Topic: Philippine Central Bank approves licenses for 2 cryptocurrency exchanges? (Read 2029 times)
January 17, 2018, 12:29:23 AM
yes I also hear news like that if crypto curency is legal there, I just do not know about the procedure of work in the bank there is the same as fiat bank or not
January 16, 2018, 11:42:26 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?
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.
im really happy about this if this is true.
this just means philippines is embracing crypto to our land.
but im also worried at the same time,sure thing is they will put taxes already.well lets see how far it will go.
Yah...this true according BSP Governor Nestor Espenilla Jr have a 2 cryptocurrency on augost 2017.
January 16, 2018, 09:35:16 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?
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.
im really happy about this if this is true.
this just means philippines is embracing crypto to our land.
but im also worried at the same time,sure thing is they will put taxes already.well lets see how far it will go.
January 16, 2018, 08:51:01 PM
Is there any way we can know for certain these two companies mentioned that have been issued a license by the BSP? If this is true, which I think is, It will solidify the adaption of cryptocurrency in the country and would increase the confidence of the people with this new revolutionary financial technology.
August 30, 2017, 02:32:34 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?
How will it affect the Philippine banking system?
News like this should always come with link in other to properly analyse and even verify the source of the information whether its true or not. Or else, its going to be just an hearsay which does not hold water and cannot be relied on. If it shoulder happen, its good news but with choking regulations that might not be the right thing for the crypto world now.
Here it is: https://www.cryptocoinsnews.com/two-bitcoin-exchanges-gain-official-licenses-philippines/
I don't think that the Philippine government will put a tighter regulations on it. Actually they have coins.ph will already complied back then with the Central Bank regarding the KYC and AML regulations. And I'm assuming that they will also apply the same regulations to the two new trading platform as well. I don't know the extent of the effect to Philippine banking system, but this would be really a welcoming news for Filipino bitcoin enthusiast and pretty sure that bitcoin will attract more investors coming from the Philippines.
August 30, 2017, 02:08:49 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?
How will it affect the Philippine banking system?
News like this should always come with link in other to properly analyse and even verify the source of the information whether its true or not. Or else, its going to be just an hearsay which does not hold water and cannot be relied on. If it shoulder happen, its good news but with choking regulations that might not be the right thing for the crypto world now.
August 30, 2017, 01:37:47 PM
If this news is got to be true,then this a great news for filipino people who is using bitcoin. And it will more great if all bank will accept bitcoin.
It seems the volume of bitcoin has increased significantly in th Philippines in these last months so it makes sense that new exchanges appear in order to try to capitalize in this new found interest of the people of the Philippines, so to me this seems like good news since it is always better to have more options to trade your money. August 29, 2017, 02:41:30 PM
Given the massive amounts of overseas remittances which drive the economy, any positive development will have an equally massive revenue shift for these exchanges. Obviously a government-issued license or accreditation will impact their penetration in the financial market and will allow them to compete more aggressively with banks and other forms of remittance providers. For one, they will be seen as accepted and legit by the remitting OFWs which would allow them to market their services in a more streamlined manner.
For example, having a license would allow them to join hands with banks in product sectors which used to be reserved for banks alone. Bitcoin cards, for example. Offering local cards in conjunction with leading Philippine banks will lead to consumers placing greater trust in cryptocurrency. Filipinos will probably find it easier to trust a Coins.ph card issued by Metrobank or BPI than one issued by Wave Crest in Gibraltar. This is because banks have a ubiquitous presence in the country and a physical branch of a bank almost always evokes a sense of trust, knowing there is someone to approach if something goes wrong.
The vast majority of Filipinos are not familiar with bitcoin, especially those in rural areas of the country. To succeed nationally, bitcoin exchanges should be more proactive in educating Filipinos about the advantages of using it. This is a formidable challenge and is almost akin to introducing a new currency.
For example, having a license would allow them to join hands with banks in product sectors which used to be reserved for banks alone. Bitcoin cards, for example. Offering local cards in conjunction with leading Philippine banks will lead to consumers placing greater trust in cryptocurrency. Filipinos will probably find it easier to trust a Coins.ph card issued by Metrobank or BPI than one issued by Wave Crest in Gibraltar. This is because banks have a ubiquitous presence in the country and a physical branch of a bank almost always evokes a sense of trust, knowing there is someone to approach if something goes wrong.
The vast majority of Filipinos are not familiar with bitcoin, especially those in rural areas of the country. To succeed nationally, bitcoin exchanges should be more proactive in educating Filipinos about the advantages of using it. This is a formidable challenge and is almost akin to introducing a new currency.
