Philippine Central Bank approves licenses for 2 cryptocurrency exchanges? - page 3.

batang_bitcoin

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I was around here and yet I haven't read this thread before but it has been approved before and the PCB gave permission to those exchanges even before. And the fee for the license is really too high but for an exchange it's nothing.

Quote from: UsernameBitcoin on August 22, 2017, 05:18:54 PM

Really this isn't a big deal because the exchanges could have hosted their IPs in the US and the Phillipines Government could not do anything about it. But I guess it is definitely better than nothing, that's for sure.

It's a big deal because the gov't shows support to bitcoin and for the whole crypto currency market.

MintCondition

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At last, bitcoin is finally given the attention it deserves. Now the next step is how to incorporate bitcoin in all other things like shops accepting bitcoin as payment or tipping a cab using bitcoin. This also needs to be known by the masses since most of them spend their time browsing the net unproductively. Might as well use that time to earn money

It can be a great help for Filipinos unemployed, maybe when they got to read the news they might got some idea to make a living through btc. It is maybe the first time btc will be in ph newspaper. I thought government doesn't have any knowledge on btc gor it have lots of issues to deal with.

South Park

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Quote from: Xavofat on August 22, 2017, 08:15:48 AM

Looks like the main purpose is to regulate cryptocurrency trading and implement KYC laws properly.

The dilemma which governments have, especially the stricter ones, is that it's very hard to stop people using BTC unless they manage to ban the Internet altogether. All they can do is try to ban websites which don't follow their rules, and then they can trace the majority of people who send BTC on the blockchain, with the exception of people who are very good at hiding their identity.

This isn't necessarily a good thing - it really depends on your views on privacy and regulation.

It depends many people do not care that much about using exchanges, just look at how popular they are and so it is obvious that if you are going to move big amounts of money in an exchange eventually you are going to have to go through KYC so this is not exactly new or anything.

UsernameBitcoin

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Really this isn't a big deal because the exchanges could have hosted their IPs in the US and the Phillipines Government could not do anything about it. But I guess it is definitely better than nothing, that's for sure.

L00n3y

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Quote from: orions.belt19 on August 22, 2017, 12:48:00 AM

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.

I don't know if the news is legit but I have seen some newspaper online where someone captured a part of the new and yes its true and I think its legit because the central bank have been making some adjustments and talks on how they will regulate BTC in the early months of 2017. Ang yes, for some purposes on low fees and faster transactions we desperately need cryptocurrencies here because there are so many overseas Filipino Overseas worker that need these kind of transactions. The problem is the volatility of price, bitcoins price must be stable enough in order to provide these services.

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Quote from: krishnapramod on August 22, 2017, 01:02:27 AM

Quote from: bcnaranjo on August 22, 2017, 12:37:24 AM

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?

ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges

Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.

Quote

On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.

These are locally based exchanges having international roots.

Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators

This is good for bitcoin adoption.

I’m not in the Philippines but this is without good news the more exchanges and the more news there is about bitcoin the better since people will start noticing that this thing called bitcoin does not stop appearing in the news and they will be tempted to investigate what bitcoin is about.

speem28

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Quote from: bcnaranjo on August 22, 2017, 12:37:24 AM

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'm from the Philippines too and I must say, that I haven't heard this news too. If I were to think about how the approved two cryptocurrency exchanges will affect the banking system in the Philippines? It'is really hard to answer but I guess the Central bank will make the most out of it tho and those early adopters of bitcoin in the country will take its full advantage. This will be great for my country if this was true tho.

Babyrica0226

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Quote from: krishnapramod on August 22, 2017, 01:02:27 AM

Quote from: bcnaranjo on August 22, 2017, 12:37:24 AM

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?

ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges

Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.

Quote

On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.

These are locally based exchanges having international roots.

Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators

This is good for bitcoin adoption.

This is a great news to all Filipino's bitcoin enthusiast, this is shows that the popularity of bitcoin now is little by little spreading out nationwide in the Philipines, I hope and I wish this will continuously in progress.

Bondho Kompeni

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I've never heard anything official from a Philippine bank, but I do not think the bank will use cryptocurrency as long as there is no official permit from the government. Of course the bank will be subject to all rules of the country to use or not.

Xester

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What I read is that the central bank of the Philippines aproves or legalizing bitcoin. So it is now legal here in the Philippines, the news or the wonderful news was send to me by my boyfriend. After that, he told me that he will start to invest in bitcoin. Since legalizing bitcoin here in the Philippines, for sure there were many establishments that will accept bitcoin as payment.

Xavofat

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Did you see that ludicrous display last night?

Looks like the main purpose is to regulate cryptocurrency trading and implement KYC laws properly.

