Skip to main content

Cryptocurrency to become mainstream in the Philippines


The Philippines has embraced cryptocurrency as data shows the country has the third-highest uptake of crypto globally

The Philippines is one of the world’s fastest adopters of cryptocurrency, new reports show. According to data, the pandemic has fuelled the trend, with Filipinos releasing the value of crypto as an investment and income generating currency.

A rise in crypto-friendly technology in the country has also facilitated it’s uptake, which means the Philippines is now on a par with Vietnam and Nigeria. 

Reports by consensus experts from the Bangko Sentral ng Pilipinas (BSP) earlier this month show that gaming rewards, BTC, ATM networks and rural banking integration are ‘reliable early indicators’ for the upsurge that makes crypto growth in the Philippines the world’s third-fastest growing sector. 

The The Fintech Philippines Association and European Chamber of Commerce of the Philippines have reported similar findings. 

Bitcoin first became popular in the Philippines 2017, when its value skyrocketed from $1,000 to over $19,000 in the space of a few months. Since then, BSP has installed a reliable platform that protects crypto customers and also encourages bitcoin uptake, which is still in a nascent stage.

As of December 2020, BSP has also opened up channels with 17 virtual currency exchanges that are industry compliant. 

Crypto currency adoption

Speaking about the swift adoption of cryptocurrency, Nichel Gaba, CEO and founder of Philippine Assets and Digital Exchange, said, “Between December 2020 and today, something happened to put bitcoin and crypto into a sace where even traditional portfolio managers need to consider them. 

We are living in interesting times in crypto,” he added. 

Gaba pointed out the fintech industry in the Philippines was still at an evolving stage, and said that although crypto-supporting platforms were effective, the industry in general required more support from government and regulatory institutions. 

He added that the mainstream position of cryptocurrency was close to fruition in the Philippines due to the swiftly evolving technological landscape which has seen PDAX enjoy a 70-fold increase in transactions and a 15-fold customer increase in less than a year.

BSP also recently launched a new security framework that protects cryptocurrency from being used in money laundering. 

Speaking about the changes, Melchor Plabasan, Technology Ris k and Innovation Supervision Director of BSP, pointed out that the use of crypto has revolutionised remittances and payments as well as opening up new fundraising opportunities. 

He said, “Regulations are designed to protect the investing public. 

We have expanded their scope and strengthened the rules on consumer protection and cybersecurity controls.”

PS. In our blog pages we got hidden links where you can earn cryptocurrency for free.

Comments

Post a Comment

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,
Post a Comment
Read more

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, sending more th
Post a Comment
Read more

Farm GRASS earn MONEY

  Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets.  One such groundbreaking avenue involves earning money by selling your unused internet connection.  By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks.  It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen.  The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How to get started with  GRA
Post a Comment
Read more