August 29, 2017, 02:15:19 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.
August 27, 2017, 02:01:39 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?
There will be a good side of this news anyway, another edge too for the bitcoin enthusiast for this matter. But I'm just curious what's the name of the cryptocurrency exchange again? am I just skip it the name on the Ethnews? thanks How will it affect the Philippine banking system?
August 27, 2017, 12:31:57 AM
If this news is got to be true,then this a great news for filipino people who is using bitcoin. And it will more great if all bank will accept bitcoin.
August 26, 2017, 09:18:44 PM
this is a good and bad news. the goood news is cryptocurrencies will be widely accepted and promoted in the phillipines
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
Then why don't you opt to trade on international exchanges rather than the localized ones in Philippines after all you can make your withdrawals into your bitcoins wallet and cash them in Philippines with no problem.
August 26, 2017, 12:16:19 AM
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.
Good luck with your own exchanger. I just hope you become successful with it. But I think you will be facing a lot of formidable opponents like Coins and Rebit. If you are going to open your own exchanger, you must have a good promos or some giveaways. Also, you need a massive capital for this.
I think competition will be good. Its gonna be a healthy one. Coins and Rebit will not to really level up the services, otherwise most of their customers will go to the new trading platform.
I'm waiting for those 2 new exchanges and I'm really excited to see how those platform will differ from the current 2 dominant exchanges specially coins.ph. As far as taxes is concern, its the exchanges that will be tax, not the people if I understand it.
If it is true it is good for us to hold more bitcoin but the main reason why they allow it because Rothschild owns the Central Bank and wants to control the Philippine economy by himself.
LOL. Where did you got this shit man? How do Rothschild control the Bangko Sentral ng Pilipinas? If you can show us proof then maybe Pinoy will believe what you have claim to be.
August 25, 2017, 11:44:22 PM
Regulating bitcoin doesn't mean we don't have much freedom than before. It just that our government recognized the fact that criminal-minded person/users will used bitcoin as gateway to be unidentifiable when doing illegal transactions.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
August 25, 2017, 09:48:40 PM
Regulating bitcoin doesn't mean we don't have much freedom than before. It just that our government recognized the fact that criminal-minded person/users will used bitcoin as gateway to be unidentifiable when doing illegal transactions.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
August 25, 2017, 08:41:52 PM
If it is true it is good for us to hold more bitcoin but the main reason why they allow it because Rothschild owns the Central Bank and wants to control the Philippine economy by himself.
August 25, 2017, 08:24:46 PM
this is a good and bad news. the goood news is cryptocurrencies will be widely accepted and promoted in the phillipines
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
August 25, 2017, 08:10:01 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.
Good luck with your own exchanger. I just hope you become successful with it. But I think you will be facing a lot of formidable opponents like Coins and Rebit. If you are going to open your own exchanger, you must have a good promos or some giveaways. Also, you need a massive capital for this.
August 25, 2017, 08:02:30 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?
How will it affect the Philippine banking system?
This is the best source for this news article I could find:
http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
Quote
BSP approves registration of 2 bitcoin exchange operators
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the 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.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the 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.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
Looks legit. Excited to see what this can do for the philippines and the crypto industry as a whole.
If russia can follow through on their claims of investing $200M into crypto mining that would be great, too.
Also this part of the article which talks about "international roots" seems to imply both exchanges are run by international (central) banks which would mean they are "regulated" for those who feel safer about working with state based regulation, etc:
Quote
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
“They are local based but they have international roots,” Espenilla said.
Therefore, they will really regulate all exchanges and the current one, which is coins.ph, and as far as i understand the article, i think it is just for monitoring the transactions in order to make the philippines safe from money laundering and other illegal activities, I don't see BSP will give taxes to the users but rather to impose tax on income and operation of the exchanges which will surely impose transaction fees ( i think , different from bitcoin transaction fee) as their income.
August 25, 2017, 06:35:45 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?
How will it affect the Philippine banking system?
This is the best source for this news article I could find:
http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
Quote
BSP approves registration of 2 bitcoin exchange operators
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the 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.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the 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.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
Looks legit. Excited to see what this can do for the philippines and the crypto industry as a whole.
If russia can follow through on their claims of investing $200M into crypto mining that would be great, too.
Also this part of the article which talks about "international roots" seems to imply both exchanges are run by international (central) banks which would mean they are "regulated" for those who feel safer about working with state based regulation, etc:
Quote
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
“They are local based but they have international roots,” Espenilla said.
August 25, 2017, 05:52:34 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.
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.
August 25, 2017, 05:14:49 PM
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. August 25, 2017, 02:25:26 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.
