Topic: Bitcoin Rally Could Be Stalled by Philippine Regulation (Read 1707 times)

In the meantime,  to all cheering the news that their beloved
central bank has officially begun regulatory measures over Virtual
Currencies:

The response and comments being posted  by  local BTC users,
buyers, sellers i.e on localcoins etc, are about 95% in favor.

They just don't get it do they. They somehow think this is good.
They think it promotes BTC, It protects customers, it legitimizes
bitcoin they say.

They are proud of their central bank requiring AMLA/KYC procedures.

They are oblivious to the harms:

> The restrictions imposed on them.

> The Tax potential.

> The loss of privacy.

> The power to freeze your account.

> The potential limits on transaction size or monthly transaction
ceilings or some such limit not to be exceeded without further
requirements explaining to some local exchange why the large amount,
purpose excreta.

> The personal data leakage risk.

> The control over your money.

> The danger of government keeping tabs on your activity.

> The increased exchange fees expected, even if  regulation is only an
excuse to raise fees by the exchange to increase profits.

I am shocked and disappointed to witness the failure of so many to comprehend the whole picture. How many here really trust government to be reasonable, trustworthy, and to do the right thing? Stop look around you, think of all the things government can't or won't do right.
look around you to see the effects of "letting the government handle it".

If government tries to regularize bitcoins, how come it would protect consumers ?  Legalization / Control over bitcoin by government will only protect Government institutions so they keep on imposing unwanted taxes on consumers and other such stuff. It by no means be a beneficial thing for the bitcoins users.

Indeed it is, bitcoin users here in the Philippines is not that big for us to worry about to affect the bitcoin world about this "Rally" thing, so it would be better if we are just going to focus on the positive side, rather than worrying about this even if it is not that big deal here in our country, though it is in the biggest country which use bitcoin like China and US.

So, instead on focusing on the negative side, it would be better if we are going to continue to do the same stuff that we are doing like doing signature campaign and the other stuffs that we do to promote bitcoin and not to get affected with this thing, because it would be a waste of time doing nonsense thing, just my opinion.

Is the death of the people in the war against drugs is the only problem of the Philippines? no!.

Plus Banko Sentral ng Pilipinas is not restricting the usage of bitcoin they are just monitoring the
exchange of bitcoin since the transactions of bitcoin is increasing in the Philippines yearly.

Banko Sentral ng Pilipinas is just preventing the possibility of money laundering using BTC exchange
as a cover.

But if they put tax on every BTC exchange transaction from BTC to peso then that would just
be annoying!!.

Nothing will be stalled!




Why not use your main account to insult someone? are you really that scared?!

The question is really vague. Tho on your statement maybe you have not read the news yet that banko sentral ng pilipinas is currently trying to monitor all the transactions of bitcoin users because as they have stated that before it was only $1-2 per year but now the transactions are now on $5-7 million so they acted like this is not a joke type of currency anymor

What kind of topic is this. The government of the Philippines has no movement against bitcoin. If there are it will be only to monitor the movement to catch money launderers. It was announced by the Central Bank that a monitoring team will be placed to check and monitor online monetary transactions including bitcoin. The normal bitcoin users will not be affected only money launderers and illegal users.

The Philippines civilians must worry with his president about to kill everybody has a relationship with drugs(I didn't know if all of the people are including on the drug users). Rather than about some kind of the negative thing of bitcoin.
Bitcoin will keep his rally on the Philippines.

What else should anyone expect? If you move to an oil rig in international waters then you'll be tax free. If you live in one of those country things then the likelihood is that you'll be taxed somewhere along the line.

And there's no mention of tax here. Filipinos are probably taxed on it already.

This is only intended for the exchange site and not your wallet... 

Anyway, bangko sentral ng Pilipinas registration of local exchange I think is required in any remittance and the like business, in short, just to insure and secure the consumers... Actually if your business (remittance or any other like that ) is registered in SEC (Securities and Exchange Commission) Nothing to worry about, the rest of the requirements are not that hard...

Nothing to fear about regulation, unless your exchange site is hiding something or doing money laundering or violating the AMLC... 

I would like to hear from the philippines, how the state of the exchanges market there? If exchanges have to pay taxes and submit every transaction or id of users, than it become a big disruption for them such as in USA. Whatever the government said, political economic interference has taken place in this situation to get the taxes in my opinion.

More and more countries are going to keep fucking up with their ridiculous inflationary policies. Venezuela, Argentina, India, China, Philippines... more and more and more countries will join the group of failed countries, we are going to have a lot of fun in the next years when America and Europe also collapse. We bitcoin holders will get rich as hell and we'll get the last laugh.

Such a great news never heard any news about in philippines.. Well like other said we are just few users of bitcoin and i think we can not even manipulate the price of bitcoin.. but hoping that philippines will not be the same as other country for stricting using bitcoin since we are just few here and hoping that bitcoin will be accepting locally..

The Pinoy and Pinays are so greedy for money that we will see them go in droves to collect as much bitcoin from their stupid little 7-11 kiosks that it will drive the price to go up past the ATH.
HAH!
Atleast now the first world countries have finally been able to use them to make us money instead of them tricking us the real people in the world to make more money off of them!
I just love this and how it is working out.

All is right in the world now!

And I know that all filopinos here will see this message to them because nothing will keep them from clicking on this news of regulation and taking more money from "their money" out from under them.

After all, that is their LIFE'S BLOOD!

Duterte is a murder and killer and they all JUST LOVE THAT!  

(http://www.washingtontimes.com/news/2017/jan/2/donald-trump-philippines-rodrigo-duterte-seek-conn/)

Bitcoin as a booming digital currency have got more users from Philippines as well government too doesn't made any strict regulations upon usage of digital currencies. As its a very small country, also such user group won't make a big fluctuation in the bitcoin price.

Everytime a government regulates bitcoin leads to them legitimising bitcoin more in my opinion.  There is nothing wrong with a government trying to protect consumers,  it dosnt mean it will be successful as people will use bitcoin how they see fit.

To all those that  wanted regulation, controls and Government peering into your financial lives, here ya go: http://www.coindesk.com/philippines-just-released-new-rules-bitcoin-exchanges/

Effective today!

Next comes the taxation of your BTC transactions just like our big brother and Idol, the USA, does.

Enjoy mga Pinoy!!!

Indeed,there would be no effect since there are only small investors would potentially tend to jump into bitcoin but it doesn't mean it would affect soo much on bitcoins price unlike on China and other Big Countries does have the power or capabilities to move bitcoins price.As I have heard there is a local exchange that is being regulated by the government and you did mention it which is coins.ph.

There will be no effect,not because the Philippines is a small market but because,the government are more in fighting drugs syndicate and corruption,it is hardly a news here in the Philippines,because coins.ph the Philippines local exchange is already regulated..

It was already predictable, the government will reject the idea of bitcoin because of they afraid of the users used it for illegal things such as money laundry, and the other reason is the government is trying to control bitcoin, the government want to know every transaction you have and every identity that makes the transaction

Ah, beloved Philippines lashing out blindly again. They're not even doing their job to regulate banks. Remember that time when Chinese hackers was able to cash out Bangladeshi money from the Philippines? Those are the sort of problems BSP should be focusing on. And what are they doing to stop money laundering in those casinos? Jeez..