Topic: Firm aims to introduce bitcoin to PH (Read 337 times)

For this day not really much people are involved in cryptoworld and blockchain-interested things. Not all of those who are involved - know how to use it properly.. so it's really hard to predict.

That is really a good news. Introducing bitcoin to Filipinos will remove the bad stigma that tainted bitcoin's name as it is often used in scam projects and acts in the Philippines. Also, this way, more people will be inclined in researching about the advantages of bitcoin rather than focusing on criminal acts associated with it. This will also attract more Filipino who had been wanting to invest in bitcoin but had been having second doubt. Good news, indeed.

Before Bitcoin come up and being well known in Philippine Country, many Filipino's  are aware to use digital money transfer in different ways such as; kwarta padala, cebuana lulleir, smart padala, G-Cash, money transfer and etc.  Refer to that, bitcoin is additional improvement for all Filipino people for progressive economy. for that Partnership between the Philippines and Japanese investor for the development of Philippine economy are really appreciated if all of these are benefited to  Filipino People.

The desire of the company is understandable, but what was the government's reaction to this proposal of this company?


I'm not sure that they will be able to so easily obtain these permits.

Thats a good move here in the Philippines,more and more people here are became aware what a crypto currencies is,specially with the bitcoin,Im looking forward with their initiatives and development that can bring each filipino to adapt the future of digital transaction

Good for the Filipinos if this happened and approved  immediately and their proposal are very convincing and it would help a lot of people when it comes to remittances and payment systems.

i hope they will stick to their plan or they are transparent on their agenda that is focusing on financial services like protection of consumers on remittance and even financial stability of its people, also protection against anti money launderers and will not try to manipulate the circulation of peer to peer and the anonymity of users. if yes, this will certainly add up to the ever developing opportunity we can get from bitcoin.

Hoping that the BSP will accept and regulate bitcoins in the Philippines. Because many of my countrymen also waiting for it and waiting for those machine who can make the bitcoins into money or has merchants that we can use bitcoins as payments.

I think this is a good news by the Philippines. This could probably boost their economic well-being. Regulations, i believe, is a must for adoption to counter illegal activities such as drugs and money laundering. Philippines being proactive against drugs in the country, i bet there will be strict regulations on bitcoin.

They aren't even interested of promoting bitcoin, they just legalized it but they don't have plans to look for something that can protect the bitcoin / crypto investors.

As I've said they aren't encouraging investors instead they give warning on how volatile bitcoin is.

Introduce Bitcoin how? They haven't made clear on what kind of business they are talking about. Will they introduce it by way of issuing paid seminars or lessons or will they introduce it by having some kind of business related to cryptocurrencies?  I hope the news have focused more on what type of business they are planning to create because I don't think Philippines need further introduction as they already have two local Bitcoin wallets namely Coins.Ph as well as Rebit. And hopefully that this venture is not to take advantage of their Philippine counterpart as foreign companies are only limited to 40% of the corporation.

At some point in time, as the market matures, bitcoin surely needs some form of regulations so as to protect people from scams and shady services along the way. Yes, we all know how banks and the government can collaborate to exercise their greediness but let's face it, these two are somehow helping bitcoin and the cryptocommunity to grow; the former helping people realize how stupid they were to use such institute to keep their funds and the latter to offer some layer of protection and assurance if in case they want to invest. Bitcoin involves tons of money and could potentially bring loads of tax money for the government to not put their hands on it.

That was a great news in the Philippines, as well all know that besides the BSP said that they won't tolerate or in favor yet in crypto but now they are already planning to help people be informed about crypto, they are going to conduct program so public would be aware about the great news of crypto in the world.

It is true that the number of Bitcoin users in the Philippines is growing theres no question about it. But the question is are they using it? Are there any merchants that accepts Bitcoin? There might be some merchants but its not growing as fast as the number of users. Most are just holding for profits.

Philippine government stands nothing against cryptocurrency specially to bitcoin thats why i dont see theres a need for regulations,because every philippine crypnians are contented and happy for whats they're governments stands for this community maybe they are so lucky that even if its not legally adopted to that country atleast it wasnt banned too

I dont think protecting consumers from price action should be a focus, what we moreso need is protection against scams and fraud. This space is ripe with these things and it seems like the thieves always come out in the green.

How do they prevent a global collapse in stocks and Bonds and other commodities? The US has already started to regulate

Bitcoin as a commodity and they are looking at pegging Bitcoin prices to local {regulated} exchange prices to protect the

consumer. They also built in fail safe measures into Bitcoin futures to protect the consumers. The same things should happen

with Bitcoin in other countries. They should find innovative protection measures to protect consumers/investors. 

