Bitcoin has already become an equivalent part of the global economic system. BTC is a popular tool for traders, investors, businessmen and common users. In many countries Bitcoin is already used not only for making investments, but also for paying everyday services, like online purchases or coffee-to-go. If we talk about investing, Bitcoin doublers are the most profitable services for investing in cryptocurrencies. Before making use of BTC doublers, you should be familiar with the status of digital currencies in the Philippines.
Regulation of Bitcoin in the Philippines
Technically, Bitcoin is not illegal in the Philippines, and it is also not legal in the country.
On 6 March 2014, central bank of the Philippines (Bangko Sentral ng Pilipinas (BSP)) issued a statement on risks related to Bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by BSP under Circular 944; however, BTC and other “virtual currencies” are not recognized by the central bank as currency as “it is neither issued, nor guaranteed by a central bank nor backed by any commodity.”
Analysts claim that the central bank may consider the cryptocurrency trade as a part of its larger plan to push forward the country`s electronic payment system.
BSP has already accepted quite a large list of cryptocurrency exchanges, which legally provide their services at the territory of the Philippines now. Here are some of them:
• Bexpress Inc.;
• Coinvillel Phils Inc.;
• Rebittance Inc.;
• Bloomsolutions Inc.;
• Etranss Remittance International Corp.;
• Zybi Tech Inc.;
• Bitan Moneytech Co. Ltd. and others.
Also, Union Bank of the Philippines (UBP) aka Unionbank, one of the largest banks in the country, installed a Bitcoin-ATM (BTM) at one of its main branches in 2019, with the approval of the central bank and in partnership with Coins.ph.
Thus, Bitcoin is legit for use both by common citizens and by businessmen. BTC can be applied for making payments, as well.
Can I Legally Double my Bitcoin in the Philippines?
As Bitcoin can be legally and openly used in the Philippines, inhabitants and guests of the country can apply the first cryptocurrency for various purposes. Double your bitcoins without issues and problems with the law, however, you should carefully choose a service to invest in.