Growing transaction volume in the Philippines

[Theb]

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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[J. Cooper]

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.

[Casdinyard]

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.

[marcbitcoins]

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.

[Lm2e4]

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!

[superjeyy]

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.

[Twentyonepaylots]

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.

[Carmen01]

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

[madwica]

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.

[Flor1982]

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.

[zmkriel]

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.

Really? I never really heard it from daily news and even in social medias. Is it came from a realable source? Then how come not all filipinos knew about it? But if what you said was really true then philippines would be one of those fortunate countries and it will be a big help to save us from economic crises.

The last time i heard, banko sentral of the philippines it not in favor of bitcoin and there is no government official spokemen bothered to pay attention about it.

[Budugbass]

It sounds very good, about that.. i just hope in the country where i live will following the development of bitcoin reception until supported by the banks. How about the tax on bitcoin? is it already applying there? because of course the progress of the country is heavily influenced by the taxes that apply and managing as well as possible.

[Fobrins]

It would be a good chance for Philippines to get their own value. This is a kind of race and who gets in it first it will get the most.
Any updates on this one?

[mersal]

It would be a good chance for Philippines to get their own value. This is a kind of race and who gets in it first it will get the most.
Any updates on this one?

In what way the Philippines get value? There is no reward will be given if the more people are using bitcoin in that country.
But it is really helpful for the citizen of that country to increase their economy because Philippines is one of the country with high unemployment rate.

[Hexah]

It would be a good chance for Philippines to get their own value. This is a kind of race and who gets in it first it will get the most.
Any updates on this one?

In what way the Philippines get value? There is no reward will be given if the more people are using bitcoin in that country.
But it is really helpful for the citizen of that country to increase their economy because Philippines is one of the country with high unemployment rate.

He/she probably misunderstood what does this topic trying to implicate and just rush in to reply on it. Philippines is done for good since crypto adaptation is abundant and healthy.

[Hamphser]

It would be a good chance for Philippines to get their own value. This is a kind of race and who gets in it first it will get the most.
Any updates on this one?

In what way the Philippines get value? There is no reward will be given if the more people are using bitcoin in that country.
But it is really helpful for the citizen of that country to increase their economy because Philippines is one of the country with high unemployment rate.

He/she probably misunderstood what does this topic trying to implicate and just rush in to reply on it. Philippines is done for good since crypto adaptation is abundant and healthy.

Its really obvious that his only replying out without even thinking on the true motive or essence on whats being written on OP. Going back on where Philippines is just silent when it comes to crypto transaction until it do give buzz into its government since it do already includes huge tx volumes regarding conversion on local fiat to bitcoin and bitcoin to local fiat. For now it is not being prohibited but there are already set up some restrictions on engaging specially on large volumes.

[makolz26]

Its really obvious that his only replying out without even thinking on the true motive or essence on whats being written on OP. Going back on where Philippines is just silent when it comes to crypto transaction until it do give buzz into its government since it do already includes huge tx volumes regarding conversion on local fiat to bitcoin and bitcoin to local fiat. For now it is not being prohibited but there are already set up some restrictions on engaging specially on large volumes.

If they don't know what he is replying just correct him and make him understand what is OP had said, this is a forum and we need each other hands so that  we will all gonna learn, just help people don't bitch them it is better for us to help guys.

I am proud that I am part of the growing transaction here in our country and has been one of the contributor of the price hike.

[Hamphser]

Its really obvious that his only replying out without even thinking on the true motive or essence on whats being written on OP. Going back on where Philippines is just silent when it comes to crypto transaction until it do give buzz into its government since it do already includes huge tx volumes regarding conversion on local fiat to bitcoin and bitcoin to local fiat. For now it is not being prohibited but there are already set up some restrictions on engaging specially on large volumes.

If they don't know what he is replying just correct him and make him understand what is OP had said, this is a forum and we need each other hands so that  we will all gonna learn, just help people don't bitch them it is better for us to help guys.

I am proud that I am part of the growing transaction here in our country and has been one of the contributor of the price hike.

I do agree on the things you do said since we have experience to become a newbie but we should really connect the things we are trying to reply on here since reading isn't really a hard job after all.Mistakes are common when we are still a beginner and it is acceptable but we should avoid it for longer runs.Going back into the topic if transaction volume would increase even more on near future I do believe that the government would already impose taxes on each bitcoin users who do earn big amounts and I'm really expecting into that one.

[Argie021213]

Many filipinos find bitcoins as a new source of income to increase their financial capabilities, it is good to hear that the goverment is embracing the fact that bitcoins can help the country economically. Improving the lives of filipinos. I'm looking forward for bitcoins to grow and develope more here in our country.

[KorakPawon]

There are already several bitcoin exchanges in the Philippines such as Bitcoin Pinoy, Coins.ph, BuyBitcoin.ph, and mBTC.ph. The website, however, acts as a broker and not an open exchange. With cash as the primary payment medium in the country, users usually buy Bitcoin by depositing money in Bank of the Philippine Islands (BPI) or BDO Unibank (BDO) branches.

BuyBitcoin.ph users are generally between the ages of 25 and 34, mostly working in technical fields such as engineering or computer science. Merchant adoption is relatively more significant in the Philippines than in other Southeast Asian countries. The two largest online merchants in the Philippines (both daily deals websites) announced in March 2014 that they will receive Bitcoin through Coins.ph's payment solution. The two websites are MetroDeal, with 1.2 million unique monthly buyers, and also the second e-commerce website in the Philippines, as well as CashCashPinoy, with 575,000 monthly unique visits.

The Philippine central bank has decided not to regulate the Bitcoin exchange. The bank also issued a warning to consumers about the risks of Bitcoin.