Bitcoin is not considered legal tender in the Philippines. The Bangko Sentral ng Pilipinas (BSP) has issued a circular on February 6, 2018, stating that virtual currencies are not recognized as legal tender in the Philippines.
They are also not regulated by the BSP.
However, the use of virtual currencies is not banned. The BSP is still studying the risks associated with virtual currencies and will issue regulations in the future.
The Securities and Exchange Commission (SEC) has also issued a warning to the public about investing in virtual currencies. They warned that virtual currencies are high-risk investments and that investors could lose all their money.
Despite these warnings, there are still many people in the Philippines who are interested in investing in Bitcoin. There are a few reasons for this. First, the Philippines has a large remittance market.
Filipinos working abroad often send money back home to their families. Bitcoin can be used to send money internationally without incurring high fees.
Second, the Philippines has a growing number of businesses that accept Bitcoin as payment. This includes online stores, restaurants, and even some utility companies.
This makes it easier for people to use Bitcoin in their everyday lives.
third, Bitcoin is seen as a way to avoid government regulation. The Philippine government has been cracking down on banks and financial institutions recently.
This has made it difficult for some people to access their money or to send money overseas. Bitcoin offers a way around this regulation by allowing users to transact directly with each other without going through a bank.
Despite the warnings from the BSP and SEC, it appears that Bitcoin is here to stay in the Philippines. The growing number of businesses accepting Bitcoin and the ease of use make it an attractive option for many Filipinos.