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Author Topic: Growing transaction volume in the Philippines  (Read 2127 times)
cardinalVC
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October 18, 2017, 06:21:52 PM
 #1

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.
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October 18, 2017, 06:52:04 PM
 #2

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

Can you post the links to your news? Where did you hear about it? If you're not sure of it don't spread fake news. It's always better to back your claims with links/pictures.
Anyway, that's some very good news, provided that you're not making it up. It's good to know that more Asian countries are open to Bitcoin.

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October 18, 2017, 09:46:36 PM
 #3

This is one of the noises in my local crypto group. People are talking about it: how the Philippine Central Bank is actually supporting Bitcoin.
A local media network covered an interview in English. Here: https://youtu.be/7g-Y541EyhI
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October 19, 2017, 01:20:02 AM
 #4

I never heard bitcoin until a colleague informed me about this and had me joined in it. Now I know how far bitcoin reach already with regards to the information I read today. Wow! this is great news and indeed very helpful especially to us low income earners! I hope I can contribute significant information needed here so for bitcoin to go further and reach its mission and vision. Smiley Shocked Cheesy
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October 19, 2017, 01:59:48 AM
 #5

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

Yes this is true i just dont remember the links of this information i hope you could share the link of this for everybody common understanding .It wil be the Central Bank will have the power to decide of the faith of a certain issues regarding economics and monetary concerns in which bitcoin is belong. For me this is a good news than declaring it to be ban by the government but it will spoil our continues benefits of earning bitcoin with out the government tax.  Undecided

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October 19, 2017, 02:29:38 AM
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I think its a good thing. Increased bitcoin popularity may help increase its value since more people will use it. I just hope that they don't tax bitcoin transactions.

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October 19, 2017, 04:08:59 AM
 #7

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality. They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

Actually, there are already a lot of positive hints coming from the Central Bank governor himself because during interviews he is very accommodating for the blockchain technology and the cryptocurrency in general. I understand that the man is very much open-minded on new innovations and will not be using his power to block new changes in the horizon. In fact, he already approved the license of two more cryptocurrency exchanges to be operating in the Philippines maybe by next year.

Bitcoin is booming in the Philippines and this can indeed be of big help to the country's still wobbly economy. Once cryptocurrency can be growing here am sure many people can be able to live financially free depending on how a person will use the opportunity presented into him/her. And because Filipinos are adept in accepting changes especially those related online then I would say that Filipinos have a great future in Bitcoin and vice versa for that matter.

Mabuhay...Philippines! Mabuhay...Bitcoin!

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October 19, 2017, 04:22:23 AM
 #8

The Philippines is well-known on fast adaptation to anything especially on technology. A country with more than a 100 million and most are spread trough out the the entire world.

Bitcoin has started or at the stage we’re numbers of bitcoiners doubled every year and most businesses is eyeing the possibility to emerge it in theyre payment system. It can help much to they’re economical progress.
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October 19, 2017, 05:51:44 AM
 #9

There's no need to worry about the rapid grow of bitcoin transactions in the Philippines. As the government are optimistic about adoption of cryptocurrency there. https://www.google.com.ph/amp/s/www.cryptocoinsnews.com/bitcoin-fast-near-real-time-convenient-philippines-central-bank-official/amp/
They just have to set parameters so everything is under control. $6 million is still small compares to other countries. They can regulate all exchanges if they want to. But the rapid growth of Bitcoin there is phenomenal. But still many people still don't know Bitcoin there. So i guess Philippines has a potential to be a bitcoin powerhouse in the future.


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October 19, 2017, 06:59:06 AM
 #10

Has the govt officially made the bitcoin or the cypto currencies legal yet or it is still in the unknown state where its not legal and not yet illegal. I think Philippines is adapting to the fast changing technological world and due to which the country is developing rapidly and hopefully will have a good volume of bitcoin trading volume in coming days.

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October 19, 2017, 07:31:09 AM
 #11

This is one of the noises in my local crypto group. People are talking about it: how the Philippine Central Bank is actually supporting Bitcoin. A local media network covered an interview in English. Here: https://youtu.be/7g-Y541EyhI

The Philippines government is following the example set by Japan in terms of treating Bitcoin and the cryptocurrency industry in general. I am sure that the Philippines' Central Bank see something which countries like China and Russia seem to be afraid of. The Filipinos are known to be hospitable and loving people that's why they receive Bitcoin with all humility and many Filipinos already love Bitcoin all the way.

