BITCOIN IS 101% LEGIT AS OF PAYMENT NOW IN PHILIPPINES

[Humanxlemming]

BITCOIN IN PHILIPPINES NOW IS 101% LEGIT


Bankgko Sentral ng Pilipinas, hereinafter BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method.

Earlier this month, BSP Deputy Governor Nestor Espenilla announced the plans of the Philippine Central Bank to issue a proper regulatory framework for Bitcoin users, exchanges and companies. Espenilla emphasized the exponential growth of Bitcoin within the country, stating that monthly Bitcoin volumes increased from $1 mln to $6 mln a month in a year.

Guidelines for Virtual Currency (VC) Exchanges
Almost immediately after the announcement of Espenilla, the Central Bank of the Philippines released BSP Circular No.944 entitled “Guidelines for Virtual Currency (VC) Exchanges,” to provide clarity on the legality of Bitcoin exchanges.

In the document, BSP clarified that Bitcoin will still not be considered as an endorsement of the Philippine government nor a legal currency as it isn’t issued by the central bank. However, considering the benefits of Bitcoin as payment and remittance networks, BSP intends to regulate Bitcoin and Bitcoin startups as remittance companies.

As soon as the circular takes full effect within the next two weeks, Anti-Money Laundering (AML) and Know Your Customer (KYC) policies are set to be tightened for local Bitcoin exchanges and companies.

The circular read:

“The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”

Growth of Bitcoin startups, relationship with regulators
Over the past two years, leading Bitcoin exchanges and service providers such as Coins.ph and Rebit.ph have maintained efficient and close relationships with BSP to ensure their operations are compliant with local regulations.

Coins.ph in particular collaborated with BSP to establish necessary AML and KYC systems for its operations. For high profile traders and investors, the Coins.ph legal team required the submission of licenses, government-issued IDs and face-to-face calls.

However, the new circular will create a more difficult environment and regulatory frameworks for companies like Coins.ph to deal with. Like New York’s BitLicense, Bitcoin exchanges and service providers will have to pay a registration fee and annual fee of $2,000. That is an initial fee of $2,000 and a recurring annual fee of another $2,000.

“A VC exchange shall obtain Certificate of Registration (COR) to operate as a remittance and transfer company […] The provisions of Subsec. 4511.N.2 on the issuance of Bangko Sentral COR, accreditation of remittance sub-agents, registration with the Anti-Money Laundering Council Secretariat and mandatory training shall also apply to VC exchanges. A VC exchange shall pay the registration and annual service fees as provided under Subsec. 4511N.8,” read the circular.

In other words, to be fully compliant with new regulations on Bitcoin, companies will have to apply for a license and be authorized to operate by the Central Bank of the Philippines.

For the long-term growth of the Bitcoin industry in the Philippines and mainstream adoption, the transparent and clarified regulatory framework for Bitcoin users and companies will ultimately be beneficial

Edited: Sa nanghihingi po ng link sorry dahil copy paste nga lang ito pero ito ay galing sa leader namin, as soon as possible hahanapin ko yung link

Credit sa leader namin

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[oluaris]

hala! tataas ang fees ng coins.ph nyan
Magkakaroon kaya ng privacy concerns/issues?
Pasukin kaya ng local banks and BTC? Will we see BTC ATMs all around the PH?

Let's wait and see.

[x4]

Paki lagay po ng source or link kung saan galing ang news na ito as long na walang source this will be a copy pasting issue. Thanks.

Anyways, this is good news mas dadaming na ang ma iingganyo sa bitcoin dito sa pinas.

Magkakaroon kaya ng privacy concerns/issues?

Matagal ng may privacy issues ang coins dahil sa terms of KYC nila. Need mong i verify identity mo sa kanila as a customer and user ng coins

hala! tataas ang fees ng coins.ph nyan

Sa anu namang dahilan na magtataas sila, mostly mga bitcoin users ng mga pinoy eh na sa coins na. At kahit mag taas sila, eh wala kang choice kase coins lang ang may pinaka magandang service regarding with bitcoin dito sa bansa.

