokitty]

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 will a good news to all Filipinos and all the investors who greatly believe the bitcoin capacity in each and everyone of us.

This will be a great news and it means a lot because  they open their minds already towards bitcoin.

[boboking]

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.

You may also expect that the philippine government will impose taxes on bitcoin and thats the only con i can think of but Any government that reconize bitcoin  is good because it will build confidece for people to invest in bitcoin. I hope more government follow this recognition.

[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 will a good news to all Filipinos and all the investors who greatly believe the bitcoin capacity in each and everyone of us.

This will be a great news and it means a lot because  they open their minds already towards bitcoin.

I agree to that. The Filipino people in the Philippines will believe more in bitcoin because they will know that the Central of the Philippines also recognizes bitcoin and the people there who are already earning bitcoin will be more happier because they will have a chance to make their wants happen like paying bitcoin in a store.

[Vikingr]

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.

Yeah a lot of the other countries are now accepting the bitcoin and this is the reason why the value and the price of the bitcoin is now increasing with the time, I hope this will be the best for the future of the bitcoin as I can see how fast the bitcoin is growing and how much all the people are making bitcoin best price so buy the bitcoin and secure a lot of the money for the better future as much as the time passing all people are getting in the bitcoin.

[Kambal2000]

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.

Yeah a lot of the other countries are now accepting the bitcoin and this is the reason why the value and the price of the bitcoin is now increasing with the time, I hope this will be the best for the future of the bitcoin as I can see how fast the bitcoin is growing and how much all the people are making bitcoin best price so buy the bitcoin and secure a lot of the money for the better future as much as the time passing all people are getting in the bitcoin.

We are happy as a Filipino Citizen that Philippines has been open and vocal when it comes to cryptocurrency, although there is high risk associated with this still our government just made laws and did a thorough research about the sake of those who has been scammed by hyip and those using bitcoin to cheat people.