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October 19, 2017, 08:20:38 AM
 #12

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.
Bitcoin and crypto-currencies legalization and smart regulation can become really progressive for every country. I know that Philippines is not rich country, so the use Bitcoin in this country firstly raise the paying capacity of citizens and secondly develop the whole economy of the country, due to people used to spend more with salaries, which officially didn't changed.
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October 19, 2017, 10:08:04 AM
 #13

I do not believe that in the Philippines will officially accept bitcoin. In this country, a highly developed drug. It is possible to increase the volume of transactions in bitcoin is primarily with what the drug dealers are easier to trade for bitcoins. For the economy of the backward countries bitcoin will not bring any benefit.

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October 19, 2017, 02:20:42 PM
 #14

It's good news that there are positive feedbacks about bitcoins. These feedbacks may help the further spread or better development of it not just inside the country but also with connection to the continuous updates globally.
Well, in the Philippines, there are so many issueses that are being encountered today. Wars, drugs, still corruption and laundering.  I just hope that the decentralisation with the regulation of the banks will not take advantage of bitcoin. And I know that there are more possibilities of case of criminality but I wish that government would have resolutions for this to save the reputation of bitcoin.

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October 19, 2017, 02:28:12 PM
 #15

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

This amount will definitely go high as the Philippines primary source is Overseas Filipino Workers and during Christmas season the amount of money being sent to their families are vast. Bitcoin will really help Filipinos on this. It will reduce the cost of money transfer being deducted for the transaction. This is one of the feature that bitcoin has that can be used in everyday life.
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October 19, 2017, 10:41:48 PM
 #16

I do not believe that in the Philippines will officially accept bitcoin. In this country, a highly developed drug. It is possible to increase the volume of transactions in bitcoin is primarily with what the drug dealers are easier to trade for bitcoins. For the economy of the backward countries bitcoin will not bring any benefit.

I understand your point. more than understand, it is a valid point. But here's a thought:

Mexico is also a drug-flooded country, much worse than the Philippines, even. Yet, the flow of Bitcoin was able to increase the GDP of the country. Venezuela, is among the list, too. But digital currency helped the locals survive the very high inflation effects of their country.

There will always be ways for people to use these things for crimes, but we need to take note that modern fintech is able to track down these things.

A regulatory framework is the most important key factor here. That is why I commend the Central Bank of the Philippines for having been able to quickly initiate the AML and the KYC  to these local exchanges.
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October 20, 2017, 01:23:22 AM
 #17

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality. They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

Actually, there are already a lot of positive hints coming from the Central Bank governor himself because during interviews he is very accommodating for the blockchain technology and the cryptocurrency in general. I understand that the man is very much open-minded on new innovations and will not be using his power to block new changes in the horizon. In fact, he already approved the license of two more cryptocurrency exchanges to be operating in the Philippines maybe by next year.

Bitcoin is booming in the Philippines and this can indeed be of big help to the country's still wobbly economy. Once cryptocurrency can be growing here am sure many people can be able to live financially free depending on how a person will use the opportunity presented into him/her. And because Filipinos are adept in accepting changes especially those related online then I would say that Filipinos have a great future in Bitcoin and vice versa for that matter.

Mabuhay...Philippines! Mabuhay...Bitcoin!

It's really good to hear that. There's a lot of bitcoin users in the Philippines and they'll be needing support from the government. Perhaps the Central Bank will impose some regulations that are in favor of the bitcoin users and in turn, cater to their needs. The bitcoin community is continually expanding so government support and intervention is going to be needed. Little by little, more and more of the citizens find out about bitcoin, cryptocurrency and blockchain technology. Hopefully this would pave the way towards better recognition in the country.

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October 20, 2017, 03:22:49 AM
 #18

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

I think Duterte administration is pro cryptocurrency. The people behind are mostly young so I assumed that everyone is somewhat taking the sides of cryptocurrency. Although there's no clear cut announcement from BSP, I'm assuming that they will allow bitcoin to prosper in the country. They are really positive on how bitcoin or cryptocurrency for that bitcoin has shape the Philippines and the bitcoin community. I believed that in Asia alone, we are among the top 5 bitcoin friendly countries. Next year will be another healthy year for Filipinos bitcoin community as I'm expecting that the number of users could double or even triple specially that there's new local trading exchanges that will soon open in the Philippines.

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October 20, 2017, 05:14:47 AM
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Have heard a news about economic progress of the Philippines and I assume since bitcoin is popular in that country, it helped them achieve those numbers. I have known many Filipino’s who have great passion to internet usage and entrepreneurship just using social media. That nation as a new leader or administration give them freedom on doing bitcoin and support it is somewhat gain bitcoin investments to great heights.
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October 20, 2017, 05:58:57 AM
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I think its a good thing. Increased bitcoin popularity may help increase its value since more people will use it. I just hope that they don't tax bitcoin transactions.

