Topic: Bitcoin in Asia - page 15. (Read 5449 times)

Bitcoin is popular in some countries in asia like in china in which bitcoin was one of the investors and also in japan i think the country of india will soon adopt the bitcoin as a cryptocurrency.

now bitcoin in asia have started a lot of enthusiasts and followers and maybe in the future asia, europe and other countries will participate with bitcoin and we just wait in other Asian countries that have not followed bitcoin ... to follow bitcoin ...

With its popularity at an all-time high, it naturally earns the attention of the Bangko Sentral ng Pilipinas, the country’s currency, money supply, and interest rate manager.

The Central Bank of the Philippines recently mentioned how Bitcoin is becoming popular in the Philippines. BSP Deputy Governor Nestor A. Espenilla Jr. even said last January 2017 how Filipinos have started using Bitcoin to send or receive remittances from abroad.


Is Bitcoin Legal in the Philippines?

BTC Exchange services are now registered with the Bangko Sentral ng Pilipinas. Coins.ph, for example, is registered as a Foreign Exchange Dealer (FXD), Money Changer (MC) & Remittance Agent (RA). Furthermore, other businesses who want to engage in Bitcoin transfer needs to get registered with the BSP. If not, no banks will deal with them.

What is the impact of this and why is it important?

The BSP wants to manage the risks involved with cryptocurrencies.

This is to prevent some people to inject dirty money into the country through Bitcoins that gets converted to Pesos.

Stricter KYC (Know Your Customer)

Bitcoin companies will have stricter KYC (Know Your Customer). This means they will know who you are. (This is the reason why I did not put anonymity as an advantage of Bitcoinn in the Philippines).

So they are authorized to deal with banks

This registration allows bitcoin companies to deal with banks. In addition to the costs needed to establish a business, buying bitcoin in the Philippines means the user pays in peso to receive Bitcoin. Coins.ph allows you to fund your Bitcoin wallet directly from your bank. The same is true with the other websites.

Does the Bangko Sentral ng Pilipinas endorses Bitcoin?

The BSP made it clear that it was not endorsing bitcoins or any other digital currencies. This is because it is not backed up by any commodity or monitored by a central bank. Here’s a quote from the Circular they published early in 2017:

The Bangko Sentral does not intend to endorse any VC, such as bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.

What is the BSP’s Circular No. 944?

This circular details the guidelines the BSP had set up for businesses engaged in Virtual Currency Exchange (such as Bitcoins) in the Philippines.

What is included in the Circular No. 944 by the BSP?

Requirements for the Issuance of a Certificate of Registration
Details how a VC exchange can obtain a certificate of registration
Registration and Annual Service Fees
Details the payments the VC exchange has to do
Transactional Requirements for VC Exchanges
If you remember the limits and verifications on Coins.ph and Buybitcoin.ph, this the reason why.
Technology Risk Management
Details the technologies VCs must put in place to protect its business and its customers.
Internal Control
Details what the Exchange should do to make sure it follows the BSP Guidelines.
Notification and Reporting Requirements
Details what and when will the Exchange report to the BSP.
Additionally, the circular also detailed the penalties for every violation that they might do.

So is Bitcoin Legal in the Philippines?

Yes, it is legal to use Bitcoins in the Philippines. If anything, the BSP ruling is a step that allows everyone to engage in bitcoin without fear of being classified as someone who doesn’t use traditional currency (AKA the Peso). It is a step towards acceptance. Also, it is a way of telling us that we can deal with bitcoins if we want.

So if a business wants to accept Bitcoins as a form of payment, the business is free to do so. If you are a freelancer and you wante to receive payment in Bitcoins, you are free to do so too. Again, it is important to note that the BSP does not endorse virtual currencies for reasons already stated above. However, those who wish can engage with bitcoins. Consequently for BTC exchange services, you must register first and follow the guidelines set up by the BSP.
 