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)
August 25, 2017, 01:15:10 AM
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.
August 25, 2017, 12:22:52 AM
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.
August 24, 2017, 11:53:27 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.How will it affect the Philippine banking system?
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.
August 24, 2017, 11:24:52 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.How will it affect the Philippine banking system?
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.
August 24, 2017, 11:05:55 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. How will it affect the Philippine banking system?
August 24, 2017, 08:34:01 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.
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.
August 24, 2017, 07:38:21 PM
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.
August 24, 2017, 03:02:37 PM
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.
August 24, 2017, 02:57:03 PM
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 
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. August 24, 2017, 12:51:05 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.
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)
August 24, 2017, 12:37:52 PM
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.
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.
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
August 24, 2017, 11:19:26 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 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.How will it affect the Philippine banking system?
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.
August 24, 2017, 10:31:20 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 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. How will it affect the Philippine banking system?
August 23, 2017, 02:00:54 PM
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.
It's a big deal because the gov't shows support to bitcoin and for the whole crypto currency market.
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.
August 23, 2017, 01:51:52 PM
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. August 23, 2017, 01:34:56 PM
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. 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.
August 22, 2017, 04:18:54 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.
August 22, 2017, 03:23:09 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.
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.
August 22, 2017, 02:34:36 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?
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.
August 22, 2017, 11:39:35 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. How will it affect the Philippine banking system?
August 22, 2017, 09:43:06 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?
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.
August 22, 2017, 08:40:26 AM
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.
August 22, 2017, 07:21:55 AM
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.
August 22, 2017, 07:15:48 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.
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.
August 22, 2017, 04:43:56 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. How will it affect the Philippine banking system?
August 22, 2017, 04:28:08 AM
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.
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.
August 22, 2017, 04:18:22 AM
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.
August 22, 2017, 04:09:09 AM
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.
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.
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.
August 22, 2017, 03:47:41 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.
August 22, 2017, 03:45:01 AM
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.
August 22, 2017, 03:35:54 AM
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.
August 22, 2017, 02:54:50 AM
Nice to see more countries regulating activities related to crypto.
August 22, 2017, 02:24:04 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.How will it affect the Philippine banking system?
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/.
August 22, 2017, 02:22:58 AM
I've read the news on a local paper 3 days ago, and this move is done by the BSP to further regulate the currency and also to prevent money laundering that could be made using bitcoin as a medium. And because of the growing demand of BTC - PHP exchange, this is done so as to further monitor the exchanges handling those trade volumes and to prevent a Gox scenario, too.
I think it's about time to shift the government's attention into something more futuristic yet real. It's about time to support and recognize bitcoin startups and ventures here in this country.
I think it's about time to shift the government's attention into something more futuristic yet real. It's about time to support and recognize bitcoin startups and ventures here in this country.
August 22, 2017, 01:55:02 AM
We haven't verified which group got the license. I heard that this has been going on since January this year. I feel that the process will be heavily regulated as the license is under the traditional monetary framework. It almost feel like Erudites (governments) trying to label Divergents (bitcoin/crytpto) into a faction.
Again, there is really no point discussing this as if you all read the policy the central bank of the Philippines enacted, you would see that it is only for purposes of subjecting the exchanges to report their activities so that the BSP can assess if there is any money laundering activities happening in these exchanges. That is also why they are forcing these exchanges to implement a KYC policy.
August 22, 2017, 01:50:15 AM
We haven't verified which group got the license. I heard that this has been going on since January this year. I feel that the process will be heavily regulated as the license is under the traditional monetary framework. It almost feel like Erudites (governments) trying to label Divergents (bitcoin/crytpto) into a faction.
August 22, 2017, 01:45:11 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. How will it affect the Philippine banking system?
August 22, 2017, 12:33:37 AM
Sounds good bot Philipinnes doesen't look like the best and the safest country in the world so I'm afraid on this exchanges we can get governmental regulations and it won't lead to better safety because of the country.
August 22, 2017, 12:19:00 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?
How will it affect the Philippine banking system?
I also read this and I think it is true since it is approved by the local media. But I can't stop wondering which exchanger has the central bank given the license, there is no specific exchanges that has been said in the article. I know two exchangers, Coins and rebit, is that the two exchangers?
August 22, 2017, 12:04:48 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?
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 one is a good start for bitcoins to be adopted well on the philippines and I'm waiting for their lunch to do some trades there, Aswell us i'm sure that If these local philippine exchanger will unleashed it can awaken more sleepy heads to know bitcoin well.
August 22, 2017, 12:02:27 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?
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.
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.
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.
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?
How will it affect the Philippine banking system?
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