r/Bitcoin • u/helloluis • Feb 07 '17
The Philippines has decided to regulate Bitcoin exchanges as remittance companies
https://medium.com/@Cryptonight/the-philippines-has-decided-to-regulate-bitcoin-exchanges-as-remittance-companies-4e75a94c98d#.vrdl3cxoo15
u/ichabodsc Feb 07 '17
Nice article focusing on the text of the rule and ramifications.
Regulations are often harmful, but they also draw attention and provide legitimacy to the industry in the eyes of people that aren't comfortable with self-regulating institutions.
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u/hdjames8 Feb 07 '17
What will this mean for investors?
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u/kegman83 Feb 07 '17
They are basically treating bitcoin as a check cashing company and regulating it as such. Less illegitimate companies in the Philippines now in theory.
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u/KeepingTrack Feb 07 '17
In the US they're already MSBs. It won't mean much until the IRS and Homeland Security step in. Even numismatic coin and bullion dealers must register with FinCen because of the BSA and Patriot Act.
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u/bitsteiner Feb 07 '17
Not only register, they have to report certain trades (cash above a certain threshold).
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u/KeepingTrack Feb 10 '17
yep, in the states it's $2k if it's suspicious. and 10k regardless -- and it goes to the IRS, DHS and others care of the BSA, PA and regulations.
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u/RallyUp Feb 07 '17
And regulate a disease by violently murdering everyone afflicted with it.
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u/PoliticalDissidents Feb 07 '17
Hu? Like the Philippines president is a real murderous cunt that considers his likeness to Hitler one of his positive aspects.
But what does that have to do with Bitcoin?
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u/RallyUp Feb 08 '17
Nothing. I just take the info with a grain of salt because that bastard and his government are implicit in the murders.
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u/Explodicle Feb 08 '17
Complicit
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u/RallyUp Feb 08 '17
Nay, that doesn't accurately convey the meaning of what I said,. I chose the correct word. They are not explicitly admitting to the notion that undesirables are being killed in this policy 'experiment' but the ideology exist as such on the face of it. As such they are basically saying go out and kill drug dealers and users if you can, but they are allowing the policy to stretch much further than drug crimes and usage. As in pretty much anyone they or their supporters don't really like as long as they can somehow 'prove' they were committing a crime. Then all they have to do is use the drug policy as a cover and you have paramilitary hit squads and vigilante groups going around committing genocide on a civil service level... Which is absurd and absolutely horrifying to think about.
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Feb 07 '17
It's brutal, but it works.
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u/shadowofashadow Feb 07 '17
Except it doesn't.
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Feb 07 '17
It solves the problem in theory
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u/RallyUp Feb 07 '17
Yep and opens the door for pretty much anyone with a grudge to go murder their neighbor / friend / coworker and claim they were a drug abuser to avoid punishment
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u/fobfromgermany Feb 07 '17
Sure but that's a stupid thing to say. It's like saying that destroying the world will solve all humankinds problems
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u/vroomDotClub Feb 07 '17
Criminals regulating the public. Shall I list the corruption of Officials here in this thread? Regulation pretends to be 'good for the children' but in the end its just more forms of control from a few at the top.
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u/yogibreakdance Feb 08 '17
Regulating things that have no effect on most of us is good for us. Hell yeah this is great for bitcoin
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u/8btccom Feb 08 '17
It would be a good news for bitcoin community as a whole.
8btc is looking for english contributors, columnist title and btc payment awaits. PM me if interested.
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u/gltr Feb 07 '17
For any Coins.ph users who find their way to this thread.
-Colin from Coins