Unlock the Secrets: Cryptocurrencies Soaring in the Philippines Don’t Miss Out on the Hottest Trend! Discover Key Insights Now!
When the crypto industry burst onto the scene back in 2009, its creators could not have imagined just how big the industry would grow over the next few years. Crypto has taken the world by storm, with many countries embracing it with open arms.
One such country is the Philippines. Sometimes referred to as the crypto hub of Asia, 6.13% of the total population of the Philippines (a staggering 7 million Filipinos) now own cryptocurrency.
Unsurprisingly, Bitcoin is the most owned crypto in the Philippines, making it the perfect place to enjoy some online gaming on the bitcoin casino. Men are more active in the crypto industry than women, and most of them lie within the 19-34 years age bracket.
This article will look at how this small Asian country has embraced cryptocurrency, the current crypto landscape of the country, and what the future has in store for Filipinos in the crypto industry.
The Philippines Has Embraced Cryptocurrency
Reports across the world have shown that the Philippines is one of the fastest- growing crypto industries on the planet. One possible reason for this surge in interest in crypto is the recent Covid-19 pandemic.
The period of mandatory isolation, and the added threat of people’s livelihoods, forced enterprising Filipinos to seek other avenues for investments. Crypto emerged as a possible viable investment option, especially among the younger generations.
Crypto was adopted so fast in the Philippines that the country is now on par with early crypto adopters, such as Nigeria and Vietnam. Evidence of this can be seen in the country’s integration of crypto in ATM networks, gaming rewards, and rural banking integration.
Why were Filipinos (and so many other demographics across the world) so quick to adopt cryptocurrencies? Well, while every investor has their reason for getting into crypto, the following are the most common reasons:
● Transactional Freedom
Being a decentralized currency, crypto offers investors unapparelled transactional freedom. When you are a member of the peer-to-peer crypto community, you have complete control of your financial assets, which is something fiat currency holders can only dream of.
● Long-term Store of Value
With many cryptocurrencies having limited minting, the demand for the currency is likely to grow as the years go by, which makes it a solid candidate for long-term investments. It’s also insulated from inflation due to no political powers having power over crypto, meaning you can store it safely for a long time without it losing any value.
● Safe Transactions Despite Fewer Interventions
The improvements in blockchain technology and cryptographic algorithms have ensured swift and secure transactions between crypto investors. There is also a low risk of third parties having unauthorized access to transactions, making such transactions quite safe.
Domestic Support and Crypto-friendly Regulations
A 2016 decision by the Philippines’ Central Bank (Bangko Sentral Pilipinas) to regulate crypto exchanges and ask them to register as remittance and transfer financial institutions transformed the crypto landscape in the country forever.
This friendly move by the BSP has led to at least 16 cryptocurrencies being approved and regulated by the central bank, with that number set to increase. Reports have also emerged that the Philippine Stock Exchange (PSE), has also shown interest in embracing cryptocurrency transactions, a move which would further solidify interest and trust among investors.
There have also been reports that the BSP is interested in further developing the country’s crypto interests by developing an independent central bank digital currency to oversee all of its crypto interests. Surely this is a long-term goal that may still be many years away, but the fact that the Philippines is one of the first countries in the world to take such an initiative shows the level of its commitment.
According to the Philippines News Agency, digital currencies are being used to help boost the country’s economic activities. Metropolitan areas in the Philippines, such as Cebu City, are taking steps to explore their options in the digital market. The city recently launched a joint venture with the Filipino-Korean firm C Pass Inc., to discover practical uses of crypto, such as allowing the city’s residents to settle City Hall payments using the city’s stablecoin, called C PESO.
Furthermore, the Philippines has given citizens access to the digital wallet G Cash, which can be used to buy, sell, and store crypto. Using this wallet, mobile remittances can be made from Canada to the Philippines, with the platform offering plenty more opportunities.
Filipinos Are Optimistic but Still Cautious
In 2022, El Salvador became the first country to adopt Bitcoin as legal tender for any transition. The European Union, USA, and Japan have also recognized the legality and financial value of cryptocurrencies.
The Philippines, on the other hand, has shown a lot of optimism but has yet to completely accept crypto as legal tender. There is still a lot of caution mixed with the enthusiasm. However, considering the fact that the first half of 2021 saw a 362% increase in crypto transactions, the authorities may soon become less cautious.
With transactions reportedly worth P105.93 billion being conducted in the first half of 2021, the Philippines is currently the fifth-ranked country in terms of crypto ownership. The day is fast approaching when the Philippines may be one of the best places to invest in crypto. If you are thinking of developing online crypto games like slots, this could be a hidden gem worth considering.
The Future of Crypto in the Philippines
With the central bank and other government agencies endorsing the use of cryptocurrency in financial transactions, it seems that digital currencies have a bright future in the country. One of the most encouraging facts is that the biggest supporters of using cryptocurrency seem to be the younger generation.
Even after enduring the recent global crypto crash, interest in digital currencies is still strong in the Philippines. As long as the government continues to support crypto and launch further initiatives to help residents adopt it as a viable transaction method, the industry will continue to grow at an exponential rate.