The dilemma which governments have, especially the stricter ones, is that it's very hard to stop people using BTC unless they manage to ban the Internet altogether. All they can do is try to ban websites which don't follow their rules, and then they can trace the majority of people who send BTC on the blockchain, with the exception of people who are very good at hiding their identity.

This isn't necessarily a good thing - it really depends on your views on privacy and regulation.

Pakboy

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Quote from: bcnaranjo on August 22, 2017, 12:37:24 AM

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 am a filipino and I read that article. According to what I have read the Bangko Sentral ng Pilipinas accepted and approves licenses for two cryptocurrency exchanges because they recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services.

jossiel

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For sure that's coins.ph and it's the most popular exchange in the Philippines.

I can't think of another one maybe it's the btcexchange as coins.ph does have ties or it has other branches in nearby countries in the Asia.

Like Indonesia and Thailand.

HasHe

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We have already ssen philippines allowing remittances from abroad in bitcoins since most philippinese work abroad so that they could send their earnings quickly at a much lower fee.Now,the government bhas taken a step ahead regarding crypto currencies.It has given license for two exchanges.In order to offer cryptocurrency exchange services, businesses must register as remittance and transfer companies operating as VC exchanges.To offer such exchange services,businesses have to register as emittance and transfer companies.Its another progress for bitcoin in south east asia since japan legalized bitcoin,south korea soon to legalize bitcoin.

Kemarit

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Well this is really a welcoming news for Filipinos. I think coins.ph has a large based though and adding 2 new exchanges will somewhat good for the us. At least coins.ph will no longer manipulate it, although there are lots of exchanges in the Philippines but coins.ph has the foothold of most bitcoin enthusiast here in the forum as they offer flexibility to its client. I think the new exchanges will still go through the usual regulation routes, KYC/AML.

Quote from: iamTom123 on August 22, 2017, 04:47:41 AM

I am sure that many Filipino Bitcoin enthusiasts and investors would be happy that at last two serious competitors against Coins.Ph are coming to the Philippines. Though I don't consider Coins.Ph to be a true Bitcoin exchange akin to Bittrex or Poloniex yet it is functioning as a middleman between buyers and sellers of Bitcoin. We are all tired of the high rates imposed by Coins.Ph no more no less. Hope that in a very competitive environment no one will charge higher fees as it can mean less business.

Yes. coins.ph is not a true trading exchanges like Polo or Bittrex but rather just used to convert your btc->php. I also agree with the high transaction fees that they are imposing now. That's why I'm very happy to see this news. Healthier competitions means less fees being charge for its customers.

iamTom123

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Quote from: krishnapramod on August 22, 2017, 01:02:27 AM

Quote from: bcnaranjo on August 22, 2017, 12:37:24 AM

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?

ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges
Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.

Quote

On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.

These are locally based exchanges having international roots. Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators

This is good for bitcoin adoption.

I am sure that many Filipino Bitcoin enthusiasts and investors would be happy that at last two serious competitors against Coins.Ph are coming to the Philippines. Though I don't consider Coins.Ph to be a true Bitcoin exchange akin to Bittrex or Poloniex yet it is functioning as a middleman between buyers and sellers of Bitcoin. We are all tired of the high rates imposed by Coins.Ph no more no less. Hope that in a very competitive environment no one will charge higher fees as it can mean less business.

Nicol3

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This is actually really great news, more countries are accepting bitcoin just like Japan and China. Hopefully the government would not use this as a way to make money and hopefully we would hear establishments accepting bitcoin in this country as well.

jc89

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Sounds like a good news to me. Since there are also a lot of miners in ph I think it's about time that we are given more options which exchange to use. And with this news I guess it is one way to let more filipino know about btc. Since most of us here are skepticals when it comes to new things such as cryptocurrencies. I hope soon there will be establishments who will accept btc as payment as well.

Svelto

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Nice to see more countries regulating activities related to crypto.

n4poleon

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Quote from: Qartersa on August 22, 2017, 02:45:11 AM

Quote from: bcnaranjo on August 22, 2017, 12:37:24 AM

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?

This news is partly old news already. The Banko Sentral (Central Bank), issued a memo back in may that they would be regulating virtual currency exchange platforms such as Coins.ph (leading bitcoin exchange). What they are doing is actually forcing the exchanges to registered with the BSP and nothing but just to enforce policies for purposes of anti-money-laundering and anti-terrorism funding objectives. Nothing really more than that. Since BSP is just an agency for monitoring monetary activities in the country.

You can not consider coins.ph an exchange. If you consider it then its a shitty exchange. If you want a ph based exchange, here it is https://www.btcexchange.ph/.

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