That is true. The more the demand increases, the more the value of Bitcoins increases. This is a very good strategy of Bitcoins for Bitcoin users since it will help the latter with their investments. Well, I must say Bitcoins use the principle of supply and demand.

I really hope the Philippines will be open to cryptocurrencies since it helps in reducing unemployment and thus increases the people's spending power. Through that, the economy will be in a better standing.

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October 20, 2017, 06:02:48 AM
 #21

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

I really hope they come up with a good regulation for cryptocurrencies, and not just to deter the use of it for flimsy reasons. I believe Bitcoins will play a huge role in developing countries since it aids the people to obtain a source of income thereby increasing their spending power. This is economy at its best! The Philippine government should do all its best to come up with an effective regulation without harming the people's plausible source of income. 

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October 20, 2017, 07:17:02 AM
 #22

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.
I'm from The Philippines, The news that reported (by inquirer) is that the Government will revise or add new law on the regulation of cryptocurrencies because of it's GROWING USERS ( e.g. number of registrants on coins.ph) and yes!, also from the Volume of Transactions . I wish they will not impose harder regulations about cryptocurrency.

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October 20, 2017, 07:46:27 AM
 #23

When it comes to job opportunities, Philippines is one of the countries that produces numbers of workers. Very workaholic and grabs every opportunity to have a job. That is why when bitcoin was legalized and existed within the Philippines, there is no doubt that Filipinos will ignore it.

It's good that central bank of the Philippines continuously update and have plans for bitcoins. It will be much appreciated if there will be transparency in every step they do.

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October 21, 2017, 08:05:13 AM
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When it comes to job opportunities, Philippines is one of the countries that produces numbers of workers. Very workaholic and grabs every opportunity to have a job. That is why when bitcoin was legalized and existed within the Philippines, there is no doubt that Filipinos will ignore it.

It's good that central bank of the Philippines continuously update and have plans for bitcoins. It will be much appreciated if there will be transparency in every step they do.
Yes that's a welcome development that Central Bank is recognizes BTC in the Philippines hopefully that it would lead to the betterment of BTC transactions, because as we know Filipinos will always grab every opportunities to earn and I've seen it as another brighter opportunity for Filipino to work with.

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October 21, 2017, 09:29:47 AM
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It seems to me that Filipinos are wishful thinking. Why the Philippines legalization of bitcoin? Everyone knows that the Philippines is a very common drug trade. Bitcoin will only help to hide a drug dealer. The economy is in ruins. Bitcoin helps to avoid paying taxes. I don't blame bitcoin. I'm just trying to anticipate the thoughts of the government.



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peter0425
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October 21, 2017, 12:38:45 PM
 #26

It seems to me that Filipinos are wishful thinking. Why the Philippines legalization of bitcoin? Everyone knows that the Philippines is a very common drug trade. Bitcoin will only help to hide a drug dealer. The economy is in ruins. Bitcoin helps to avoid paying taxes. I don't blame bitcoin. I'm just trying to anticipate the thoughts of the government.

Are you saying then that the Philippines will ban bitcoin because it will be used by the drug dealers or is it just your speculation? Looks like your mindset is very different here and very negative in terms of bitcoin adoption in the Philippines. The government is trying hard to fight the drug menace in that country and bitcoin has nothing to do with it. If they have anti bitcoin stance, they should have clamped bitcoin long time ago. You are a bitcoiner and the first thing that you mentioned is very negative stances against bitcoin. Bitcoin will only help to hide a drug dealer.. This is like creating FUD's at its highest form. You already anticipating something that is very unlikely to happen.

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October 22, 2017, 02:05:03 PM
 #27

The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
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October 23, 2017, 05:10:53 AM
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It seems to me that Filipinos are wishful thinking. Why the Philippines legalization of bitcoin? Everyone knows that the Philippines is a very common drug trade. Bitcoin will only help to hide a drug dealer. The economy is in ruins. Bitcoin helps to avoid paying taxes. I don't blame bitcoin. I'm just trying to anticipate the thoughts of the government.
You might be right since the current leader of the Philippines do really hate DRUGS that every issue on our country he relates DRUGS and YELLOWS( a group of anti duterte--as they define it--aquino political clan. ) Banning Bitcoin will not happen. Bitcoin will not be used to hide a drug dealer and cannot be used for trading drugs here in the Philippines. A lot of Drug users are illiterate and some of the DRUG Masterminds use the poor little and illiterate ones as they end point to distribute drugs. Do your research and also think critically. 

