Cryptocurrency at FIAT Transactions nanatiling Mataas sa Pilipinas

[Kyoshiro]

Credits: Shutterstock


Transactions involving both fiat and cryptocurrencies remained high during the first three months of 2018 in the Philippines, revealed new figures released by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). This happened despite the warnings to the public issued by the central bank about the risks involved with the instruments, which were meant to discourage the acquisition, possession and trading of cryptocurrencies.

BSP Deputy Governor Chuchi Fonacier announced that conversion of cryptocurrencies into the local peso as well as other fiat currencies by monthly average amounted to $24.16 million, while conversion from peso and other fiat currencies to cryptocurrencies reached $36.74 million in the first quarter of the year, as The Philippine Star reported. In the last quarter of 2017, Fonacier said the average monthly transactions involving conversion of cryptocurrencies to peso and other fiat currencies reached $24.79 million, while conversion from peso and other fiat currencies to cryptocurrencies amounted to $38.27 million.

A Fertile Ground for Bitcoin Adoption

Cryptocurrency to Fiat Transactions Remain High in the PhilippinesThe Philippines has a population of over 100 million people, and it has a couple of factors that make it a fertile ground for bitcoin adoption. Its growing economy is heavily reliant upon remittances from overseas Filipino workers and international tourism is an also important sector of the local industry, both of which stand to greatly benefit from reduced costs on cross-border transfers enabled by cryptocurrency.

Moreover, unlike other locations in Asia, the local financial authorities have not banned fiat to cryptocurrency transactions and the BSP even authorized the operation of a few exchange platforms in the country including Rebittance Inc, Betur Inc (Coins.ph), and Bloom Solutions Inc. As we reported last month, Coins.ph reached a whopping five million users in May for its mobile payments app and hot wallet.

References:
https://bitcoin.com

[CebuBitcoin]

I think wrong thread ka Op, may section po tayo na for news only, tsaka mas mainam kung itratranslate mo ito Op since nasa local board naman tayo. Thanks

[Mr.X]

Magandang balita na ang Cryptocurrency  at Fiat transactions  ay manatiling mataas sa Pilipinas sa tingin ko dapat lang upang ang ating ekonomiya ay lalong lumakas at makatulong sa mga walang trabaho.

[Kyoshiro]

I think wrong thread ka Op, may section po tayo na for news only, tsaka mas mainam kung itratranslate mo ito Op since nasa local board naman tayo. Thanks

Salamat bro sa payo. Pero di kasi siya balita, informative segment po ito tungkol sa increase of transactions at Bitcoin adaptation sa Pilipinas. Inanalisa ko kasi ito ng mabuti. Nahirapan nga lang ako magtranslate. Pero susubukan ko bro sa susunod kong mga post.

[whitemacna]

Ang Pilipinas ay nagiging isa sa mga nangungunang bansa sa mundo na nag-aalok ng isang mahusay na lokasyon upang bumuo ng mga proyekto ng blockchain at cryptocurrency. Ayon kay Mr. Brock Pierce, isang tagapagtaguyod ng blockchain at cryptocurrency pioneer, ang bansa ay isang magandang lugar upang mapalago ang blockchain dahil ito ay isang bansang Ingles na nagsasalita, ay may isang malaking silid na lumalaki, at isang malaking hindi populasyon na populasyon.

[micko09]

I think wrong thread ka Op, may section po tayo na for news only, tsaka mas mainam kung itratranslate mo ito Op since nasa local board naman tayo. Thanks

tama ka paps, at mukhang copy paste lang ginawa nya from the original post sa site, although wala naman prob dun, pero sana man lang ginawa nyang tagalog since nag post sya sa Local board ng PH.

[alstevenson]

Tama yan kabayan madami na ang nakikipagtransaksyon gamit ang cryptocurrency dito sa Pilipinas at dadami pa sa pagdating ng panahon.