The Philippines Officially Legitimize Bitcoin as Payment Method

[zedsacs]

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.

[shinratensei_]

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.

Is there a reliable source for your statement? Because I've heard the Philippines already banned bitcoin from their environment. This looks strange if the government is changing the direction for bitcoin to be the payment method in there. Looks they can't do anything with bitcoin rather accept the bitcoin to be the payment method. 

[Mia Wallace]

I think this is not a new development as they have already considered bitcoin as a payment method back in February , as there are many people using crypto currency within the country and it will be a positive thing for the community.Is there any news coming out from Philippines regarding bitcoin,if so i would like to know more about it.

[Pamadar]

I'm not sure the legitimacy of this news since I haven't heard or read it from our local news as i residing as well in the Philippines but if does really exist if the BSP already recognizing btc as a payment method it will bring more attention and more popularity all over the land and Philippines will be added to the list of those countries who already embracing the system.

[Ayers]

More countries are going to follow suit when they realize trying to regulate or control it is an unrealistic approach.

aren't other country already regulating it? control bitcoin maybe not, but when you legalize bitcoin and make it a part of your monetary system like in japan, you are regulating it for me

[burner2014]

It is true that  Philippine government has been studying this bitcoin regulation as they have seen this an opportunity. As of a matter of fact, there are lots of bitcoin holders were from Philippines, and they have their own local exchange where you can easily convert your money to bitcoin and vice versa.

[zedsacs]

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.

Is there a reliable source for your statement? Because I've heard the Philippines already banned bitcoin from their environment. This looks strange if the government is changing the direction for bitcoin to be the payment method in there. Looks they can't do anything with bitcoin rather accept the bitcoin to be the payment method. 

Here's the link bro, https://cointelegraph.com/news/the-philippines-officially-legitimize-bitcoin-as-payment-method. Actually they've changed  their mind and now start accepting bitcoin.

[lighpulsar07]

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.

Is there a reliable source for your statement? Because I've heard the Philippines already banned bitcoin from their environment. This looks strange if the government is changing the direction for bitcoin to be the payment method in there. Looks they can't do anything with bitcoin rather accept the bitcoin to be the payment method.  

nope you are wrong, bitcoin is legal in Philippines besides they only issued a warning against virtual currencies like bitcoin in 2014 that they aren't endorsing any virtual currecies. stating that,

"The Bangko Sentral does not intend to endorse any [virtual currency], 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 [virtual currencies] when used for delivery of financial services, particularly, for payments and remittances, which have material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability."

but in february 2017 according to the article i read a few months ago, Bangko Sentral ng Pilipinas BSP for short, issued a rules and regulations in bitcoin exchanges in Philippines.

so, next time do your own research first before posting you comment here  

[hawthelegend]

Is there any spurces?? I would teally want to see them myself, coz knowing my fellow filipinos, they probably would never accept bitcoin, probably because filipinos mindsets are locked into the thought that being sure is better than sorry. This is due to the hardship of earning money here. And so, if this is the case, the banks here wouldnt see potential, and that will result in making them hesitate with bitcoins.

[Gens09]

It is already legalize.As I have read the wikipedia it was already legalize like 3 years ago.And it was already regulated in Banko Sentral ng Pilipinas
Bitcoin is already legalize here thats why we have some apps that convers bitcoin into our currency.

[speem28]

I'm not sure the legitimacy of this news since I haven't heard or read it from our local news as i residing as well in the Philippines but if does really exist if the BSP already recognizing btc as a payment method it will bring more attention and more popularity all over the land and Philippines will be added to the list of those countries who already embracing the system.

I'm also residing in the Philippines and yes, I also don't see any news about it on the T.V. but I've read an article about this one on Facebook saying that our country really legitimizes bitcoin as a payment method. If our government finalizes their development of guidelines to bitcoin, I'm pretty sure that we'll hear many news about it on the television. Here is the link from where I read it from : https://cointelegraph.com/news/the-philippines-officially-legitimize-bitcoin-as-payment-method

[Kprawn]

Yes, I saw something on Facebook about this. I think the Japanese government really opened up a can of worms when they decided to embrace Bitcoin.

