Author Topic: Philippine Government Bill Could Pave Way for Bitcoin-Backed Money  (Read 1133 times)

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Offline Gentso1

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It would really help them with the remittances, as a large portion of their economy depends on Filipinos abroad sending money home. The fees on those are unconscionably high. But I also think that the Philippines is one of the USA's closets allies and rather dependent in many ways. As with Mexico, if the US tells them not to do this or suggests it's not compatible with thier intenrational monetary obligations, then I don't think they'll do it.

And yes, BitUSD would be terrific for this.

Not just bitUSD but let the gov create their on user issued asset. I agree that bitUSD would be prefect if the locals could exchange bitUSD to fiat and fiat to bitUSD. However that is less likely to happen then if you suggest to the government to create their own user issued asset which they can control the supply and choose what to peg it to. Also it is more likely to gain traction locally with the banks if the government is involved. one thing I learned about business in the phil's is always put your money on projects the government or local officials are invested in, they never lose. Even if it is the worst idea or has a better competitor right across the street, the government backed option wins their 9 out of 10 times. Heck the public officials like to push and start their own initiatives often times and you may be able to just sit down with them directly and say, buy btsx to make your own currency on our exchange. They normally own or are "silent partners" in local businesses and they will get merchants and local banks to accept it directly.

They do listen to the US alot but the listen even more to money, besides we are a fly in the ointment of global trade I doubt we are even worth a US official mentioning it to his Filipino counterpart.       
« Last Edit: October 11, 2014, 03:15:57 am by Gentso1 »

Offline donkeypong

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It would really help them with the remittances, as a large portion of their economy depends on Filipinos abroad sending money home. The fees on those are unconscionably high. But I also think that the Philippines is one of the USA's closets allies and rather dependent in many ways. As with Mexico, if the US tells them not to do this or suggests it's not compatible with thier intenrational monetary obligations, then I don't think they'll do it.

And yes, BitUSD would be terrific for this.

Offline Gentso1

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From what I am reading in this article the bitsharesX platform would be perfect match for a gov. launched e-coin. They would really even need to do any leg work other then create a user issued asset which of course would be backed by btsx, giving them a stake in the exchange their coin is traded on.

If you have ever been to the phils you will know that remittance and mobile payments are a way of life for the people their. The main reason being that many do not have the cash on hand to open and sustain bank accounts. This is a English speaking market with a pro crypto gov.

The keys would be for of course the bill to pass
and to make a partnership with http://www.bsp.gov.ph/  (did someone say possible on and off ramp?)

I know their are probably a few talks being done with banks but maybe someone should check with these guys and see whats up.

government approval, remittance/mobile payment educated, bank partnership all in one place