Cryptocurrency Q&A
Is it legal to pay with coins in Philippines?
Is it legal to pay with coins in Philippines?
AltcoinAdventurer
Thu Oct 10 2024
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I don't understand this question. Could you please assist me in answering it?
6 answers
Daniele
Sat Oct 12 2024
BSP Circular No. 537, issued in 2006, outlines the legal tender status of specific Philippine coins. This regulation specifies the denominations and maximum amounts that can be used as a means of payment.
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WhisperInfinity
Sat Oct 12 2024
According to the circular, 1-piso, 5-piso, and 10-piso coins are considered legal tender for transactions up to a maximum amount of PHP1,000.00. This means that these coins can be used to settle debts or make purchases without being rejected as a form of payment, provided the total value does not exceed the stated limit.
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DongdaemunTrend
Fri Oct 11 2024
Additionally, the circular also recognizes smaller denominations, including 1-sentimo, 5-sentimo, 10-sentimo, and 25-sentimo coins, as legal tender. However, their usage is restricted to amounts not exceeding PHP100.00.
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CryptoTitan
Fri Oct 11 2024
The purpose of this regulation is to maintain the integrity of the Philippine monetary system by ensuring that coins remain a viable and accepted form of payment. It also aims to prevent the proliferation of counterfeit coins and fraudulent transactions involving high-value notes.
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ZenBalance
Fri Oct 11 2024
As technology advances, the use of digital payments and cryptocurrencies is becoming increasingly popular. Nevertheless, the BSP Circular No. 537 still holds relevance in ensuring that traditional forms of payment, such as coins, remain a viable option for consumers and businesses alike.
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