Topic: Central of the Philippines Recognizes Bitcoin - page 22. (Read 9022 times)
I'm from Philippines also. Yes its good news to us! Because many Filipino heard that news they might been interested to invest to bitcoin. So the price of bitcoin will pump to high. What if big investor can read that and invest big money the bitcoin price go to the moon. Thanks to bank central ng pilipinas for publishing like that news. Many people the job is bitcoin and many (ofw) overseas Filipino workers the sideline in bitcoin. I think it will not end this year bitcoin will become popular in my country.
Our country have a large segment of its population living and working abroad and since we can hardly be called industrialized, all those remittances form a large part of our income (10.2% of GDP according to World Bank figures of 2015). So it probably did not escape the BSP's attention that people have started to use bitcoins to send money back to the Philippines. That they recognized it as a legitimate form of money transfer is a good thing since this will encourage Filipinos abroad to look up Bitcoin. Once they see how cheaper it is (and still faster despite the backlog) they might be sending more remittance in bitcoins, further increasing adoption in the country. Since all those remittances fuel consumption here, it could result to more businesses accepting bitcoin as payment.
I think there's also a more pragmatic reason for this. Ever since the money hacked from Bangladesh's central bank wound up here in the Philippines (the Chinese who encashed it promptly disappeared) there has been fears that workers abroad would find it harder to send money back home should we get a downgrade from international bodies. Should that ever happen, I believe they can still use bitcoins.
I think there's also a more pragmatic reason for this. Ever since the money hacked from Bangladesh's central bank wound up here in the Philippines (the Chinese who encashed it promptly disappeared) there has been fears that workers abroad would find it harder to send money back home should we get a downgrade from international bodies. Should that ever happen, I believe they can still use bitcoins.
http://www.newsbtc.com/2017/02/08/philippines-bangko-sentral-recognizes-bitcoin-payment-system/
According to this article the Philippines’ Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states sees the virtual currency’s potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin but also the the Central Bank of Nigeria.
According to this article the Philippines’ Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states sees the virtual currency’s potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin but also the the Central Bank of Nigeria.
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