Crypto Currency adaption In Philippines
Due to the effect of the COVID-19 Virus pandemic the mass adaption of crypto currency reach its highest peak.
Most of country worldwide right now is already adapting the influence of the new normal online transaction which is already being part of any individual business or company.
Based on the database of
Atlantic Council Research
Bank of International Settlements
International Monetary Funds
There are already 80+ countries that are exploring the CBDC (Central Bank Digital Currency) which is already had of 9 countries that fully launched there own CBDC, 14 countries that still in pilot, while 16 countries is still under development of there own CBDC and a 41 countries that is trying to research it. According to some government there are alot reasons to explore the virtual currency such as known cryptocurrency. It say that it depend on the economic situation of every country.
International Monetary Fund explained that CBDCs are:
Most cost efficient than physical cash as they have lower transaction cost.
The Central Bank can promote financial inclusion, meaning those who are unbanked can get easier and safer access to money on there gadget.
The Central bank can compete with private companies that need incentives to meet transparency standards and illicit activity
The Central Bank can help monetary policy flow more quickly and seamlessly
with this reason above my country of Philippines already started to adapt the block chain transaction or online transaction. The Top 2 telecom in Philippines already launch each apps which is cooperating on top consumer either private and public company to promote the online payment and banking.
Smart Communication Incorporated launched there own payment provider called as PayMaya.
PayMaya is owned by PayMaya Philippines, Inc, the subsidiary for the PLDT-Smart group, is the 2nd most popular finance app for both iOS and Android smartphones.
Virtual Card (Mastercard / Visa, depends on the network)
Cash-out via PayPal / ATM
Deals for food, parks, and more via MVPRewards
While the competitor of Smart Incorporation the Globe Inc. release also there own payment apps as counter to there competitor.
GCash is the most popular finance app in the Philippines right now on both iOS and Android smartphones. It is owned and operated by Globe Telecom, Inc. and it is awarded as an Outstanding Partner for Digital Transformation and Outstanding Partner for Innovative Financial Services in the 2019 BSP’s 16th Awards Ceremony.
Virtual Card (American Express)
Save trees with GForest
Loaning with GCredit
Save money with CIMB Bank
Best upgrading system so far
while the Top telecom competing each other there is also some private company that release its own payment apps which that mostly adapting the crypto currency rather than CBDC the Coins.ph which is the most top apps in Philippines that used to carry a crypto currency transaction.
Coins.ph is the least popular finance app, but has the best features for this list. This is the one and only payment provider who has the support for cryptocurrencies and has the beep integration for NFC capable phones.
Cryptocurrency support for Bitcoin, Ethereum and more
Open for all QR support for small businesses
Send and receive bitcoins and Ang Pao system
Beep™ card Integration
The Top reason why crypto currency adaption in Philippines is already in process is the new types of earning money the "Play to earn games that was being famous worldwide not only in Philippines but over the world since year 2020. The Philippines is already in top of countries that adopting on this blockchain transaction due to the fact of 40% of the filipino is a fans of PTE games. there is some report that some filipino got rich thru this games such as John Aaron Ramos. On May 1, the 22-year-old announced on Facebook that he had bought two homes, solely with money earned from playing an online game.
Ramos is not an elite esports star with brand sponsorships, nor a Twitch streamer. He is a keen player of Axie Infinity, a play-to-earn game that falls somewhere between Pokémon Go and an NFT market, where users battle brightly colored creatures for in-game rewards ethat can be converted into cash.
from this news most filipino that unemployed and had some funds started to invest on Any legilble play to earn games in hoping to struck there luck.
with this reason the adoption of crypto currency thru NFT games already reach the highest peak of its influence where you can mostly see a filipino either a kid or adult playing and promoting the games that they encounter. So the progress of crypto currency adoption in Philippines is already starting to influence the government to adopt it too which they crypto currency tax is already in talk in our congress and starting to file a legal law about it so in few years you can see the Philippines soon as the one of the country that had legal law in crypto currency not such only a CBDC but also the other decentralized crypto currency.