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October 23, 2017, 05:12:31 AM
 #29

The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
You are too late, this was reported long time ago, the reports about cryptocurrency on the Philippines is the tightening and strengthening of the regulations and policies on handling cryptocurrency on the Philippines, which is soon to be tackled and finalized.

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October 23, 2017, 06:59:04 AM
 #30

I guess that Coins.ph did a good job to market btc. They advertise it where you can use it to buy load, pay bills or buy goods which is really useful for people who wants a no hassle transactions. And also I notice a lot of people buy expensive rigs to mine btc.

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October 23, 2017, 07:38:07 AM
 #31

That’s good for the Philippines and for the whole bitcoin community. When bitcoin is booming in one country it means more investors that will boost bitcoin price and it happen on multiple countries that is a good sign and will help the cryptocurrency spread on the isolation.

It seems to me that Filipinos are wishful thinking. Why the Philippines legalization of bitcoin? Everyone knows that the Philippines is a very common drug trade. Bitcoin will only help to hide a drug dealer. The economy is in ruins. Bitcoin helps to avoid paying taxes. I don't blame bitcoin. I'm just trying to anticipate the thoughts of the government.

Someone from Russia is discussing about drug trade. Then does that really on topic with bitcoin discussion. It sounds jealousy to me for he might confused how his own country are now in bad light with bitcoin.
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October 23, 2017, 09:36:46 PM
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Great. At least the central bank has its support, for now.
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October 24, 2017, 10:34:03 AM
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 Shocked Just heard the news about the regulation. I think that is the reason why there are transaction limitations in the local wallet and exchange company. On other side, it will help to protect the citizen to fraudulent activities.  Smiley

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October 24, 2017, 11:33:14 AM
 #34

I do not believe that in the Philippines will officially accept bitcoin. In this country, a highly developed drug. It is possible to increase the volume of transactions in bitcoin is primarily with what the drug dealers are easier to trade for bitcoins. For the economy of the backward countries bitcoin will not bring any benefit.
Probably it will be, but nothing is impossible, maybe you would say that it is a highly developed drug country but how about I say to you that drug this time in Philippines is really decreasing and our President is really true to his words even many criticism has been throw to him. I don't agree also to you that bitcoin wouldn't bring benefit to countries then why does countries like Canada, Japan, Korea and other country that solely adopt bitcoin and it clearly see that they have strong economy as it was right now. This time  that Philippines is in shape to really progress the country's economy I would really agree that bitcoin implementation and adaptation is really a good move on Philippine government.

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October 26, 2017, 02:17:34 PM
 #35

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

This is great news if the government officials gave positive remarks! I was afraid that maybe sometime in the future the government might regulate Bitcoins in the Philippines by providing tax or worst, banning it. But with this news, then the Bitcoin growth will improve and the economy of the Philippines will also improve.

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October 26, 2017, 03:58:45 PM
 #36

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

This is great news if the government officials gave positive remarks! I was afraid that maybe sometime in the future the government might regulate Bitcoins in the Philippines by providing tax or worst, banning it. But with this news, then the Bitcoin growth will improve and the economy of the Philippines will also improve.

I highly doubt that the Philippines government will outlaw bitcoin. They are very supported of it, even accepting 2 more exchanges to be opened in 2018. Well I think most of the Filipinos here would agree that its better to pay taxes that totally banning it. The Philippines has one of the best community here so for me they are happy and lucky that the government is pro bitcoin.

It seems to me that Filipinos are wishful thinking. Why the Philippines legalization of bitcoin? Everyone knows that the Philippines is a very common drug trade. Bitcoin will only help to hide a drug dealer. The economy is in ruins. Bitcoin helps to avoid paying taxes. I don't blame bitcoin. I'm just trying to anticipate the thoughts of the government.

The Philippines is trying to get rid of the drug problems. If the drug lords used bitcoin to hide their money, I'm sure that government will run after them. And the economy is not in ruins. The Philippines is one the fastest economy in Asia for your information. They just dismantled the so called Maute group in the South, trying to do ISIS state.

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October 30, 2017, 02:26:33 AM
 #37

Well this is expected. Especially now that the government released a statement regarding Bitcoin transactions or activities. They said that Bitcoin activities in the Philippines could actually contribute to the economy. This means that they might have regulations as well to support it in the future instead of banning or discouraging it like other countries. However, tax may also increase since they are now see the potential return and develoment of Bitcoin.

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October 30, 2017, 06:45:50 AM
 #38

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.
Legalization? Then it would really be a good thing for those Filipinos who do engage with bitcoin and yet it would really increase more the adoption rate but theres no word yet if they would fully support it.I do assume that they would really be more strict in compliance with their legalization to bitcoin.They dont really like for people to get involve on those illegal aspect. Bitcoin is now buzzing in PH and do already get some attention because of its users.I dont think that government doesnt really have plans on taxation.For sure there would be things like that later on.