Pasukin kaya ng local banks and BTC? Will we see BTC ATMs all around the PH?

Di ko alam, and who knows.. Pero sa tingin ko di mangyayari yan.  

[BitcoinPanther]

BITCOIN IN PHILIPPINES NOW IS 101% LEGIT
snipped
Edited: Sa nanghihingi po ng link sorry dahil copy paste nga lang ito pero ito ay galing sa leader namin, as soon as possible hahanapin ko yung link

Boss lagay mo agad ang source or link mo nyan, kahit magbigay credit ka na lang.  Bannable offense yan kapag di ka nagbigay ng credit sa gumawa at may nagreport sa mod.


Anyway, sana di ipasa ng Exchange ang mga expenses or charge sa kanila sa mga users.  Ganun lagi kasi ginagawa ng mga company, lagi pinapasa ang mga expenses sa mga clients nila.

[malcovixeffect]

Hmmm, kahapon nag depost ako sa BDO at kinailangan pa isulat ang pangalan ko sa deposit slip  

[t3ChNo]

Well tataas fee nito sa coins.ph pero it's a good thing na narecognize na ng BSP. Soon, madami na outlets to pay thru bitcoin.

[stiffbud]

This is similar to the news thread posted a week ago here. May link sya na niprovide http://www.coindesk.com/philippines-just-released-new-rules-bitcoin-exchanges/ about sa regulation ng bsp sa btc. Mukhang mas maghihigpit na ang mga exchanes dito sa pinas. Sana kasunod nyan may ma outlet and stores na tumanggap na din ngbitcoin since malaki na pala ang volume ng bt na ginagamit dito sa Pinas.

[HarringtonStark]

Wow good news yan! Sana mag accept narin ng bitcoin ang mga online shopping store gaya ng Alibaboy at Lazada para hindi kailangan mag convert pa ng bitcoin to cash hmmm sabagay mapapa dali na nyan ang pag convert ng bitcoin to cash...

[blackmagician]

Wow good news yan! Sana mag accept narin ng bitcoin ang mga online shopping store gaya ng Alibaboy at Lazada para hindi kailangan mag convert pa ng bitcoin to cash hmmm sabagay mapapa dali na nyan ang pag convert ng bitcoin to cash...

Yan din hinihintay ko kay coins ph,ung magteteam up n cla ng alibaba at lazada.  Mas madali n mag shopping online no need ng pumunta sa mga malls. Sayang lng pamasahe

[Xanidas]

Wow good news yan! Sana mag accept narin ng bitcoin ang mga online shopping store gaya ng Alibaboy at Lazada para hindi kailangan mag convert pa ng bitcoin to cash hmmm sabagay mapapa dali na nyan ang pag convert ng bitcoin to cash...

Yan din hinihintay ko kay coins ph,ung magteteam up n cla ng alibaba at lazada.  Mas madali n mag shopping online no need ng pumunta sa mga malls. Sayang lng pamasahe

maganda nga yan kasi sa lazada bdo payment lang tinatnaggap mag eeffort ka pa para mag deposit dun , e kung coins.ph diba mabilis ang transaction na ang mangyayari.

[ericson]

nice! ayos pagnagkaganon dagdag kita na tayo dito , trabaho na sa umaga , part time job naman sa gabi bitcoin , sayang hnd ko ito na diskobre ng maaga n may bitcoin pala

[J Gambler]

Mukang my pag-asang pasukin ng bangko central ang bitcoin a pero mas tataas ang fee nyan hindi naman kasi accurate ang price ng bitcoin sa preev.com kesa sa coins.ph e maliban sa coins.ph ano pabang web wallet na alam nyo na base sa philippines? Matagal naman nag legit ang bitcoin sa pilipinas ngaun lang ata na aprobahan ng ganyan.

