Philippine Central Bank approves licenses for 2 cryptocurrency exchanges? - page 2.

tabas

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Quote from: electronicash on August 25, 2017, 05:29:53 PM

bought a domain a year ago with the intention to created my own exchange in the philippines, if this is true i might be able to pursue it. maybe a little help from friends will make this dream a reality. or i could just sell the domain for profit.

Then good luck with your exchange, I know you can make it and you've got a ton to work for with that. More competition and more choice will be good for the customers that wants to exchange their bitcoins and whomever will have the cheapest buying rate and highest selling rate will win this competition. Great news, bitcoin is legit in PH then.

electronicash

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bought a domain a year ago with the intention to created my own exchange in the philippines, if this is true i might be able to pursue it. maybe a little help from friends will make this dream a reality. or i could just sell the domain for profit.

ModGirl

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Quote from: ilovestroberi on August 24, 2017, 10:35:42 AM

I haven't heard about this yet, by the way, I'm from the Philippines. But if this is true, it's a good news for us, I just hope that the government don't tax it.

This is the great step from Philippine government, I think they starting believe that these crypocurrencies are the future of internet market, and why you don’t know about this yet, I mean if it happen in my country I’ll celebrate this happiness with my friends because it actually increase my profit, and anything that make us rich are worthy to celebrate.

South Park

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Quote from: BitFinnese on August 24, 2017, 12:51:05 PM

Quote from: orions.belt19 on August 21, 2017, 11:48:00 PM

I'm from the Philippines and I haven't heard of this news. It would be convenient for bitcoin users in the country if this were to be true.

I'm not sure how these exchanges would affect the Philippine banking systems, because I think that the bitcoin users would utilize these exchanges to their advantage. The local exchange wallet, coins.ph, allows bitcoin owners to easily exchange their BTC and transfer it to banks. If these exchanges have lower transactions fees, then I think the bitcoin users would opt to use this. Perhaps if these exchanges offer services that utilizes the banks as well then it would be a win-win situation for the banks and the exchanges.

Hoping this news is true. This could provide better opportunities for BTC owners and users in the country, and may attract new users as well.

This means more money for the pocket of corrupt officials. They are not interested on the security of the exchanges, rather they are after on the bitcoin users who have fat wallet and charge them with taxes. They said they are concerned about the security, but that is just to cover that they are after milllion dollar industry to milk.

On the lighter side, this will encourage more Filipino to join in the bitcoin community because of the said "security" being implemented by the BSP (the reason for the registration)

This is obvious, as long as bitcoin was small they did not care because it was too much of a hassle to monitor and regulate bitcoin but now that there is a lot of money they want their share of the cake and they are not going to stop until they get it.

Kemarit

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Quote from: Yuhee on August 24, 2017, 08:34:01 PM

Quote from: Theb on August 24, 2017, 07:49:35 PM

If this is true there won't be a problem building up an exchange business here because in the Philippines Bitcoin cam be freely traded as it is not classified as an illegal currency. The only bad thing about this is of the business will not be true about there annual incom tax return. As they will be heavily scrutized if abused. Another thing to point out is the possibility of establishing more than a market but we might also see local businesses accepting Bitcoin soon.

Seeing Philippines still has a lot of issues on drugs it would take time for the government to fully utilize it for the public. I have not read a specific company in those article. Or its just me reading it wrong. I just read laws and articles about money laundering. And i am not sure what we're those companies they are talking about. Some citizen has already made way to accommodate btc in their own accord and i think it's just the government that was late in accepting btc.

Because Banko Sentral ng Pilipinas or Central Bank of the Philippines has declined to identify them yet. Drugs is another issue, it has nothing to do with bitcoin being regulated. And if ever this 2 exchanges or trading platforms are approved, we are going to see a real and rapid boom of Filipinos going into bitcoin. It may doubled or tripled the current Filipino users so its really a welcome news not only for Filipino bitcoin enthusiast but for the whole bitcoin ecosystem in general. Let us see how this pans out I speculate that we are going to see in early 2018 who are those 2 exchanges that will compete against coins.ph.

Schuyler

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This is good news especially to those who are working overseas as they will have more options to remit their money to the Philippines. I have been using coins.ph for a while now and they better keep improving as competition is looming in the horizon. And to think that the volume has more than doubled to about $6 million per month from only $2 million per month the previous year, it says a lot about how bitcoin has been accepted in just a short period of time.

rjbtc2017

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Quote from: CryptoBry on August 24, 2017, 11:24:52 PM

Quote from: rjbtc2017 on August 24, 2017, 11:05:55 PM

Quote from: bcnaranjo on August 21, 2017, 11:37:24 PM

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

Implementing rules are still to come out? I don't think that this is true, as far as i know BSP will not regulate Virtual Currencies, and there are two exchanges that i know in the Philippines, coins.ph which is the famous one and rebit.ph which i have not yet checked. I think this is not true.

When we say regulate it means that there are some rules that are establish for doing business for a certain industry...it does not mean actually control but laying a fair level field for all possible participants to the said business. The BSP had already announced these two Bitcoin exchange applicants and I think next year they can start operating here as both have foreign roots meaning they are not homegrown companies.

I just thought they just given a warning and announcement about bitcoin or virtual currencies, regulation will not be done by BSP that's what i know for now , without regulation means there will be no tax, they will not be handling the exchanges, and i think coins.ph is not even regulated by BSP.

CryptoBry

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Quote from: rjbtc2017 on August 24, 2017, 11:05:55 PM

Quote from: bcnaranjo on August 21, 2017, 11:37:24 PM

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

Implementing rules are still to come out? I don't think that this is true, as far as i know BSP will not regulate Virtual Currencies, and there are two exchanges that i know in the Philippines, coins.ph which is the famous one and rebit.ph which i have not yet checked. I think this is not true.