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October 30, 2017, 06:46:16 AM
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October 30, 2017, 06:58:44 AM
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No but bitcoin but ethereum and some other coins too.
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October 31, 2017, 12:15:09 AM
 #41

There are some rumors running that bitcoin is actually going to be recognized by the Philippines as a currency.

I think it's a great move as it is going to make buying and selling bitcoins within Philippines much more easier then it is now.

Some Philippines are working outside the country in order to bring money to their families, most of them transfer the funds through western union, but bitcoin gives you a golden opportunity to transfer funds without the need to pay unreal fees to some 3rd parties, it saves a lot for an hard working man who has to bring food to his family.

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October 31, 2017, 07:01:35 AM
 #42

Users of bitcoin in the Philippines are growing resulting to bigger transaction volumes. As bitcoin is gaining popularity in the Philippines, the demand is expected to rise. Many users shrugged off the negative information being dissiminated by some uninformed people and media who has no full knowledge on cryptocurrency system. The central bank also  have positive reactions to the use of bitcoin for transaction purposes. 

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October 31, 2017, 10:10:58 AM
 #43

Users of bitcoin in the Philippines are growing resulting to bigger transaction volumes. As bitcoin is gaining popularity in the Philippines, the demand is expected to rise. Many users shrugged off the negative information being dissiminated by some uninformed people and media who has no full knowledge on cryptocurrency system. The central bank also  have positive reactions to the use of bitcoin for transaction purposes. 

I think they already have written writs about trading in crypto currency since january 2017. If was in a pdf but i forgot where i read it. It is not really from any inf 3 gov branch but by the Bangko Sentral ng Pilipinas (BSP). It was author by the president of the bank. but i'm sure their are some intercation with the legislative but i could say it is legal not just btc but other cryptocurrencies.

                                     
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November 01, 2017, 08:35:26 PM
 #44

Growing transaction volume of Bitcoins in the Philippines means the growth of Bitcoin and many Filipinos start to recognize Bitcoin as a future online digital currency so they are now using it more than ever to whatever their intention is. I think Philippines will regulate Bitcoin exchange and even tax it in the future and it is fine with me as long as the Government will take the money that is collected from it to a good project that will benefit the country. Let's just hope for the best and for the Philippines to prosper the usage of modern technology.
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November 02, 2017, 03:00:29 AM
 #45

It is Actually proven that bitcoin is helping for the economic progress of the Philippines maybe banko sentral ng pilipinas should implement about the regulation of bitcoin transactrion in the Philippines.

And please Sir, before  posting any topics regarding to it, either it's news or what you should put link to it so that we will able to read it and understand the topic.

Therefore, Philippines must study the works of bitcoin on how will it be helpful inside the country and corrupt government officials must be evicted before bitcoin is fully adopted in the Philippines.

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November 02, 2017, 07:51:24 AM
 #46

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

This is good news that more countries are open to bitcoin because it can help the economy to prosper if used correctly. I can observe that more Filipinos are getting involved in bitcoin whether it is for earning extra income or investment purposes. It would be good if the central bank will implement some rules and regulations because those who don't trust it would have more confidence investing on it. Some are still skeptic investing on it because it is not backed by any government regulation but if there is a plan by the central bank then many would be encourage to invest because they would have the security that they are looking for.



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November 02, 2017, 08:09:12 AM
 #47

It is Actually proven that bitcoin is helping for the economic progress of the Philippines maybe banko sentral ng pilipinas should implement about the regulation of bitcoin transactrion in the Philippines.

And please Sir, before  posting any topics regarding to it, either it's news or what you should put link to it so that we will able to read it and understand the topic.

Therefore, Philippines must study the works of bitcoin on how will it be helpful inside the country and corrupt government officials must be evicted before bitcoin is fully adopted in the Philippines.

I agree, I'm sure if ever bitcoin will be legalized or fully adopted a lot of corrupt officials will be interested to invest in bitcoins and all of them will manipulate bitcoin price. Also there might be a possibility that they will add more fees for transacting bitcoins.

