[2017-10-16] Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines

[jekjekman]

Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official

The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, published regulations for bitcoin exchanges earlier this year. In a statement at the time, the central bank said it “recognizes that virtual currency 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.”

https://www.cryptocoinsnews.com/bitcoin-fast-near-real-time-convenient-philippines-central-bank-official/

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[senne]

Such news and statements help to increase the popularity and demand of Bitcoin among people. As deputy director of the central bank of Philippines has acknowledged the importance of Bitcoin, more and more countries should also come join hands in this movement. They also issued regulations for Bitcoin, which will definitely help to promote among people. Moreover country has seen dramatic change in the transactions of currency before and after Bitcoin due to which they are in more favor of Bitcoin becoming one of its types in Asia and remarking the Bitcoin status in Asia.

[Gotottack]

I cannot not agree with the subject statement! This virtual currency has changed and is continually changing the lives of others because of its accessibility and real-time money conversion! Not only that, its conversion as contrasted to Philippine Peso is really high. Thus, Bitcoin earners in the Philippines really make good money. Some, in fact, rely on it for their daily needs and sustenance. Anyhow what matters is that Bitcoins serve its purpose in terms of helping others earn a comfortable living as long as these people know the mechanics. 

[Baofeng]

I cannot not agree with the subject statement! This virtual currency has changed and is continually changing the lives of others because of its accessibility and real-time money conversion! Not only that, its conversion as contrasted to Philippine Peso is really high. Thus, Bitcoin earners in the Philippines really make good money. Some, in fact, rely on it for their daily needs and sustenance. Anyhow what matters is that Bitcoins serve its purpose in terms of helping others earn a comfortable living as long as these people know the mechanics. 

Specially with a 3rd world country like the Philippines, it really helps a lot of students and even those who have a regular job to just rely on bitcoin and survived and bring foods in the table. As you can see, the bitcoin Philippine community is  very much alive and really do appreciate what they can get out of bitcoin and crypto. They are really bitcoin friendly country, although not as big as Japan or South Korea, Philippines is making a significant headway in terms of bitcoin usage and acceptance.

[sindikat]

I heard that the cost of bitcoin transactions exceeds a transactions in the banking system several thousand times. Banks simply have a profit on our transfers. It was a punitive collusion with state participation. Now bitcoin has become their competitor. I guess we are waiting for a price reduction transaction through banks. That meant the Philippines I did not understand.

[Immakillya]

Guess they don't want to be left behind. As many countries in Asia are now Bitcoin powerhouse in the world. It's nice to see that my country (Philippines) is trying to make a huge step towards innovation. Yes Bitcoin is fast(depends on the fee), this could be the solution for faster transfer of funds. Sending funds international traditionally is quite expensive and yet take so long to be confirmed. That's why they see Bitcoin as a tool for faster transfer of money. A lot of Filipinos are working overseas. Government should introduce Bitcoin to them. We have a local wallet like Coins.ph wallet which has a lot of functions. Convert bitcoin to peso vice versa, pay bills and cashout thru remittance and banks.

[iamTom123]

The Philippines and the Filipinos have nothing to fear since we are brave people. We are not afraid of the changes brought about by cryptocurrency instead we are embracing them as we don't want to be left behind with the future. Usually, governments who are control freak and have dictatorial tendencies and strange agenda like China, Russia, North Korea are the countries which will never be comfortable with Bitcoin. Maybe they are hiding something and they don't want their people to know the whole truth of what they are doing. Cryptocurrency can mean power to the people and Philippines is the land where the idea that people and the military can topple a dictatorial regime was born.

I am then proud to the whole world that we have a Central Bank which is open to new changes and is not thinking backward just like China. I do admire China but we are all aware of the kind of control the regime is playing with their people even up to now. China is now playing a giving bully in Asia. It gets want it want to have in exchange for some "carrots" and gifts.

Bitcoin has a good future in the Philippines!

[Shamie1002]

The Philippines and the Filipinos have nothing to fear since we are brave people. We are not afraid of the changes brought about by cryptocurrency instead we are embracing them as we don't want to be left behind with the future. Usually, governments who are control freak and have dictatorial tendencies and strange agenda like China, Russia, North Korea are the countries which will never be comfortable with Bitcoin. Maybe they are hiding something and they don't want their people to know the whole truth of what they are doing. Cryptocurrency can mean power to the people and Philippines is the land where the idea that people and the military can topple a dictatorial regime was born.

I am then proud to the whole world that we have a Central Bank which is open to new changes and is not thinking backward just like China. I do admire China but we are all aware of the kind of control the regime is playing with their people even up to now. China is now playing a giving bully in Asia. It gets want it want to have in exchange for some "carrots" and gifts.

Bitcoin has a good future in the Philippines!

I am a proud Filipino too. We have the regulation by banks and I can still say that transactions are fast. I am really curious about how many Filipinos are into virtual currencies because as I have observed, there are many present in these forum.
I just hope that there will be no taxes.  If there will be taxes I hope that it's for a useful purposes like for our economical development.  Because I know that our country is full of people who are fast adaptors especially when it come to job opportunities. Very hard working.

[senin]

Such statements from the head of the Central Bank of the country are not often met. What does it mean developed civilized society. An objective assessment of the crypto currency is given, it is directly recognized that the crypto currency significantly speeds up the transfer of money and that it is revolutionary by nature, designed to facilitate the life of citizens. The Philippines is in step with the times and it needs to be welcomed.