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Coins.ph's implementation of new BSP (Bangko Sentral ng Pilipinas) resolution

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Avatar for jasglaybam
Written by   66
1 month ago
September 19, 2021
Gihangak kog buhat ani ba.

How are you my read.cash friends? I hope the weekend has been less stressful now that the issue with noise has been figured out. Bless those hackers.

I am pretty sure that this is just a coincidence. Two to three days ago, I just found out that my BCH tips from noise did not directly go to my wallet. I posted a status in noise about this, fortunately, it's not only me who has been affected by the situation. So when I logged in, I saw this message.

It is a requirement to declare the funds coming into the coins.ph account. I religiously submitted the forms one by one. So if you have like 100 tips, you have to do it 100x. Good thing, I only had more or less than 20. What I did was:

  1. Clicked on the pending transaction

  2. Submitted my information. I chose "Sending to myself".

    It automatically filled all my personal details. The source exchange is "Other". Since I am using a laptop, it didn't give me the option to put "noise.cash" or "read.cash" after the "Other" option. But you will if you use the coins.ph app. Then I clicked on "Submit". I am a fast typer and I am getting this error "invalid request, user needs to submit ID" after submitting the forms. Just figured out I had to give it a minute or two before going to the next pending transaction.

  3. When I am done, the money will be posted into my account in an hour or two.

True enough, I checked my email after an hour. The money was already there in my wallet. It's a bit inconvenience, really. And it gave me a headache.

And then I transferred like $30 worth of BCH to my coins.ph account last night, I was worried that I might have an issue because read gave me an error. Thankfully, it was just a glitch. But what surprised me was the change in the coins.ph side. Just to be sure, I tracked the transaction in Bitcoin.com. And I thought that I will be receiving the BCH automatically into my wallet. No. There was a new process as well. Coins.ph is now tagging the transactions as "cash-ins" instead of "Payments received from External accounts". I wonder if it has to do with taxation issues. Anyways, here is how it looks:

I was waiting for the $30 BCH as I've mentioned, while doing that I was exploring the dashboard just to see a "payment confirmation". Why would I owe coins a payment? I got nervous. I saw the amount of the tip and the amount of my read BCH. So I tried to process the smaller amount first and marked it as "paid". Then the status of the payment changed into "processing"..Hmm, I am impressed. Coins.ph was able to change their payment process in less than a week.

Right now, instead of waiting for your pending tips or cash-ins, Coins.ph will put them in your chose wallet first and then ask you to submit all the details about that money. It's quite tedious to process the cash-in as a pending payment and submit the payment details in the pending transactions section.

I checked the "Learn" more link below before submitting the form and I've found out from the Coins.ph update that Bangko Sentral ng Pilipinas had this new resolution 1108 stating all companies that own cryptocurrencies should declare all their transactions.

The link to the resolution is here: https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf

I totally get it, cryptocurrencies can be used for money laundering and terrorism so all transactions should be declared no matter how small the values are.

Well, change is inevitable. We just have to adapt to these changes. But I do hope coins will find a way to make it more convenient for their clients. I am already thinking of changing my noise wallet but I am having technical challenges and I'm stressed out. I'll leave it like that for now.

I hope this sheds some light, my friends. Let's try to make the rest of the day stress-free. It's Monday again tomorrow, it's modules time once again.

To my new friends and co-authors, my sponsors are great people. Please have a look at their pages and read their write-ups.

To my sponsors: you rock, thank you very much as always.

**All images were taken from my coins.ph account

**The BSP Resolution link can be found here.

Cheers!

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Avatar for jasglaybam
Written by   66
1 month ago
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Comments

Kaya pala kapag nagsesend ako ay nalabas na pending transaction.. Pero narereceived ko naman siya. Thank you dito alam ko na gagawin ko 😊

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1 month ago

Yes sis, narireceive naman :)

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1 month ago

Halla ang hassle na pala ng coins.ph...thanks for this i will use it as guide

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1 month ago

Welcome po :)

$ 0.00
1 month ago

It's good you were able to get to the bottom of the issue sis. Sadly CoinsPH is regulated and had to undergo such things. And yes, let's have stress-free days as much as possible :)

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1 month ago

Yes sis. The stress of change lols.

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1 month ago

Ouch!!! Ganyan na ka hassle sa coinsph sis? Mag pdax nalang kayo

$ 0.00
1 month ago

I will check on it sis.

$ 0.00
1 month ago

Dami na palang requirements sa coins

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1 month ago

Medyo tedious yung magsusubmit ka ng form paisa isa sis.

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1 month ago

kaya nga sis...bitcoin.com ka nalang tapos if magwithdraw, saka ka send sa pdax or coins para isang transaction lang

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1 month ago

Oo sis kaya lang nagloloko phone ng partner ko so nadagdagan stress ko.

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1 month ago