[2018-01-01] We’ll Study Bitcoin ‘Very Closely’: Philippine Central Bank

[moriskarlov]

A senior official from the Philippine central bank has urged caution among retail investors of bitcoin despite the bank’s generally accepting stance on cryptocurrencies.

A year ago, bitcoin price struck $1,000 on January 1, 2017, and went on a meteoric rise to scale an all-time high near $20,000 in December due to wider acceptance and adoption across the world. While regulators and authorities have frequently expressed concerns about price volatility, the deputy governor of Philippines’ central bank called on the public to understand bitcoin as a currency, specifically – transactions involving the cryptocurrency, according to local publication ANC.

Stressing that the Bangko Sentral ng Pilipinas (BSP) is “accepting” of cryptocurrencies, the official added that the bank was:

[A]t the same time, providing advisories to the general public that they have to be conscious of the opaqueness of transactions involving Bitcoins. This is something we should think about very closely.

The Philippine central bank first issued regulations and guidelines for the local bitcoin industry in early 2017 as bitcoin transactions grew to $8.8 million per month, up from $2 million in 2015 and $6 million in 2016, according to the BSP’s own data.

Adding its ‘accepting’ take on cryptocurrencies the central bank is also in the process of reviewing 12 applications for establishing and operating cryptocurrency exchanges in the country. Appearing at a televised interview in October 2017, BSP co-deputy director Melchor Plabasan called the guidelines “a pioneering regulation” before stating “we see it [bitcoin] as a payment and remittance [tool rather than an investment asset].”

The central bank official went on to highlight the advantages of using bitcoin, stating:

It’s like any other monetary instrument [and even] an investment instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.

https://www.ccn.com/well-study-bitcoin-closely-philippine-central-bank/

[Qartersa]

You know what, they have been telling this for quite a long time already to the point that I no longer know what to believe in. For me, it is taking too long for them to act on matters of pressing concerns. This is a national issue that should be addressed squarely as soon as possible because this can definitely break the economy of the Philippines. I know they can argue that the proliferation of cryptos does not pose a direct threat on the integrity of Philippine Pesos but they should be mindful that the growing number of crypto users decreases the demand for Philippine Peso.

[MoonJeina]

In the past i have definitely heard about Philippines accepting and regulating bitcoin  But i don't understand why the government cannot reach to a certain decision at once . Is "closely" studying bitcoin is such a long process ?  Does it take years to "closely" understand bitcoin ?
It is clearly mentioned that bitcoin has reached upto $8.8 million in 2017 that means that bitcoin has come a long way and is getting a lot of investment and interest . It should be "justifiable" to say that bitcoin will only lead to open more ways for increase in the economy for a developing country like Philippines .       

[partysumo]

This is the correct response in my opinion. Instead of banning it outright or trying to limit it, governments should try to look at ways to legalize and govern cryptocurrencies so that they can make money off of them as well.

[J. Cooper]

You know what, they have been telling this for quite a long time already to the point that I no longer know what to believe in.

There are two potential scenario's. Either they're stalling an official statement as to what their plans are because they have no clue what cryptocurrency exactly is and wether they should embrace it or not. Or they're working really hard on regulations in an attempt to diminish the influence of cryptocurrencies in the Philippines.

[iamTom123]

You know what, they have been telling this for quite a long time already to the point that I no longer know what to believe in. For me, it is taking too long for them to act on matters of pressing concerns. This is a national issue that should be addressed squarely as soon as possible because this can definitely break the economy of the Philippines. I know they can argue that the proliferation of cryptos does not pose a direct threat on the integrity of Philippine Pesos but they should be mindful that the growing number of crypto users decreases the demand for Philippine Peso.

You sounds too alarming when in fact those in the government in the Philippines is not in the hurry actually to fully regulate the whole cryptocurrency industry in that country. I am sure that soon Philippines authorities would have no choice but to implement regulations so that every players would be following laws and would not deviate from their intended purposes. I don't see the connection on how cryptocurrency can decrease the demand for Philippines peso...in fact since they will convert their cryptocurrency holdings into pesos as the national fiat money it can even increase the demand for it. All players have to convert their crypto into peso because there are no substantial number of merchants accepting Bitcoin directly and even if more merchants will accept they will still convert their Bitcoin to pesos since they are a part of the local economy. The government is looking at Bitcoin like the dollar here...the more inflows the more there will be the demand for the peso. Now, what is happening here is that there can be less demand for the USA dollar.

[yojodojo21]

There are so many issues regarding to this concern, Some says Philippine Central Bank Will accept, Crypto Digital currency as their Payment, but there is no news like that, that it is really accepted. Everytime I Cash out my Money in coins.ph to Bank, and then I withdraw it through the Teller They keep on asking me where do i get the money, Maybe their staffs and workers doesn't take any seminars regarding to Bitcoin.

However, Bitcoin is known into the capital of philippines so it will just take time reviewing the process how can Bitcoin be use as a currency to the Respective Country.

[superjeyy]

You know what, they have been telling this for quite a long time already to the point that I no longer know what to believe in.

There are two potential scenario's. Either they're stalling an official statement as to what their plans are because they have no clue what cryptocurrency exactly is and wether they should embrace it or not. Or they're working really hard on regulations in an attempt to diminish the influence of cryptocurrencies in the Philippines.

Yup I agree with J. Cooper. Let us try to understand their side as well that what they are dealing with is quite complex and hard to manage. We know how the system works here in the Philippines. Before they could release a stand towards cryptocurrency, they have to be very knowledgeable about its structure. This is to protect not only the users but also the economy of the country. Let's give them a chance to think it through. Maybe they would come up with something that would actually benefit us all.