Cryptocurrency is becoming the next big thing in the Philippines.

[Cordillerabit]

MANILA, Philippines — Depending on who you ask, either excitement or skepticism surrounds the topic of cryptocurrency. But as time has proven, necessity is still the mother of technological innovation and adaptation. Cryptocurrency, once previously dismissed as a fad, is now earning more credibility and trust.

Filipinos: Optimistic but still cautious
Just recently, the nation of El Salvador became the first country to adopt bitcoin as legal tender officially. Countries like Japan, US and the European Union have also recognized cryptocurrencies as legal, financial assets with value.

The Philippines has also exhibited increasing optimism about crypto. Banko Sentral ng Pilipinas (BSP) data shows that the volume of cryptocurrency transactions grew 362% year on year to nearly 20 million in the first half of 2021.

These transactions, according to a report, were worth P105.93 billion. The local demand for crypto is rising, so much so, that a recent study reported that the Philippines ranks fifth worldwide in terms of ownership, with 28% of adults saying they own cryptocurrency.

Nichel Gaba, founder and CEO of Philippine Digital Asset Exchange (PDAX), one of the leading virtual asset providers in the country, cites several factors that contribute to the growing popularity of digital assets.

Source: https://www.philstar.com/business/crypto/2022/04/04/2171545/cryptocurrency-becoming-next-big-thing-philippines-it-could-be-you-too