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Author Topic: Growing transaction volume in the Philippines  (Read 2135 times)
BillCoin
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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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electronicash
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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
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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
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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
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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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