[HappyCaptain]

I agree na 101% legit si bitcoin dahil international money and prove and tested na dito sa mga kakilala ko na gumagamit at nakakapag-cashout sa iba't ibang bangko dito sa pinas

[0t3p0t]

BITCOIN IN PHILIPPINES NOW IS 101% LEGIT


Bankgko Sentral ng Pilipinas, hereinafter BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method.

Earlier this month, BSP Deputy Governor Nestor Espenilla announced the plans of the Philippine Central Bank to issue a proper regulatory framework for Bitcoin users, exchanges and companies. Espenilla emphasized the exponential growth of Bitcoin within the country, stating that monthly Bitcoin volumes increased from $1 mln to $6 mln a month in a year.

Guidelines for Virtual Currency (VC) Exchanges
Almost immediately after the announcement of Espenilla, the Central Bank of the Philippines released BSP Circular No.944 entitled “Guidelines for Virtual Currency (VC) Exchanges,” to provide clarity on the legality of Bitcoin exchanges.

In the document, BSP clarified that Bitcoin will still not be considered as an endorsement of the Philippine government nor a legal currency as it isn’t issued by the central bank. However, considering the benefits of Bitcoin as payment and remittance networks, BSP intends to regulate Bitcoin and Bitcoin startups as remittance companies.

As soon as the circular takes full effect within the next two weeks, Anti-Money Laundering (AML) and Know Your Customer (KYC) policies are set to be tightened for local Bitcoin exchanges and companies.

The circular read:

“The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”

Growth of Bitcoin startups, relationship with regulators
Over the past two years, leading Bitcoin exchanges and service providers such as Coins.ph and Rebit.ph have maintained efficient and close relationships with BSP to ensure their operations are compliant with local regulations.

Coins.ph in particular collaborated with BSP to establish necessary AML and KYC systems for its operations. For high profile traders and investors, the Coins.ph legal team required the submission of licenses, government-issued IDs and face-to-face calls.

However, the new circular will create a more difficult environment and regulatory frameworks for companies like Coins.ph to deal with. Like New York’s BitLicense, Bitcoin exchanges and service providers will have to pay a registration fee and annual fee of $2,000. That is an initial fee of $2,000 and a recurring annual fee of another $2,000.

“A VC exchange shall obtain Certificate of Registration (COR) to operate as a remittance and transfer company […] The provisions of Subsec. 4511.N.2 on the issuance of Bangko Sentral COR, accreditation of remittance sub-agents, registration with the Anti-Money Laundering Council Secretariat and mandatory training shall also apply to VC exchanges. A VC exchange shall pay the registration and annual service fees as provided under Subsec. 4511N.8,” read the circular.

In other words, to be fully compliant with new regulations on Bitcoin, companies will have to apply for a license and be authorized to operate by the Central Bank of the Philippines.

For the long-term growth of the Bitcoin industry in the Philippines and mainstream adoption, the transparent and clarified regulatory framework for Bitcoin users and companies will ultimately be beneficial

Edited: Sa nanghihingi po ng link sorry dahil copy paste nga lang ito pero ito ay galing sa leader namin, as soon as possible hahanapin ko yung link

Credit sa leader namin

Ang BSP ay controlled ng Rostchild tapos ang coins.ph controlado naman ng BSP eh di di na maging anonymous ang mga gumagamit ng bitcoin I mean Kinukuha nila identity ng mga nagbibitcoin dahil kailangan ng mga ID's and KYC parang unti unting pinapakialaman ng gobyerno ang lahat ng exchanges. Wala nga tayong magagawa kasi nandyan na yan eh kahit ako nakapagsubmit na rin anti money laundering daw reason.

Sana nga tatanggapin na ng mga local online merchants ang bitcoin as payment para pwede na kahit di converted sa peso. Nakakatamad na rin kasi magwithdraw lalo na dito sa amin malayo sa remittances tapos gagastos pa para sa pamasahe kaya nababawasan yung nawithdraw ko mas maganda kung accepted na sya sa lazada o kahit ano pang mga bilihan ng mga kailanganin ng pinoy. Ang problema lang kasi kapag masyadong hinihigpitan ng BSP ang local exchanges tataas din yung singil nila sa fees.