Reference link: https://bitpinas.com/cryptocurrency/is-bitcoin-legal-in-the-philippines/

I am Asian. now i see more people interested in bitcoin and now start work in trade and other btc early.  yea now more people join in forum for create knowledge and earning.

in my country Indonesia bitcoin is still illegal and not yet approved by the government, but the circulation is still allowed.
hmmmm maybe 5 more years bitcoin will be legal ? may be, just my opinion

i think that the number of bitcoin users in ASIA are more that any other continent, amd i think that still the number of bitcoin users are there increasing from time to time. i am sure that bitcoin users in ASIA will be increasing more and more and hope that it will continue as number one currency for a long long time.                                                                                                                                     

As of now bitcoin become more popular in Asia and some country in Asia already start to legalized the bitcoin. Some poeple in bitcoin users are im Asia and we all know that there are lot of people who use bitcoin. Lastly, I think it will become more popular in Asia in the near future.

Bitcoin is growing quite rapidly in Asia. Most people are buy bitcoin for speculation or for trading the asset. The volatility of bitcoin price makes it particularly attractive for traders. People who have bought bitcoin as a store of value have been quite happy with the performance of the asset. In my country (Indonesia), bitcoin users are around 200 thousand in 2016 and will keep increasing in the future.

Bitcoin in asia is unkown becauseof it price it is a very high price and people in asia cannot afford that atleast the most people cannot afford it and that is why they dont kbnow about it moste of

the people dont use the internet.

bitcoin in asia is not yet legalized as in the country in europe, therefore the plantation is not sepesat in europe but even though that development is not inferior to the developments in the countries of europe

it's really your opinion, I am including asia indonesia who access and mined bitcoin in this forum, we are very tempted just have 1BTC we can buy many things

Yes I also agree with you that bitcoin is getting more and more popularity in Asia. Because if a currency prevails worldwide why would Asia not accept that. They will have to accept and legalized bitcoin in their respective countries because it is the need of future and today as well.

So the Asian will never want to remain far behind from the rest of the world, especially in the case of currency.

in asia bitcoin is very popular many people in asia are starting to mine and seek or earn bitcoin because it is greatly accepted and people in asia are easy to use it as additional income than real work income in real world, maybe in asia it will grow really fast because there are many extraordinary adopters around Asian countries

in asia many bitcoin users and some of them earning bitcoin as their sidejob, either it’s because their real work income isn’t enough to pay the monthly bills or maybe it’s less to fill their daily needs, they made it as a side job because they need additional income, there may be a lot of people have successful running bitcoin as a sidejob and able to improve their financial system from less to be better

In Asia,  Asain people used bitcoin. because bitcoin are easy to use.

You seem to take it too personal.

It's a known fact on the markets that Asia is a more volatile place. It is cultural: gambling is more accepted, as well as risk taking, but failure is also less accepted, that generates more volatility down as sellers "panic" more.
It is the way it is. Same thing as Latin people in europe (Fr, It, Sp) are more ... "latin" than the anglo-saxon ones (De, Uk, Nl, etc...)

That said, this setback on the BTC prise is a good thing. BTC still has the end of the year to readh $5,000 organically.
But, the order of magnitude for this correction is not healthy. It generates a shockwave and oscillations that shows that, even for BTC, the crypto market is not mature yet.

Bitcoin in Asia is commonly popular. The larger user or larger bitcoin community is in Asia it because the value of bitcoin in some country in Asia is higher than the US. Since the third world countries are in Asia bitcoin is much attractive due to the high value of it.

I heard that one bank in Japan issues it's own cryptocurrency and China is testing it's own national cryptocurrency. So I think bitcoin is really popular in Asia.

in asco bitcoin has become famous, as seen from the development of the era, bitcoin users in asia every year increases and it proves the development of bitcoin in Asia is very fast 

Bitcoin is VERY popular in Asia, Probably equaling or even exceeding US and way ahead of Europe, Russia, China, India are highly populated countries in which the "culture" of bitcoin is growing and particularly Russia and China, were even governments are beginning to acknowledge bitcoin and make acceptable regulations for it.