Philippines support Bitcoin and Fintech Innovation?

[jayco25]

The Banko Sentral ng Pilipinas (BSP) has already allowed the use of cryptocurrencies, but only for use in remittance activities. To date it has only two coin exchanges engaged in remittances, Coins.ph and Rebit.ph.

Both the Security and Exchange Commission (SEC) and BSP say they are not opposed to fintech innovations such as bitcoin, but they want to ensure the public fully understands such innovations before they get involved.

#Taklimakan

[1715096783]

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[1715096783]

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[Xester]

The Banko Sentral ng Pilipinas (BSP) has already allowed the use of cryptocurrencies, but only for use in remittance activities. To date it has only two coin exchanges engaged in remittances, Coins.ph and Rebit.ph.

Both the Security and Exchange Commission (SEC) and BSP say they are not opposed to fintech innovations such as bitcoin, but they want to ensure the public fully understands such innovations before they get involved.

#Taklimakan

I have read this statement in an article or a news in the social media. This is really true but the support of SEC and BSP to bitcoin is conditional. With the rise of scammers using bitcoin as a mode of investment to fool people, bitcoin was always in the news. Thus even though bitcoin was already accepted by the Philippine Government but the masses thought of bitcoin as a scam thus the growth of bitcoin community in this country was stunted.

[plr]

This is a good development after a recent news that a couple scammed people using the cryptocurrency Bitcoin I notice there is low education about Bitcoin among the filipinos but I'm glad that coins.ph is getting a lot of supporters and users this is a big step for Filipino holders.

[hao2067755834]

The Philippine financial science and technology circle is becoming more and more interested in block chain technology. They want to develop their own economy through blockchain technology!

The technology of blockchain may bring about a new round of technological revolution and accelerate the development of economy!

[carlisle1]

The Banko Sentral ng Pilipinas (BSP) has already allowed the use of cryptocurrencies, but only for use in remittance activities. To date it has only two coin exchanges engaged in remittances, Coins.ph and Rebit.ph.

Both the Security and Exchange Commission (SEC) and BSP say they are not opposed to fintech innovations such as bitcoin, but they want to ensure the public fully understands such innovations before they get involved.

#Taklimakan

Yeah have read this earlier in social media and seems like its a good feeds for the crypto users in philippines,this may as small action for the acknowledgement of goverment to crypto but this may serve as trials or dryrun for the better future of crypto in the Philippines,and as so many cryptonians may becomes more confident in investing in this community

[cindex]

That's great! It does seem like the whole world is experiencing growing pains related to blockchain and crypto innovations as they distrupt existing institutions who arent quite sure what to make of it, so it's always nice to see government institutions take a step towards full intergration.

This is a good development after a recent news that a couple scammed people using the cryptocurrency Bitcoin I notice there is low education about Bitcoin among the filipinos but I'm glad that coins.ph is getting a lot of supporters and users this is a big step for Filipino holders.

It is unfortunate that scams and other misuse of the technology is slowing the rate of adoption, but I think it's important to remember that blockchain technology is far superior to it's centralised opposition, meaning that in the long run the blockchain and crypto movement hold a very strong position in the debate of institutional adoption.

The Philippine financial science and technology circle is becoming more and more interested in block chain technology. They want to develop their own economy through blockchain technology!

The technology of blockchain may bring about a new round of technological revolution and accelerate the development of economy!

I agree! Except maybe change the "may" for "is and will continue to"

[5ensei]

The Philippines is going to do well in the coming years due to their early adoption of bitcoin technology. As more investments pour into the country, they will attract more exchanges just like Malta is doing. It is good for the local economy and general public too.