The rest of the world can see that Bitcoin has some real world advantages over Fiat, but they have difficulty regulating it. Money has to adapt to the

speed of the global economic needs and the internet has created a global village. We cannot rely on legacy financial systems to take us into the future.

Decentralized networks are much better than centralized networks, and Bitcoin is the strongest decentralized network out there. 

[carlisle1]

honestly, I already saw this on some article from a certain website last night and the said article was made last February this year, and from what I can see in your thread it is clear that it is completely copied and pasted well, anyway I am not criticizing you but I'll suggest you that next time if ever you are going to post some thing that is copied from somewhere try to put some of your own thoughts so that it doesn't appear to be like imitated otherwise put the source from where you've got the certain information .

however, It's really great and I'm glad that the Philippine Government Finally Recognized bitcoin and made it a legitimate payment method I am excited on whatever is going to happen in the near future since it is already Legitimized by the Government I hope that businesses will also recognize its potential .

[jakelyson]

Yes, I saw something on Facebook about this. I think the Japanese government really opened up a can of worms when they decided to embrace Bitcoin.

This is old news already. It was out even before the Japanese legalized bitcoin in their country.
This is the news article in one of the newspaper in the philippines.
http://www.philstar.com/business/2017/01/30/1667297/bsp-regulates-bitcoin-usage

[Restmand]

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.

if its true, that's a great news but they would be ready too, the government already knows bitcoin, i think they would give a law or create a law regarding this , they would put taxes and I think they would manipulate it. they would limit the citizen in order for them to get it too. the demand of bitcoin will increase and the supply i think will decrease.

[joshy23]

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.

Is there a reliable source for your statement? Because I've heard the Philippines already banned bitcoin from their environment. This looks strange if the government is changing the direction for bitcoin to be the payment method in there. Looks they can't do anything with bitcoin rather accept the bitcoin to be the payment method. 

On the contrary, Philippines did not banned bitcoin, it just put a regulation on it specially on how it operates in the country. Philippines has been a bitcoin friendly country.

"[T]he Bangko Sentral recognizes that virtual currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion,” stated the circular."

This is already backed in February then. And I don't think the BSP has released a new circular.

[youngagethinker]

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.

Is there a reliable source for your statement? Because I've heard the Philippines already banned bitcoin from their environment. This looks strange if the government is changing the direction for bitcoin to be the payment method in there. Looks they can't do anything with bitcoin rather accept the bitcoin to be the payment method. 

No the Philippines government did not banned bitcoin in our country. We have some agencies and markets or stores here that accepts BTC as a form of payment like 7\11 convenience store. Some are offering that BTC will be the mode of payment in electric and water consumption and other government sub contractors.

I think this is worth a read : http://www.philstar.com/business/2017/01/30/1667297/bsp-regulates-bitcoin-usage

[Wind_FURY]

The Philippines have ISIS attacking one of their islands. Is this true? If it is then the spread of Bitcoin use in that country could also prove to be problematic because there were stories that ISIS also use Bitcoin to transfer value anonymously. It would not be too impossible to think that what is funding ISIS in the Philippines is Bitcoin.

Is it wise to promote Bitcoin now in that country?

[Script3d]

im glad our country finally accept bitcoin like japan but i dont think alot of people will gonna use it since its not popular in the Philippines i think it would become popular in our country if it hits tv news

[ubercool]

The Philippines have ISIS attacking one of their islands. Is this true? If it is then the spread of Bitcoin use in that country could also prove to be problematic because there were stories that ISIS also use Bitcoin to transfer value anonymously. It would not be too impossible to think that what is funding ISIS in the Philippines is Bitcoin.

Is it wise to promote Bitcoin now in that country?

It may not be that wise right now for the Philippines to legalize BTC but if they start monitoring their local exchanges then they can surely find the source of funding for ISIS. We say that BTC is anonymous but when it comes to local exchanges and converting to fiat, it is pseudo-anonymous.
All in all its a great thing for everyone in the BTC community.