As of 2017, the Philippines has not yet released any official stance on Bitcoin. However, that same year the country’s Central Bank issued a warning to the public about the risks associated with investing in cryptocurrencies.
Then in 2018, the Securities and Exchange Commission (SEC) released a statement saying that they “are not regulate[ing] virtual currencies as securities.” So while there is no official law or regulation surrounding Bitcoin in the Philippines, it appears that the government is taking a hands-off approach for now.
NOTE: WARNING: Bitcoin is not legal tender in the Philippines and is not regulated by the Bangko Sentral ng Pilipinas (BSP). Any transactions involving Bitcoin are considered to be a high-risk activity, and investors should exercise extreme caution when engaging in any Bitcoin-related activities. It is also important to note that any person or entity dealing with Bitcoin may be subject to potential penalties or sanctions.
This lack of regulation has made the Philippines a friendly environment for Bitcoin and other cryptocurrencies. There are several popular exchanges based in the country, such as Coins.ph and BuyBitcoin.
ph. And last year, the country even got its first Bitcoin ATM.
So if you’re looking to buy or use Bitcoin in the Philippines, you shouldn’t have any problem doing so. Just be aware of the risks involved, as with any investment.
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