Philippine Central Bank sets out policies for bitcoin exchanges - page 2.

nydiacaskey01

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Quote from: legendbtc on February 10, 2017, 03:15:38 AM

This will be boost up for bitcoin community in Philippine,

Nope it will not, the only thing that this BSP Circular did was at least let the people know that BSP is monitoring the exchangers activity in the Philippines.

Quote from: legendbtc on February 10, 2017, 03:15:38 AM

now the people from those country can directly exchange their bitcoin under the regulation of Central bank than.

Bitcoin users in the Philippines has been using exchangers without the supervision of BSP, this circular will just increase the fees and ask for more identification before Bitcoin users can cash out. So nothing new exactly but I think this will turn off more people in using Bitcoin. We want to use Bitcoin because we want anonymity but with this exchangers asking for a lot of ID's then its RIP anonymity.

Quote from: legendbtc on February 10, 2017, 03:15:38 AM

With this new rules from Central Bank now bitcoin illegal activities will control in Philippine. So every should come forward with this new rule so that it can reduce illegal activities with bitcoin.

Like what kind of illegal activities in the Philippines do you know that Bitcoin was used.

joshy23

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I though bitcoin transaction are de-centralized and pseudo-anonymous? With this development, the Philippines Central bank will not have total control and the local exchanger registered users are now subjected to the new circular. So goodbye for being anonymous which defeat the purpose of using bitcoin as mode of online payment and transaction.

legendbtc

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This will be boost up for bitcoin community in Philippine, now the people from those country can directly exchange their bitcoin under the regulation of Central bank than. With this new rules from Central Bank now bitcoin illegal activities will control in Philippine. So every should come forward with this new rule so that it can reduce illegal activities with bitcoin.

nydiacaskey01

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As far as I know, exchangers in the Philippines have started to be strict even with out this new circular from Central Bank of the Philippines. It's sad to say that there are users in the Philippines who took advantage of a promo of an exchanger by creating multiple accounts signaling the site owner to start asking for more identification before they can cash out. Only exchangers are affected by this new BSP circular.

acroman08

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Well, that's understandable, protecting the economy of the Philippines, but they should've done it sooner(if that is the only reason)
I'm pretty sure money laundering disguised in bitcoin transactions has already happened. but can't to still prevent the future
money launderings to use bitcoin as a front for they're illegal activities.

Zadicar

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Quote from: Fredomago on February 10, 2017, 02:25:22 AM

Quote from: Xester on February 10, 2017, 02:20:56 AM

http://calvinayre.com/2017/02/08/business/central-bank-rolls-new-rules-philippine-bitcoin-exchanges/

After the declaration of the Central Banks that they see merits in the use of bitcoin as well as in the financial exchange the Central banks sets out rules for the exchanges. This rules are placed in accord with the BSP Circular No. 944 that states " businesses that convert real money like Philippine peso to virtual currencies like bitcoin, and vice versa, will “soon be required to register and report to the central bank.”". This rules are set so that money laundering and other illicit activities will not affect the economy of the Philippines but rather with this policies the Central Bank has seen that bitcoin will bring economic advantages to the country.

this will be a good news for every crypto people residing inside Philippines with adopting and allowing crypto currency surely will add good impact to our nations but the problem would be its no longer anonymous if we needed to reveal ourselves, but anyway that's already what is happening with the local exchange here we do need to provide government i'd before we can use if in full function and it has limitation with deposit and withdraw.

This is really a good news for people who reside on Philippines and you are right you would really need to give their government id and other documents which would really expose your identity which is really strict because its part of the law to avoid money laundering and other stuffs.

Fredomago

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Quote from: Xester on February 10, 2017, 02:20:56 AM

http://calvinayre.com/2017/02/08/business/central-bank-rolls-new-rules-philippine-bitcoin-exchanges/

After the declaration of the Central Banks that they see merits in the use of bitcoin as well as in the financial exchange the Central banks sets out rules for the exchanges. This rules are placed in accord with the BSP Circular No. 944 that states " businesses that convert real money like Philippine peso to virtual currencies like bitcoin, and vice versa, will “soon be required to register and report to the central bank.”". This rules are set so that money laundering and other illicit activities will not affect the economy of the Philippines but rather with this policies the Central Bank has seen that bitcoin will bring economic advantages to the country.

this will be a good news for every crypto people residing inside Philippines with adopting and allowing crypto currency surely will add good impact to our nations but the problem would be its no longer anonymous if we needed to reveal ourselves, but anyway that's already what is happening with the local exchange here we do need to provide government i'd before we can use if in full function and it has limitation with deposit and withdraw.

Xester

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http://calvinayre.com/2017/02/08/business/central-bank-rolls-new-rules-philippine-bitcoin-exchanges/

After the declaration of the Central Banks that they see merits in the use of bitcoin as well as in the financial exchange the Central banks sets out rules for the exchanges. This rules are placed in accord with the BSP Circular No. 944 that states " businesses that convert real money like Philippine peso to virtual currencies like bitcoin, and vice versa, will “soon be required to register and report to the central bank.”". This rules are set so that money laundering and other illicit activities will not affect the economy of the Philippines but rather with this policies the Central Bank has seen that bitcoin will bring economic advantages to the country.

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