PH has the potential to be a crypto hub
The Philippines’ forward-thinking perspective about the adoption of digital assets and blockchain-based business models gives the country the potential to become a cryptocurrency hub.
A report by Gulf Crypto stated that the popularity of cryptocurrencies in the Philippines is due to the economic shift the country experienced after digital assets became more popular. A recent survey revealed that the Philippines ranks number 10 in cryptocurrency adoption with more than 11.6 Million Filipinos having digital assets.
In an interview with Cointelegraph, Omar Moscosco, co-founder of AAG Ventures said that the said the Philippines is home to “a large unbanked and underbanked population with some 66 percent of this total population having no access to traditional banking services or similar financial organizations.”
He added that COVID-19 had triggered a digital transformation in the country, registering the highest number of first-time digital payment users at 37%.
“Digital payments accounted for 20 percent of all financial transactions in the country in 2020. This is an increase from the 14 percent in 2019. Also, in 2020, e-money transactions totaled 2.39 trillion PHP (US$46.5 million), an increase of 61 percent compared to 2019,” Moscosco highlighted.
Meanwhile, Jin Gonzalez, chief architect of Oz Finance said that the entry of Binance in the Philippines will “legitimize its operation and strengthen its position in the market.”
