Major Remittance Markets See Massive Success With Bitcoin (Philippines)

[Cordillerabit]

Major remittance markets such as the Philippines have seen significant success in legalizing bitcoin as a payment method over the past year. In December, the Philippine central bank legalized bitcoin as a legal currency, enabling expat workers and local employees to use bitcoin to process remittance payments.

Consequently, Coins.ph, the largest bitcoin brokerage and remittance startup in the Philippines, gained 2 million active users, establishing itself as the most used mobile app in the Philippines. With a $15 million investment from Google’s venture capital arm, Coins.ph expanded to Thailand and Malaysia and launching Coins. Coins.ph, adding hundreds of thousands of new users.

Square, one of the largest payments apps in the world, has three million active users. Coins.ph, a local Philippine remittance app, has a similar user base as Square, a $16 billion financial company.

If India regulates bitcoin and legalizes the currency, its remittance industry will be quick to adopt bitcoin, growing the mainstream adoption of the digital currency in the region.

https://www.cryptocoinsnews.com/what-happens-when-india-regulates-bitcoin-as-largest-remittance-market/