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November 02, 2017, 10:11:16 AM
 #48

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

That’s is even more great news than good. That country has the fastest adaptation as I’ve observed than any country in southeast Asian region and most in the whole Asian continent. As they have widespread Filipino overseas working mostly around the world the news of new technology of bitcoin can be easily be pass by one person to another. This is how they know and popularity is increasing faster.
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November 02, 2017, 10:45:15 AM
 #49

Bitcoin getting more popular and the fact is the most bitcoin demand come from Asia Region. Bitcoin become alternate currency and it's very useful as additional transaction.
If Philippines already adopt bitcoin for all of their transaction , there will be more country let say Thailand, Brunei, Papua, etc will adopt bitcoin in the future


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November 02, 2017, 11:11:30 AM
 #50

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

There are so many bitcoin users on the Philippines and it's leading exchange can't even cater the queries of their clients. There are exchanges that are being licensed by the BSP and it was officially told that the government is supporting bitcoin/cryptocurrencies. For those people that wants to know the link here you go http://www.philstar.com/banking/2017/09/05/1735769/bitcoin-operators-under-bsp-scrutiny as the price is growing now. Expect more transactions will come up.

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November 04, 2017, 04:35:39 AM
 #51

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

There are so many bitcoin users on the Philippines and it's leading exchange can't even cater the queries of their clients. There are exchanges that are being licensed by the BSP and it was officially told that the government is supporting bitcoin/cryptocurrencies. For those people that wants to know the link here you go http://www.philstar.com/banking/2017/09/05/1735769/bitcoin-operators-under-bsp-scrutiny as the price is growing now. Expect more transactions will come up.

Bitcoin will really be used more in the Philippines since there are lot of Filipinos around the world, Overseas Filipinos Workers send money to their relatives back to the country and the use of bitcoin for it would really help them lessen the transaction fees. And besides most Filipinos are computer literate and crypto currency can easily be understood by them.


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November 04, 2017, 10:02:45 AM
 #52

There are some rumors running that bitcoin is actually going to be recognized by the Philippines as a currency.

I think it's a great move as it is going to make buying and selling bitcoins within Philippines much more easier then it is now.

Some Philippines are working outside the country in order to bring money to their families, most of them transfer the funds through western union, but bitcoin gives you a golden opportunity to transfer funds without the need to pay unreal fees to some 3rd parties, it saves a lot for an hard working man who has to bring food to his family.

Rumor or not, what we do know is the fact that lower developed countries tend to have a more open and generally more positive stance towards crypto and mostly bitcoin. Because endorsing such a stable financial network could strongly contribute to the country becoming more developed in the long run. We can see the same thing in some African countries.
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November 06, 2017, 01:25:05 AM
 #53

There are some rumors running that bitcoin is actually going to be recognized by the Philippines as a currency.

I think it's a great move as it is going to make buying and selling bitcoins within Philippines much more easier then it is now.

Some Philippines are working outside the country in order to bring money to their families, most of them transfer the funds through western union, but bitcoin gives you a golden opportunity to transfer funds without the need to pay unreal fees to some 3rd parties, it saves a lot for an hard working man who has to bring food to his family.

Rumor or not, what we do know is the fact that lower developed countries tend to have a more open and generally more positive stance towards crypto and mostly bitcoin. Because endorsing such a stable financial network could strongly contribute to the country becoming more developed in the long run. We can see the same thing in some African countries.

Any news regarding cryptocurrencies in general are advantageous in the country whose news brought about. Should Philippines accept bitcoin and recognize it as an alternative currency, then we are taking payments into a digitalized or modern transactions. This is great news since bitcoin reflects its reputation continuously increasing every day.

Personally, the only hindrance that I can think off is that, Philippines is a third-world country. Most of the population here consist of both extremes- the extreme rich families and extreme poor families. The poverty rate here is around 21.6% as of 2017 and making bitcoin as payment would further weaken their situation. In order for this to work, the government must take measures in addressing the issue by providing necessary education for them to fully utilize this opportunity.

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November 06, 2017, 01:36:59 AM
 #54

It’s been proven that Filipinos are so fascinated and passionate to things that is new and trending.. They literally good in adapting to technologies and investments.. This are good treats that most of them is capable of doing that why they’re eventually in every countries in the whole world.. They’re really widespread that you can even find one in every states..

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November 06, 2017, 04:28:19 AM
 #55

I hope the government in Philippines will legalized bitcoin in their country. I sure bitcoin will help grow their country also.
Many people in Philippines learn about bitcoin and they believe bitcoin more profitable than other investment.



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November 06, 2017, 04:48:19 AM
 #56

I hope the government in Philippines will legalized bitcoin in their country. I sure bitcoin will help grow their country also.
Many people in Philippines learn about bitcoin and they believe bitcoin more profitable than other investment.

bitcoin had been features on TV several times already in the philippines. there was even a news that central bank of the philippines are asking bitcoin exchanges businesses to register to them so they'd be legally operating so we can all assume its legal here.  we'll see more people learning abut BTC soon.

