The Philippines Officially Legitimize Bitcoin as Payment Method

[Gintama214]

Well this is really interesting I never heard this on the news or etc.. but this is a great news of my fellow filipino people in the Philippines. I know a lot of people who uses bitcoin in the Philippines my friend actually introduced me on how to earn bitcoin via campaign signatures and he said that his friend only tough him to use it also. This is really a great opportunity for those who people who earn bitcoin and they can withdraw their money depending on the rate of the bitcoin. It can also benefit me because I'm earning bitcoin now and whenever I wan't to go home in the Philippines it help me have some extra money when I'm in vacation in there. So I hope this bank will upgrade more of their minimum withdrawal so that when people can get more. 

[1714936658]

1714936658

[1714936658]

1714936658

[1714936658]

1714936658

[1714936658]

1714936658

[pecson134]

At least this action by legitimizing bitcoin as mode of payment would bring a much easier and flexible method. I just pray that the government wouldn't think of intervening with it and controlling it in the future though I believe that they wouldn't so unless someone with interest with it would take over.

[Prodigan786]

It's is happened on February that people who transact bitcoin they have to get certificate from government anti money laundering and other financial stability certificates

[hajimasan]

Well done philipines, now Indian government will learn lesson I guess. All developed countries are legitimating bitcoin as a payment method but the poor Indian government didn't understood the power of bitcoin. Soon in future bitcoin will rule the world and then we might have to use bitcoin like cryptocurrency and they again our poor government would legalize it because all developed countries are using it and it's an modern emerging technology and instead of blamming and making it illegal we should welcome and encourage the technology.

[freedomno1]

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.

That is awesome news and I haven't heard about that until I saw it here just now, I'll look forward to telling my relatives about that and getting them even more interested in it with the legalization and all this is a good time to get more people to transact and use Bitcoin.

[AK47-]

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.

That is awesome news and I haven't heard about that until I saw it here just now, I'll look forward to telling my relatives about that and getting them even more interested in it with the legalization and all this is a good time to get more people to transact and use Bitcoin.

This is indeed a very good news for not only Philippines but for whole bitcoin community. This will definitely make people invest more in it and hence increasing the price. Now more people will show faith in bitcoin. 

[neochiny]

The local exchange, coins.ph has been operating for years now, way before the government 'legitimized it'.
Yes, it's a great assurance that everything is legal and that it'd be unlikely, if not hard, for the exchange to just up and disappear.
It's just, I wonder how far the government will go with their "regulation", cause frankly, I do not want my coins and earnings from bitcoin to be taxed.

More local businesses accepting bitcoin as payment is certainly welcome. (The taxes, not so much. Paid enough of that as it is. )
 

[JimmieA]

The article by BSP in February was also seen as an affirmation for btc recognition, but this is actually the official announcement for btc use publicly  as a payment official method. It can be said that btc is gaining new steps and is becoming a popular currency around the world.

[joromz1226]

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.

That's is good if that will be happen, but there are other critics who are against in bitcoin Philippines.
so on your statement, you must have a valid proof of evidence that this things will be implement legally in terms of of all remittances
outlet nationwide.

[Skarner21]

Looks like they are taking a move right now and they are seeing the future of bitcoin. but only bank cental are accepting bitcoin as payment as of now how about the other company or business?
Well since we are growing in our country except more development it can be push the value of bitcoin more if bitcoin will be locally accepted by many store here in our country..

[PrinceCaspian]

Lol im from the philippines and yet im still not receiving any news about Bangko  Sentral ng Pilipinas regulating bitcoins in our country.Im not against that thing but is still a goodbsource of info is this real at all?Can you give me some source please

[batang_bitcoin]

The article by BSP in February was also seen as an affirmation for btc recognition, but this is actually the official announcement for btc use publicly  as a payment official method. It can be said that btc is gaining new steps and is becoming a popular currency around the world.

Yes it was issued last February though the Bangko Sentral ng Pilipinas (BSP) still gives warning to the people that we should avoid transactions that relates to illegal trades and money laundering. This is a good initiative for our country as it is clear that bitcoin is free and it won't be prohibited.

[Yuhee]

The article by BSP in February was also seen as an affirmation for btc recognition, but this is actually the official announcement for btc use publicly  as a payment official method. It can be said that btc is gaining new steps and is becoming a popular currency around the world.

Yes it was issued last February though the Bangko Sentral ng Pilipinas (BSP) still gives warning to the people that we should avoid transactions that relates to illegal trades and money laundering. This is a good initiative for our country as it is clear that bitcoin is free and it won't be prohibited.

Oh why am i reading this now? How does this works? We can pay loans in btc? Cause i only use banks to convert money and that is only in the security bank. Actually I am quietly satisfied with just even coins.ph. But I know ill be needing that if eved i would need bigger finances like having a family. But its good that the government is imposing agreement and not in the whole tax free tradings.

[socks435]

Never heard this BSP before and looks like bitcoin is growing here in our country hoping that more people knows about bitcoin.. since many people also looking for a way to use bitcoin before now we can use bitcoin easily by many site and now they are officially legitimize bitcoin as payment method.. but we are still not seeing a company or store are accepting bitcoin as payment locally..
Hope that we can see a lot of store are accepting bitcoin as payment that can push other people to use bitcoin..

[MingLee]

Looks like they are taking a move right now and they are seeing the future of bitcoin. but only bank cental are accepting bitcoin as payment as of now how about the other company or business?
Well since we are growing in our country except more development it can be push the value of bitcoin more if bitcoin will be locally accepted by many store here in our country..

Considering the fact that it is commenting on the central bank being the one to accept Bitcoin it is highly likely that this is something more for trade as opposed to something for a lot of the citizens of the Philippines to be using. Considering that they're going through a rather interesting time right now I would not be surprised if there was something like this going on.
I don't know how pumped Bitcoin will get because of this happening, but there might be some interesting things to come out of this.

[gilangIDR]

Lol im from the philippines and yet im still not receiving any news about Bangko  Sentral ng Pilipinas regulating bitcoins in our country.Im not against that thing but is still a goodbsource of info is this real at all?Can you give me some source please

This can be used as a rebuttal. I have not seen the official news, but when you as a citizen of the Philippines and do not feel any policy of course this is something that is not true. Whereas when the Philippines can recognize bitcoin the bitcoin price will be expected to rise again.