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Author Topic: Growing transaction volume in the Philippines  (Read 2274 times)
cardinalVC
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October 18, 2017, 06:21:52 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.
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October 18, 2017, 06:52:04 PM
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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
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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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iamTom123
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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!
ALT67890
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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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SvenBomvolen
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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
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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
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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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maGINpls
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October 19, 2017, 10:41:48 PM
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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
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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.

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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