Law legalizing bitcoin, or cryptos in general, in the Philippines is yet to be made. Not heard of news that it is legal, however, it is not illegal to transact bitcoin in the country. An exchange platform is even authorized by bangko sentral ng pilipinas (BSP) to transact bitcoin and deal with banks and remittance centers in the country.
So it is basically an open market for cryptos.
Topic: Is it legal to use bitcoin in the philippines? - page 2. (Read 225 times)
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.
There isn't still the forbidden using bitcoin in philippines if i read the news related to them, so it's still legal in my opinion, we can say it's illegal when there is a rules from the government of the country saying that you can't get the punishment if you're using bitcoin
having no law stating that it is "illegal" doesn't make it legal. Regulations and house bills passed from the congress and senate makes it legal. So far for now, in the Philippines, there is no law stating that it is legal or illegal. But the government has an open mind about it and banks participate in transactions with cryptos, especially bitcoin.
I agree. The news out of the Phillippines is good for crypto. I read the release from the BSP. Do they consider cryptocurrency to be "virtual currency?"
Yes everything is going great with cryptos in the country, however, there is no law that states that it is accepted as virtual currency yet.
But needless to say, regulations are on the way and hopefully legalization.
I read on wikipedia, Bitcoin in legal philippines.
seems right.
"On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on the risks associated with bitcoin trading and usage." Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944 "
seems right.
"On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on the risks associated with bitcoin trading and usage." Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944 "
I agree. The news out of the Phillippines is good for crypto. I read the release from the BSP. Do they consider cryptocurrency to be "virtual currency?"
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.
There isn't still the forbidden using bitcoin in philippines if i read the news related to them, so it's still legal in my opinion, we can say it's illegal when there is a rules from the government of the country saying that you can't get the punishment if you're using bitcoin
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.
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