With the emerging internet service availability and improved network technology such as 5G has made Philippines as a 3rd largest embrace in the market of crypto globally. Since most of the Filipinos gets their news from Facebook, twitter and Instagram which has been the major source for providing information on digital currency via advertisements to target larger audience.
As per the 2019 statistics, 68.6% of total population of Philippines are the active users on Facebook. Imagine 68.6% has been exposed to the new technology in near present which will adapt day-to-day transactions.
Aside from the internet users , overseas Filipinos will also play an important role in remittance as they are currently are the biggest economic lifetime of the Philippines apart from the BPO sector. Basic advantages in attracting Filipinos are that it is safer and efficient transactions, with zero to minimal transactions costs, instant cross border money transfers and payments , transparent transaction history and the coolest things, this could all with the help of few swipes on smartphones
This is different from current remittance transactions which take 10-20% fees per transactions. We are coming to the point that these major finance intermediaries like remittance centers would be replaced by smartphones eventually.
Therefore it is expected that with growing community of Filipino crypto enthusiasts , surfacing in various social mainstream media , promoting use of blockchain will play a major role in financial sector to boost the crypto industry at next level. As per the new reports Philippines has become one of the fastest adopters of cryptocurrency. With the help of pandemic it has fueled the Filipinos to invest and make a income out of the crypto market.
BSP stands:
It is also said that in future technology of crypto is in equal importance to the value of countries such as Nigeria and Vietnam. BSP (Bangko Sentral ng Pilipinas) indicates that gaming rewards ,BTC ,ATM networks and rural banking are the main source to hype up the crypto's growth in Philippines which has now become the third largest in the world.
Bitcoin became popular in 2017, when its value exploded from $1000 to $19,ooo in the time period of few months. Since then, BSP has stretched it's hand to establish reliable platforms to protect crypto customers and encourage them to invest more.
BSP has also established the stringent security framework to protect cryptocurrency from being used in money laundering. BSP also has indicated that crypto has improved remittance and payments and has given new openings to fundraising opportunities.
BSP has expanded it's regulation regarding the growth of cryptocurrency after seeing the long-term investments and outcomes. The new framework is in line with guidelines recommended by the Financial Action Task Force (FATF), according to the valid reports.
The new framework has also emphasized that all transactions to be treated as cross-border wire transfer, and currently all crypto established platforms to comply with current rules governing wire transfer, particularly to provide improved , secured and immediate gateway. In addition to this BSP approved virtual assets provider must also comply with existing money service business, including outsourcing, liquidity risk management, operational risk management, information technology risk management and financial consumer protection.
Therefore future of cryptocurrency trading has a hopeful prospect in Philippines.
Thanks or reading fellas!!
It will, but you have a advantage of leading the crypto trading in Mexico as you are ahead in this race. I guess that is more important.