Assets, Bitcoin

Is Bitcoin Safe and Legal in Philippines?

As of March 2020, Bitcoin is legal in the Philippines. The country’s Securities and Exchange Commission has been accepting applications for cryptocurrency exchanges since 2017, and in 2019, the Philippines Central Bank approved the use of cryptocurrency as a payment method.

However, Bitcoin is not considered legal tender in the Philippines. This means that businesses are not required to accept Bitcoin as payment, and consumers are not protected by lAWS if they use Bitcoin to make purchases.

NOTE: Warning: Bitcoin usage is legal in the Philippines, but it may be subject to certain restrictions and regulations. Users of Bitcoin should research and understand the applicable laws and regulations before engaging in any transactions. Additionally, it is important to keep in mind that Bitcoin is not backed by any government or central bank and carries a high risk of volatility. As such, users should exercise caution when engaging in any Bitcoin transactions.

Despite this, Bitcoin is growing in popularity in the Philippines. The country has a large remittance market, and many Filipinos working abroad are using Bitcoin to send money back home.

The Philippines is also home to a number of Bitcoin ATMs and there are plans to launch a cryptocurrency exchange-traded fund.

Overall, it appears that the Philippines is open to Bitcoin and other cryptocurrencies. However, it is important to note that Bitcoin is not yet considered legal tender in the country.

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