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November 06, 2017, 05:47:22 AM
 #57

I hope the government in Philippines will legalized bitcoin in their country. I sure bitcoin will help grow their country also.
Many people in Philippines learn about bitcoin and they believe bitcoin more profitable than other investment.

What I have understood is that majorly developing countries have not taken/decided how to treat the btc. Should it be legalized or not. They are still in the process and depending upon the developed countries stand accordingly they may think and decide to do what is best suitable for their country.

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November 06, 2017, 06:26:55 AM
 #58

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

Please share the links for everybody common understanding because i never read or watch it on the news that i thought our officials are very busy of attending their political affair in which we benefits the bitcoin no tax collection at the moment but anyway this is an exciting event that actually more and more Filipino are engaging bitcoin now that maybe the Central Bank was alarm in need to make an action immediately.

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November 06, 2017, 10:11:31 AM
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Wow, I think this is a positive news for our country  Cheesy As cryptocurrencies like BTC is a gateway for an economic rise. Wink
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November 06, 2017, 02:45:04 PM
 #60

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

There are so many bitcoin users on the Philippines and it's leading exchange can't even cater the queries of their clients. There are exchanges that are being licensed by the BSP and it was officially told that the government is supporting bitcoin/cryptocurrencies. For those people that wants to know the link here you go http://www.philstar.com/banking/2017/09/05/1735769/bitcoin-operators-under-bsp-scrutiny as the price is growing now. Expect more transactions will come up.

Bitcoin will really be used more in the Philippines since there are lot of Filipinos around the world, Overseas Filipinos Workers send money to their relatives back to the country and the use of bitcoin for it would really help them lessen the transaction fees. And besides most Filipinos are computer literate and crypto currency can easily be understood by them.

It's not only being used in the Philippines that people from offshore are sending money to their loved ones there through bitcoin. And also in other some countries people who are in the same situation are using bitcoin for sending remittances as it's cheaper and faster than the usual way of remitting through Western Union and other the same money remitting companies. I didn't know that most of the Filipino's are literate, do you have the statistics on that thing?

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November 06, 2017, 04:42:45 PM
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I have read an update about their situation, it turns out that their Central Bank only have issued guidelines (more like warnings) where people have been given aware of the scams and sites to avoid in paying Bitcoin. They have not prohibited the use of Bitcoin in that country but warned the people to avoid websites such as HYIPs if they don't want to lose their Bitcoin. It is amazing how the Philippines have it's citizens enjoy Bitcoin and other cryptocurrencies and how they issued warnings to protect their own Bitcoin.

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November 06, 2017, 05:48:23 PM
 #62

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.
yes bitcoin here in philippines is good for the economy this news is good but where did you get this,i think if its real is good but if this fake i think many people here from the philippines will be angry in you because we already have a news about crypto in t.v(ted failon) he say bitcoin is scam and dont invest your money here i think that's real because i watch it live but to say bitcoin is scam that's not good

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November 06, 2017, 10:10:45 PM
 #63

I have read an update about their situation, it turns out that their Central Bank only have issued guidelines (more like warnings) where people have been given aware of the scams and sites to avoid in paying Bitcoin. They have not prohibited the use of Bitcoin in that country but warned the people to avoid websites such as HYIPs if they don't want to lose their Bitcoin. It is amazing how the Philippines have it's citizens enjoy Bitcoin and other cryptocurrencies and how they issued warnings to protect their own Bitcoin.
Yes it's certainly a positive development for the Philippines as a country to get their economy back on track. By getting people interested and sharing the necessary know-how to their citizens they will create a population that is aware of cryptocurrency thus making adoption even easier. Looking at the future this will probably be a very important factor.

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November 09, 2017, 06:10:07 AM
 #64

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.
yes bitcoin here in philippines is good for the economy this news is good but where did you get this,i think if its real is good but if this fake i think many people here from the philippines will be angry in you because we already have a news about crypto in t.v(ted failon) he say bitcoin is scam and dont invest your money here i think that's real because i watch it live but to say bitcoin is scam that's not good

I agree and watching that segment of Failon really got into my nerves. They're spreading fake news as we all know the truth that bitcoin is not a scam and the one that are scam are the people who use bitcoin to deceive others.

Growing transaction here in our country is really a good indication that bitcoin is going  uptrend and many are having an interest to use this. Hope other people will stop using bitcoin in fraudulent acts as they can affect the good image of bitcoin.

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November 09, 2017, 09:44:05 AM
 #65

I have read an update about their situation, it turns out that their Central Bank only have issued guidelines (more like warnings) where people have been given aware of the scams and sites to avoid in paying Bitcoin. They have not prohibited the use of Bitcoin in that country but warned the people to avoid websites such as HYIPs if they don't want to lose their Bitcoin. It is amazing how the Philippines have it's citizens enjoy Bitcoin and other cryptocurrencies and how they issued warnings to protect their own Bitcoin.