[nappoleon]

It might sound good as BSP is starting to acknowledge bitcoin. However, imo this might not be the best way to move forward. To some degree the bureaucratic process is hindering the organic collaboration of the bitcoin participants. We've chosen bitcoin because it is EASY, PERMISSIONLESS (no paper to fill out) and DECENTRALIZE which makes it innovative financial instrument for inclusion. Now, regulators trying to push their traditional KYC/AML framework that is not really suitable for bitcoin ecosystem. In process, we're ASKING permission, we can ONLY cash out according to our levels (eg. level 1 = 2k php a day) and they need information of both parties to transact. Therefore, regulation is trying to dismantle the fundamental characteristics of what makes bitcoin innovative. I'm sure that there are Filipino entrepreneurs would be having a hard time innovating with this kind of regulatory environment (especially on the fintech industry) hence businesses would not be allowed to operate if they're no going to comply or they're are pushed to migrate their business to another country wherein regulatory environment is innovation friendly. So in conclusion, we're still somehow trapped on the financial environment that has to much control and failed us.

[ilovefeetsmell]

Wow good news yan! Sana mag accept narin ng bitcoin ang mga online shopping store gaya ng Alibaboy at Lazada para hindi kailangan mag convert pa ng bitcoin to cash hmmm sabagay mapapa dali na nyan ang pag convert ng bitcoin to cash...

Madali naman ng magconvert ng bitcoin ngayon sa pera o peso. Ako nga cardless gamit ko with no fees pa. Napakadaling gamitin nito para sa ating simpleng mamamayan. Hindi na tayo mahihirapan maghahanap ng icoconvert ng bitcoin. Napakadaling kumita na ng bitcoin at sana marami na ang magbayad nito gamit ang bitcoin. Nakikita mo ba ang sarili mo sa future kung gaano kalaking pera ang makukuha mo ng dahil lang sa bitcoin. Napakalaking opportunity nito para sa atin. Sana maraming mag invest ng pera nila sa bitcoin para mas lumaki ang funds sa bitcoin. Sana mas makilala pa ito dito sa pilipinas.

[EnormousCoin101]

I'm new on here pero masaya ako sa mga nababasa ko tulad ng thread na ito dahil nagapapatunay lang na super legit talaga ni bitcoin although madami na ang nakasubok. konting sipag at tiyaga lang magakakaroon din nako ng bitcoin  

[silverkamote]

wow astig yan t.s yan gusto yan sana mas lumawak pa ang bitcoin dito sa pilipinas mas  komportable ako gamitin ang bitcoin kesa sa iba curency.

[asu]

hala! tataas ang fees ng coins.ph nyan
Magkakaroon kaya ng privacy concerns/issues?
Pasukin kaya ng local banks and BTC? Will we see BTC ATMs all around the PH?

Let's wait and see.

Feel ko din eh tataas din ang fees ng coins.ph sa mga bayarin. Hindi rin naman impossible na gagamit na ng bitcoin ang mga atms hindi ba? OKay na din yun para sakin para welcome to cryptocurrency world diba? astig nun?

[pinoycash]

hala! tataas ang fees ng coins.ph nyan
Magkakaroon kaya ng privacy concerns/issues?
Pasukin kaya ng local banks and BTC? Will we see BTC ATMs all around the PH?

Let's wait and see.

Feel ko din eh tataas din ang fees ng coins.ph sa mga bayarin. Hindi rin naman impossible na gagamit na ng bitcoin ang mga atms hindi ba? OKay na din yun para sakin para welcome to cryptocurrency world diba? astig nun?

Walang problema sa fees, negosyo nila yan, ang problem kapag ni require ang coins.ph na magreport sa BIR, at mag tax mapping sa BTC Earners. since online income is taxable at nirerequire nga nila magparegister sa BIR kahit online worker.