Topic: One country in Asia to develop bitcoin transactions legally - page 9. (Read 1681 times)

Japan is really giving Cryptos a good push..

This is definitely good news for bitcoin investors because it shows that countries really accept bitcoin, which is the only way for bitcoin to move towards greater growth.

The Philippines has one of Asia’s most complete Bitcoin platforms which enables users to settle any money-related bills, payments, and transfers with Bitcoin.Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are popular in the Philippines.

It's been years that central bank of the Philippines said that bitcoint can be use. With them planning to regulate it, I do hope that taxes and fees are fair to maintain bitcoin's main purpose ( cheaper and faster transactions ).

Filipinos are great adaptors. When they here new tech, for sure they will be all equipped. Small market is not a problem.

But I think crime rate will increase again. Currently, there are so many cases of scam here. And I don't doubt that bitcoin can be a tool for evil once bitcoin bacome more popular.

In many countries, they do not refer to bitcoin in any way, because there are no relevant documents. In many countries these documents are already being developed, in others they strictly prohibit the use of bitcoin, it seems to me that the society will still come to a common opinion, but later.

Its a good news to all Filipinos that their government regulate or accepted bitcoin, its shows only the government give importance to bitcoin, and they see that bitcoin is a great help to the people and for the country. So that they have a chance to invest and earn in bitcoin. Even if they have a small country or Asian country they they could support btc on their country with no doubt. Hoping that other countries also accepts or legalized bitcoin.

Philippine government is very friendly to bitcoin and crypto. As stated they have local trading exchanges coins.ph who have been in the forefront ever since bitcoin exploded in the country 2017.

However, Philippine market is still very small. Only a small percentage know about bitcoin and most of them are in this community. Asia has been in the forefront on crypto and I hope that more countries in Asia will see the benefit of crypto and bitcoin for all their citizens. Indonesia and Bangladesh ban bitcoin recently, and hearing that another country is on the other side of the spectrum is very welcoming indeed.

These are great news I expecting to see more Bitcoin adoption during in the near future. We need this and they can't ignore us anymore.
Thank you for sharing this great news with us.

it will be very beneficial for those of us who have known bitcoin earlier than those who just joined .. if the legality of bitcoin begins to burst from one country to another it can allow us to get a job to do bitcoin development.

What is the point to this ? I see many people here waving and clapping this act. This act means that KYC will be soon a requirement to all people using bitcoin and other cryptos. This way the government or the exchange will know exactly how many bitcoin or other cryptos someone have. When decentralization fails it is not a good thing anymore, bitcoin was created with decentralization in mind. If these people from the Philippines are afraid of getting scammed and wants the government support they should educate themselves more in detail what bitcoin and cryptos are.

I would be very sad if my country did this. I am glad that I live in a country where there are no ban/regulations for bitcoin and all the responsibility is on me as a bitcoin user to not get hacked or scammed. That is what bitcoin is to be your own bank and not letting central bank to regulate transactions.

The Philippines government accepted Bitcoin that is something good to hear. After USA, Japan and Australia I guess it is Philipines who have accepted bitcoin as a legal method of payment for commodities in the local market. Hope many more countries come forward to legalizing bitcoin that would actually be good for bitcoin.

I just hope that developing bitcoin and other cryptocurrency would positively help Filipino people to benefit its worth and these seems to be a great news for bitcoiners that can be protected by fraud,scammers,theifts and any other illegal activities..this is a great help also for Filipinos to have confidence to make bitcoin or other cryptocurrencies as another source of income that doesn't need to be far from their loveones hoping to give their families a brighter future because in cryptoworld we can change our life for the better if we strive hard and take advantage on the goodness that bitcoin that has brought to us.

Good news for my countrymen! Nearly every day the newspaper has a bitcoins. So it's no wonder that in the coming years it will be legalized as payment money at different stores. I am glad because our country supports the crypto currency and they do everything we can to safely use it.

I think if there is one of the countries in asia that legalize bitcoin as a transactional tool I think in other Asian countries start to learn about bitcoin and I also think in europe country and i hope not only in one of Asian country that can legalize it but also worldwide can legalize bitcoin

In this light, Japan has become the first country to regulate the exchange of crypto-currencies at the national level, part of the government's efforts to use financial technologies as a means of stimulating the economy.
Japan's provisions help prevent misuse of bitcoins and other crypto-conversions for illegal activities and require banks and other companies to verify identity, store reports and report suspicious transactions.
The government of the Philippines will soon decide on how to treat Bitkoyn, we will wait for good news from other countries.

What country is that ??..
  which applies bitcoin transactions legally .. but currently bitcoin in some countries in asia is still hidden but this is hidden not legal but the problem is not much know and if already know but still not many understood. this bitcoin in asia is not learned in school just this sometimes only information from friends to the park. if all countries legalize this bitcoin it's much better.
  because it can help society in terms of income. but this is also very limited because not all corners of this country is reached by the internet network ..

Do not get too excited about this, it says it will regulate ICOs in which it can lead to banning of ICO or giving KYC as a requirement. I will monitor the development of this because I am very much affected in whatever direction this will take.

Many Filipinos are getting involved now in cryptocurrency and this move by their government is much expected from them. Many folks are also getting scammed due to this mass adaption of the public community and regulating the trades of these cryptocurrencies are much needed to combat these problems. My only take in this is that, hopefully, the laws and regulation that they will submit will "truly" benefit the cryptocommunity and not the politicians who are looking to take advantage of this.  

After all the bad news from China, Korea and Indonesia, I am quite surprise with this moves of Philippines.
Nevertheless, good to hear this news. I hope other countries will follow suit soon.

It is just okay for it to not be given as a single attention was already given to Bitcoin. It will spread out in the local news like CNN, and more countries will follow. The only thing that might prove difficult for this is the decision made by the government in Bitcoin. There are a lot of things they could possibly do as an authorized entity in their country:

*Ban - really common and the most fearsome threat that arises not just in Bitcoin but also in other coins in the crypto market. Devoted traders will do anything to bypass the law by using VPN to hide their address being tracked in the network

*Regulation - people misinterpret that regulation is the same as banning Bitcoin, but it is really not that. The regulation means the government will provide securities to the exchanges of the crypto market to avoid scams, fraud and other sorts of illegal action that involves compromising act. Expect tax, why not?

*Support - this is too wide to state but I would like to try and list the bits of it. In support, it can either that government invests also in the cryptocurrency. Maybe somewhere in that blockchain, a million of USD was being transferred by some authority we know. Support is also done through the promotion of the government in Bitcoin, just like what the OP stated above.
   
      Government support, in my suggestion, should also focus on hiring more Information Technology experts in developing the network that the Bitcoin currently has right now. In order to shape Bitcoin as the future currency that everyone mostly speculates, the transaction should be fast enough in transactions obviously that is faster than the traditional way of exchanging goods, commodity or product  using physical money.  Security and efficiency are the 2 factors that are circulating in my mind when it comes to supporting the Bitcoin . Its price will dictate itself better when these two changes get an emphasis in the future updates.