Maybe because the banking system in the Philippines did not consider the bitcoin existence is a threat to the business maybe because bitcoin is not that popular in the country in which is a third world country that majority of the people are relying to paper money and most of them in which are urban poor don't know what is bitcoin is but maybe if time will come that bitcoin will become very popular perhaps the Central bank will start to against it.

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November 10, 2017, 04:25:14 AM
 #66

I have read an update about their situation, it turns out that their Central Bank only have issued guidelines (more like warnings) where people have been given aware of the scams and sites to avoid in paying Bitcoin. They have not prohibited the use of Bitcoin in that country but warned the people to avoid websites such as HYIPs if they don't want to lose their Bitcoin. It is amazing how the Philippines have it's citizens enjoy Bitcoin and other cryptocurrencies and how they issued warnings to protect their own Bitcoin.

Maybe because the banking system in the Philippines did not consider the bitcoin existence is a threat to the business maybe because bitcoin is not that popular in the country in which is a third world country that majority of the people are relying to paper money and most of them in which are urban poor don't know what is bitcoin is but maybe if time will come that bitcoin will become very popular perhaps the Central bank will start to against it.

I'm a citizen of the Philippines and yes some of us are poor/indigent but it's a nonsense if you are going to connect Filipino citizen that doesn't have enough knowledge on bitcoin to our government that had study years for their profession who are issuing guidelines and is regulating bitcoin for improvement of our country!

If bitcoin can help the economy of our country then why would we see it as a threat? I guess they know what they are doing so please shut up if your saying they don't. For me it is right how our country treated bitcoin, I'm glad bitcoin is being treasure here and I hope it goes well!

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November 12, 2017, 04:55:43 PM
 #67

This is one of the noises in my local crypto group. People are talking about it: how the Philippine Central Bank is actually supporting Bitcoin.
A local media network covered an interview in English. Here: https://youtu.be/7g-Y541EyhI


Based from the video he has shared, this is actually something to be happy about of since it is a sign that the Philippines is open to progress and development. For the Central Bank of the Philippines to recognize Bitcoin and establish a circular that allows the disappearance of the barrier between fiat and cryptocurrency is a giant step towards innovation. Although it can be quite a risky step to take and may still need some improvements, the initial move of the Central Bank of the Philippines to establish a platform that involves Bitcoin will allow the awareness of people to be raised, which will hopefully lead to education towards the structure of Bitcoin. I am hoping that this project would be successful and would not lead to waste or any forms of corruption.

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November 13, 2017, 05:39:14 AM
 #68

this turn of events is good for the philippines, because it means that our economy is slightly going up and i hope that, this will never stop so that the philippines will prosper some more, and be able to globally compete with other countries.

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November 15, 2017, 03:14:58 PM
 #69

Yes if bitcoin growing so fast in philippines i think that is good for the economy of any country because we can earn here while having a good past time.I think more on spread bitcoin in other country the more will price get high so in philippines i think we need this in our country because there's so many poor person here

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November 16, 2017, 01:20:28 AM
 #70

Yes if bitcoin growing so fast in philippines i think that is good for the economy of any country because we can earn here while having a good past time.I think more on spread bitcoin in other country the more will price get high so in philippines i think we need this in our country because there's so many poor person here
I think that so it could helps to boost our economy, i see also the continue increasing of number of users of bitcoin based on social media i notice the different page group has huge number of member sharing their earning method of bitcoin and i am happy to see them but one thing break my heart because also scammer was increasing they are very lazy to find legal way to earn.
Not all people are benefited by bitcoin specially poor people who do not have money to buy gadgets and internet connection because bitcoin is pure online only people who are in middle class has possibility to get rich and rich would be more richer in the future because of bitcoin.

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November 16, 2017, 01:55:26 AM
 #71

Last week, it was reported that the Bitcoin transactions going in and out of the country has reached over $6 million, and now the Central bank of the Philippines will be issuing new guidelines regarding Bitcoin legality.

They gave no hint as to what their plans are, but officials from the Banko Sentral ng Pilipinas gave positive remarks, and even mentioned that cryptocurrency may help in the progress of the country.

Sounds that the government will support bitcoin and make it legalize. I wonder what will be the reactions of the banking system about this that even do the central bank is the governing body of the banks, should it be considered that bitcoins and other digital currencies are not threat to the banking system? Anyway we should enjoy the benefits of bitcoin without tax because soon it will be.

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