The growing adoption of virtual assets compels the Philippine government to strengthen its capabilities for supervising actions that could affect the country’s financial system’s stability and integrity. In June 2021, the number of Bitcoin transactions roughly fivefold to 20 million. They increased 71 percent in value year on year to P105.93 billion. As one of the world’s fastest adopters of cryptocurrenciesin 2017, Bitcoin trading Philippines gained popularity as its value soared from $1,000 to over $19,000 in a few months. Thus, the BankoSentralngPilipinas creates venues that safeguard cryptocurrency users and promote adoption.
One reason for this is the growing use of Bitcoin for remittances. A remittance is a payment made by an individual to another party, usually overseas. Traditional remittances can be accomplished via wire transfers, foreign money orders, Money Transfer Operators (MTO), or electronic wallets.
However, as the economy becomes more digitalized, most businesses and institutional investors are increasingly transferring money via crypto, specifically Bitcoin, rather than the old settling method. The emergence of blockchain Philippines introduces more affordable remittances and creates chances for individuals to invest and earn. Its use in remittances is becoming more popular among many people worldwide.
Additionally, there are cost savings associated with using Bitcoin for remittances. For instance, someone transferring $200 to $300 from the United States can easily send the money for free to their family in the Philippines.
Apart from cost savings, using Bitcoin for remittances has many other advantages. It is decentralized, which implies that it is not dependent on anyone, government or entity. Additionally, it enables consumers to send and receive money globally which also allows rapid cross-border payments. It is convenient, secure, and provides excellent investment opportunities.
The following is an infographic from Coexstar Philippines, the country’s foremost Virtual Asset Service Provider, which provides traders with a secure and efficient exchange platform. For additional information, please visit their website at http://info.coexph.com/ or contact them by email at firstname.lastname@example.org.