Cryptocurrency has reached a new level of mainstream adoption in the last few years. It’s no longer just a hobby for tech nerds and privacy buffs; it’s increasingly becoming accepted as legal tender and a legitimate way to pay for goods and services.
The cryptocurrency landscape is changing rapidly, with new currencies constantly popping up. There are more than 1,000 cryptocurrencies on exchange worldwide, most of which are based on blockchain technology.
The potential applications of blockchain technology are endless. From securing voting systems and supply chain management to storing financial and real estate data, businesses can use blockchain to make all kinds of transactions easier and more secure than ever.
The State of Cryptocurrency in the Philippines
The cryptocurrency landscape in the Philippines is evolving as more people become familiar with the technology. The country has been one of the first to adopt digital currency for transactions, setting an example for neighboring nations.
There have been many positive effects on society with the increasing popularity of cryptocurrencies like bitcoin and Ethereum. For example, it has helped people who are unbanked or underbanked to have access to financial services that they would not typically have had.
It also helps businesses that cannot afford traditional banking services because it eliminates fees associated with payment processing companies, reducing their operating costs significantly.
How the Philippine Government Adopts Cryptocurrency
The government has already moved to push for the use of Bitcoin for payments and remittances. The Bangko Sentral ng Pilipinas (BSP), or Philippine Central Bank, spearheaded the initiative, having been tasked to develop policies and regulations for cryptocurrencies in the country.
Among their initiatives was partnering with UnionBank of the Philippines to introduce an interbank payment system using blockchain technology, enabling fast, secure, and reliable payments between financial institutions.
How Game-changing the Central Bank Digital Currency (CBDC) Launch is
Although the number of unbanked Filipinos is slowly decreasing, it’s still a prevalent issue in the country. These people often operate in an unregulated manner regarding taxation. The solution here is introducing the central bank digital currency (CBDC) into the economy.
The CBDC takes advantage of mobile technologies, providing increased accessibility to financial services, especially in rural households and other sectors with no current banking system. The central bank expects a minimum of half the payments to be made digitally by 2023.
Even with the current market, the country continues to adopt digital assets and blockchain-based company models to put the Philippines as a cryptocurrency hub in the future.
The Philippines with the Third Highest Uptake of Cryptocurrency
The astounding growth and relevancy of cryptocurrency in the Philippines continue to rise despite recent events like the COVID-19 pandemic. Instead of the pandemic hurting the country’s aspirations of growing cryptocurrency, among Filipinos, several people are using it as a form of investment and income.
The Philippines has seen a rise in crypto-friendly technologies because of these trends. These innovations helped to place the country at a similar level as others, such as Vietnam and Nigeria. According to the BSP, gaming rewards, BTC, ATM networks, and rural banking integration have been reliable indicators for the continuous growth of cryptocurrency.
Wrapping Up
Cryptocurrency has become widely known in many countries, but only some have adopted it. The Philippines aims to make it a mainstream financial method and offer it to people who cannot have a traditional form of banking.
The currency’s rapid growth may become a mainstay for banking, providing the masses with another alternative to improve their finances. Platforms like the Binance P2P offer users another way to handle their assets, once again establishing the strong presence cryptocurrency has in the country and the opportunities it has for the future.
