Bitcoin Rises Into Philippines Towards Legalization of Crypto Exchange

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I noticed lately that good news for the Philippines regarding cryptocurrency adoption keep coming and one of these are the entrance of crypto exchanges in the market including this one . I'm sure that this will be beneficial especially for all the crypto investors of our country and our economic status in the long run.

I just really hope that this kind of news could bring a positive effect (somehow) on our current situation where all of the commodities' prices are increasing (in short, inflation) and weak dollar-peso exchange rate, which sad to say, happening simultaneously.

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[feelivent]

While this is positive news from the Philippines I really doubt it's behind the incremental increase in Bitcoin price. That would just be normal market forces at play. While the Philippines has a large population it's a largely poor country so it may be difficult for it to have a huge influence on the market if exchanges open up. Not to mention many from the Philippines already own and use cryptocurrencies, I have many friends as evidence of this.

Most definitely! News these days are really not the driving factor of the market, and it should have been very much obvious by now. The thing here is that in the long term, this is a very welcome development, but we have seen even more news better than this that was expected to help breathe life into the market, but for one thing, it just ended up not doing so.

As time goes on though and as more countries keep coming up with legalizing and at least finding a way to regulate it, I want to believe it would bring more adoption and adaption for real life usage.

[fasdorcas]

Bitcoin prices rose on Wednesday amid reports that the Philippine Securities and Exchange Commission (SEC) is considering allowing crypto currency exchange platforms to operate in the country.

Bitcoin edged up 1.0% to $ 7,353.4 at 11:55 p.m. on the Bitifinex exchange, while Ethereum fell 0.4% to $ 284.69.

Meanwhile, XRP traded at $ 0.33045, down 0.8% in the last 24 hours on Poloniex, while Litecoin rose 1.3% to $ 67.497.

The Manila Times reported that the SEC would work with Bangko Sentral ng Pilipinas, the country's central bank, to arrange exchanges.

Citing SEC Commissioner Ephyro Lius Amatong, the Manila Times reported that the agency is likely to release draft regulations later this month and that they aim to regulate exchanges as a trading platform as soon as possible.

"We see the need to regulate them as a trading platform," Amatong told reporters.

"We have discussed this issue with BSP because BSP is also interested and we are also interested. The discussion ... [involved] supervision of cooperative cooperation on VCE involved in trade, "he said.

In other news, the Japanese Financial Services Agency (FSA) said the country was a currency that was reforming the registration process for crypto exchange.

"The state watchdog has increased the number of questions asked when filtering applications up to about 400 items - up fourfold," the FSA said.

FSA commissioner Toshihide Endo later added that the new regulations were not intended to limit financial innovation in the country, and that supervisors only intended to see the crypto industry "grow under the right regulations."

Normally, this is what legalization will obviously cause as it gives people the rest of mind to invest in cryptocurrency without the country breathing on their neck every time and also get to see some improvement in the economy as a result of that based on more development in the area of blockchain within the country and the need to do things better, and so on.

People might still keep looking at the price drop still as a concern, but this is something that is going to be useful for the growth and development of the space in the long run.

[Larva14]

It is a good news for Crypto users, because day by day there is happy news about crypto legalization. It should be followed by other country that Crypto need a regulation not ban because there is much potential inside, it is not only about money industry but more than it. Therefore, what Philippines decides is good, it can be an example for other country. 

Philippines is open minded in this kind of business cause they see the potential of cryptocurrency it brings good future to all Filipino bitcoiners. Hopefully some other countries will not banned cryptocurrency.