When we say regulate it means that there are some rules that are establish for doing business for a certain industry...it does not mean actually control but laying a fair level field for all possible participants to the said business. The BSP had already announced these two Bitcoin exchange applicants and I think next year they can start operating here as both have foreign roots meaning they are not homegrown companies.

rjbtc2017

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Quote from: bcnaranjo on August 21, 2017, 11:37:24 PM

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

Implementing rules are still to come out? I don't think that this is true, as far as i know BSP will not regulate Virtual Currencies, and there are two exchanges that i know in the Philippines, coins.ph which is the famous one and rebit.ph which i have not yet checked. I think this is not true.

Yuhee

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Quote from: Theb on August 24, 2017, 07:49:35 PM

If this is true there won't be a problem building up an exchange business here because in the Philippines Bitcoin cam be freely traded as it is not classified as an illegal currency. The only bad thing about this is of the business will not be true about there annual incom tax return. As they will be heavily scrutized if abused. Another thing to point out is the possibility of establishing more than a market but we might also see local businesses accepting Bitcoin soon.

Seeing Philippines still has a lot of issues on drugs it would take time for the government to fully utilize it for the public. I have not read a specific company in those article. Or its just me reading it wrong. I just read laws and articles about money laundering. And i am not sure what we're those companies they are talking about. Some citizen has already made way to accommodate btc in their own accord and i think it's just the government that was late in accepting btc.

Theb

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If this is true there won't be a problem building up an exchange business here because in the Philippines Bitcoin cam be freely traded as it is not classified as an illegal currency. The only bad thing about this is of the business will not be true about there annual incom tax return. As they will be heavily scrutized if abused. Another thing to point out is the possibility of establishing more than a market but we might also see local businesses accepting Bitcoin soon.

cran07

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if this news is true, then good if there are to be new players in bitcoin and other cryptocurrency in the Philippines to be an alternative to coinph and rebit, I hope we'll be able to trade other coins too like what you can do with poloniex and bittrex.

faceoff97

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Whats good about this news is the attention and notice given to bitcoin/cryptocurrency. This would mean that in the coming years bitcoin would be really a good mean of buy and sell. I just hope that the government intention was not to really milk for dollars but intead regulate and control the exchange that would bring a win win situation for both side. I juat hope that bitcoin will be accepted for shopping and cab. This would be a good future for every bitcoin user. In addition, the transaction fee would not go more. If the news would just benefit some personal interest it would be better to make bit coin stay at it is without the government interference to maintain the financial freedom.

South Park

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Quote from: skyline247 on August 24, 2017, 11:51:10 AM

Hey, this is great news! I wish every country would accept Bitcoin and regulate and legalize Bitcoin right now it is taking too long. hahaha Tongue

I know that things seem to be going too slow, but at some point a critical mass is going to be achieved and everything is going to begin moving a lot faster, it is difficult to predict when that is going to happen but I think it is going to take at least 10 years for that to happen.

BitFinnese

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Quote from: orions.belt19 on August 21, 2017, 11:48:00 PM

I'm from the Philippines and I haven't heard of this news. It would be convenient for bitcoin users in the country if this were to be true.

I'm not sure how these exchanges would affect the Philippine banking systems, because I think that the bitcoin users would utilize these exchanges to their advantage. The local exchange wallet, coins.ph, allows bitcoin owners to easily exchange their BTC and transfer it to banks. If these exchanges have lower transactions fees, then I think the bitcoin users would opt to use this. Perhaps if these exchanges offer services that utilizes the banks as well then it would be a win-win situation for the banks and the exchanges.

Hoping this news is true. This could provide better opportunities for BTC owners and users in the country, and may attract new users as well.

This means more money for the pocket of corrupt officials. They are not interested on the security of the exchanges, rather they are after on the bitcoin users who have fat wallet and charge them with taxes. They said they are concerned about the security, but that is just to cover that they are after milllion dollar industry to milk.

On the lighter side, this will encourage more Filipino to join in the bitcoin community because of the said "security" being implemented by the BSP (the reason for the registration)

severaldetails

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For the philippines that is some very good news.
I know a few guys there from the internet, they always had money problems.
And it were not big amounts they needed.
I think that even a signature campaign could bring the people there something they can build an existence on.

skyline247

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Hey, this is great news! I wish every country would accept Bitcoin and regulate and legalize Bitcoin right now it is taking too long. hahaha Tongue

Hamstead

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Quote from: rickadone on August 24, 2017, 10:31:20 AM

Quote from: bcnaranjo on August 21, 2017, 11:37:24 PM

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

I don’t know if that’s true, because I haven’t seen anyone from Philippine say that such happened. I’m not used to believing these online sources, most of them usually fake news to broadcast and put people into confusion. But if such happens to take place, then it will make things quite easy for those using Bitcoin in Philippine. But I do feel bad about in a way- what if the government starts tax for it.

It really great if that news is true. I know the government have its final statement about that issue, if it could be happen and make it legal then possible they start collecting taxes from bitcoin investors. Isn't bad for that, anyway all taxes that they are collected is a big help to the government but the problem is how could they handle this one.

ilovestroberi

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I haven't heard about this yet, by the way, I'm from the Philippines. But if this is true, it's a good news for us, I just hope that the government don't tax it.

rickadone

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Quote from: bcnaranjo on August 21, 2017, 11:37:24 PM

I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?

How will it affect the Philippine banking system?

I don’t know if that’s true, because I haven’t seen anyone from Philippine say that such happened. I’m not used to believing these online sources, most of them usually fake news to broadcast and put people into confusion. But if such happens to take place, then it will make things quite easy for those using Bitcoin in Philippine. But I do feel bad about in a way- what if the government starts tax for it.

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