Growing transaction volume in the Philippines

[Qartersa]

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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[TagaMungkahi]

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.

[Vannie12]

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.

[cryptojac17]

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.

[Lancusters]

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.

[peter0425]

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.

[savushkinTA]

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.

[TagaMungkahi]

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. 

[TagaMungkahi]

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.

[ApocalypseNow]

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.

[bubblebit]

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.

[montenigguh]

Great. At least the central bank has its support, for now.

[markleal]

  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. 

[Hexah]

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.

[migolmigol]

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.

[Kemarit]

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.

[franco123]

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.

[Lanatsa]

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.

[meomeo1]

Kaspersky Lab's Anti-Malware team has identified two new botnets that help cyber criminals dig in and benefit from the victim's computer.

[meomeo1]

No but bitcoin but ethereum and some other coins too.