Philippine government will soon regulate bitcoin operations in their country

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Quote from: groll on July 03, 2016, 11:53:55 PM

...hackers of amassing huge amount of money...
...huge amount flowing in bitcoin activities...

Really? Any data to backup those claims? I didn't know BTC was so big in the Philippines, nor that there are many hackers there. Isn't that just government propaganda to try to control BTC? What BTC activities are in the Philippines?

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Quote from: outatime1 on July 18, 2016, 04:12:42 PM

As long as they don't deem it illegal, then I don't see this having an huge impact on bitcoin around the world. Of course we also don't want regulations to be too tight and the government monitoring it so closely that it takes away form some of the anonymity.

I doubt they'll straight outlaw Bitcoin. Philippines are massive recipient of remmitance money, Bitcoin remmitance companies (or using BTC directly) may be a small percent of market, but they do enforce the big players to keep the fees on reasonable level. And less fees means more money coming in. There are also other benefits.
That being said, Bitcoin is a game changer in terms of cybercrime (or tax evasion), and if they have not enough experts in the law enforcement to deal with it, then declaring Bitcoin illegal is the simplest option. Hope it doesn't come to that.

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Quote from: outatime1 on July 18, 2016, 04:12:42 PM

As long as they don't deem it illegal, then I don't see this having an huge impact on bitcoin around the world. Of course we also don't want regulations to be too tight and the government monitoring it so closely that it takes away form some of the anonymity.

the same for me, i doubt that it is such a bad thing if bitcoin will still be illegal in philippines, in my opinion it might be even better that government pays attention to bitcoins, i believe we will deal with the regulations in the future

outatime1

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As long as they don't deem it illegal, then I don't see this having an huge impact on bitcoin around the world. Of course we also don't want regulations to be too tight and the government monitoring it so closely that it takes away form some of the anonymity.

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Quote from: btvGainer on July 18, 2016, 03:48:52 PM

Quote from: groll on July 03, 2016, 11:53:55 PM

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

If it is true,it is good as bitcoin regulation will pave way for bitcoin related business to operate in friendly environment.It will also make people more attracted towards bitcoin

I don't think bitcoin regulations are going to be something that will attract people, but quite the opposite, but it all depends on how they implement/enforce them.
Anything they do to counter illicit use will fall under i think, because there will always be ways to bypass whatever they set in place.

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Quote from: groll on July 03, 2016, 11:53:55 PM

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

If it is true,it is good as bitcoin regulation will pave way for bitcoin related business to operate in friendly environment.It will also make people more attracted towards bitcoin

ajareselde

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Quote from: buddu on July 18, 2016, 10:27:11 AM

It is really good news because this what Bitcoin is missing right now. Bitcoin will be regulated easy by easy in many countries and all this will back it by providing strength. Bitcoin will open new opportunities and will grow up much more fast. In spite of all fears related to this regulation there are hidden hopes and opportunities in my opinion.

I agree that bitcoin lacks regulations, but i'm afraid of how those regulations are going to be enforced. They can't force people to obey what they dictate, but
i have a feeling that there will be restrictions in the way of regulating money coming in and out of exchanges and bank accounts associated with them.
That is the most vulnerable link in this stage of bitcoin revolution per se.

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Ah well, this is a harbinger of things to come all around the world. Is gambling a big thing in the Philippines? I mean like bigger than other countries? Is it legal there? I'm also curious how big bitcoin use is in that country. I've known Filipinos who were very twch savvy but dirt poor.

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Quote from: groll on July 03, 2016, 11:53:55 PM

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

Anyways, that's the job of any responsible government to try and regulate any excesses which is towards good social system which is the primary motive of this action but government all over the world cannot be trusted as they look for reason to clampdown on any thing not going their way 'the idea of give dog a bad name in other to hang it' approach is the other of the day that's why citizens need to stand as check against this government they install even all over the world...my 2 cents...

Superbitzz

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i think not only Philippine are going to regulate bitcoin but most of the countries of the world are thinking about it to regularize bitcoin and to give a legal status to the bitcoin.

crairezx20

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Yeah i notice they are now increasing security and they are asking the real identity right now before you can withdraw your bitcoin into fiat using coins ph..
I think we are not anonymous right now unless if we are making new account not verified account can only withdraw 20k php or 0.6328 btc..
I hope they dont do that because we are using bitcoin to be anoymous but looks like they are increasing the security and more will happen soon.

Maesters1-

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i have yet not hear that news. if it is true news that is really a good news to hear. i think now the momentum has started. now so many other countries will also take a positive step about bitcoin.

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Quote from: groll on July 03, 2016, 11:53:55 PM

With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.

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That's a good news for the citizens of Philippines as well other nations. At the same time while regulating government should not have control over it. If control gets into the hands of government periodically they truly destroy the anonymity.

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Quote from: allthingsluxury on July 18, 2016, 10:55:17 AM

A shame, regulations by government only stifles growth.

I have an exact opposite belief though. If that is true then no business will boom at all. I believe this regulation if implemented is for the better. Security and anti fraud, legal merchant will welcome this. And I hope OP will give us the link of the information about Philippines plan on regulating digital currency.

JeffBrad12

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Well done, I'm very glad to hear that the philippine is wanna making a regulate for bitcoin to prevent all of their issues and solve the problem. but never see about this rumour on the internet, I need a reliable source for this. but I sure for certainly there is any interest by some parties in this policy. Huh

allthingsluxury

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A shame, regulations by government only stifles growth.

buddu

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It is really good news because this what Bitcoin is missing right now. Bitcoin will be regulated easy by easy in many countries and all this will back it by providing strength. Bitcoin will open new opportunities and will grow up much more fast. In spite of all fears related to this regulation there are hidden hopes and opportunities in my opinion.

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Quote from: Btcvilla on July 04, 2016, 12:05:56 AM

But I don't think the Philippine government can do much, judging by everything else they do.

If they make their internet a bit slower, bitcoin won't work anymore Cheesy

On a serious note: they can regulate the exchanges of course. Even without living there I know coins.ph, that's how big/famous it is. I read about it on multiple locations.
I don't even think regulation is a bad thing. Illegal trading will continue anyway, and government approved legal trading could be an incentive for more users.
Considering how expensive it is to send money to/from the Philippines, Bitcoin can very well be competitive for overseas workers.

Wendigo

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Bitcoin getting regulated by the government is not a bad thing as long as they don't impose a lot of taxes on the annual Bitcoin profits. Actually it may be a benefit to the Bitcoin community in the country if the government officials help to curb down all the scams and thefts that seem to be rampant in the Bitcoin world right now. Of course some people won't like it being looked into by the government but in this day and age I don't think we could get much privacy any more unless we move to live in the mountains Grin

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