You can say this because you haven't experienced it but take a look at those countries like Japan and study on how did bitcoin contributed to their economy.

They are playing safe and they don't want to be blamed once the citizens invested and later on the price goes down. Instead of encouraging people to support crypto's, they don't but what's good about them is they are not banning it.

I do wish for everyone success in your country, please advice your love ones, family, neighbor and schools mate or friends to be careful not to trust anybody who says they belong to that company or organization and try to collect money from them and will return it with a big investment, since most issues are like this over there.

So what commodity is backing the Philippine peso? and yet, it is still being used as a currency.  I am so sick of these

governments that are making stupid statements like this.  Bitcoin is a commodity and it is also a currency, so they

should just accept that and regulate around it. They are missing an huge opportunity to "double" tax it for both purposes. 

I hope the government is going to adopt as this is the major ways cryptocurrencies can advance. We are not going to see many countries accepting bitcoin as a major currencies but I think there are ready to used it as stocks or securities as far as it will bring tax for them.

Phillippines adoption to cryptocurrencies were very crucial as users were growing every single day.We highly appreciate if the governments could put rules on cryptocurrencies existence and not to take part from it.They can contribute cryptos to be well known in a country and if they put rules on it.It will probably avoid illegal activities and prevent from fraudility.

I really don't think that btc will be possible to do strong influence on some countries economics, even if they legalize it through the time.

What might be the reason why the government agreed with VC, though they kniw the potential risk that it brings most specially in terrorism and other criminal act.
On the otherhand I am mostly excited by the sentences that they let go


I just hope that it will went well.

I am optimistic with thia move that it can help the philippine bitcoin userbase.Philippones is one of the active countries on cryptocurrencies in asia.This is a good move hoping the Philippine government can craft better regulation on this new financial tevhnologies.

That being said, I hope that the support in the Philippines to cryptocurrencies will help the price of bitcoin to recover at some point. There seems to be a lot of huge potential investors in that country and they should expect that this move by the Japanese will help their economical state positively.
Let's just see how the BSP will regulate the use of cryptocurrencies.

Hello Guys! Firms is going to introduce Bitcoin on our country and It will helps to improve Bitcoin users and holders.

A JAPANESE investor has partnered with a Filipino capitalist to form a company that will introduce bitcoin to Filipinos. Takanori Okuno and Emmanuel Roa Duterte formed Japhil Global Coins Corp. (J-PGC) and will set up headquarters in Cebu. J-PGC president Duterte said they aim to introduce the virtual currency to Filipinos so they can take advantage of its uses such as in remitting money, investment and cashless payment. The company, however, is still waiting for their Securities and Exchange Commission (SEC) papers and license from the Bangko Sentral ng Pilipinas (BSP). According to BSP, a virtual currency (VC) refers to a type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VC users.It also issued Circular 944, which required the VC providers to be under their watch. It recognizes that VC systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.

The BSP also said it does not intend to support any VC, such as bitcoin, as a currency since it is neither issued nor guaranteed by BSP nor backed by any commodity. Rather, it said, it aims to regulate VCs when used for delivery of financial services, particularly for payments and remittances, which have material impact on anti-money laundering operations and combating the financing of terrorism, as well as ensuring consumer protection and financial stability. People can buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges. Takanori said they see the Philippines as an ideal market for bitcoin because of its growing population, technologically-savvy citizens, huge remittances market and high population without access to bank services. “We chose the Philippines as our center of business following the long-term good relationship between our countries. The Philippine economy is also growing quickly,” said Takanori, adding that they will focus on helping low-income Filipinos participate in bitcoin exchanges. “We are looking forward to more collaborations here in the Philippines,” said Takanori, the director of J-PGC. The Japanese investor also assured Filipinos that bitcoin transactions are protected by blockchain technology. The company also has a strong connection, with 19 countries around the world. Monthly transactions in the Philippines involving mostly bitcoin averaged $8.8 million in the first half of 2017, from only $2 million in 2015 and about $6 million in 2016, data from the BSP showed. Takanori added that the bitcoin exchange is just the initial entry of the company, as it plans to establish more services under the virtual currency exchange, along with other big-ticket corporate social responsibility programs. (KOC)

Source: www.sunstar.com.ph/cebu/business/2018/01/12/firm-aims-introduce-bitcoin-ph-583645