The Philippines are setting the pace for massive crypto adoption.
The Philippines, unlike some other countries that have been hesitant towards cryptocurrencies, are expediting the pace with which they integrate digital coins into their economy.
Coins.ph, a leading cryptocurrency exchange in the Philippines, recently celebrated the membership of 5 million Filipinos on their website. The cryptocurrency exchange was launched in 2014, and since then, it has provided services like payment solutions and digital wallets to customers.
The platform bridges the gap and delivers financial services, especially for those who have no access to the country’s banking system.
Coins.ph operates through its mobile app, and the platform also compensates its customers for making use of its services. This singular act has enabled the portal to retain its existing customers, while also attracting new users through positive acclaim.
Every user gets a 10% discount on purchases made through the app whenever they credit their account through the Coins.ph mobile app. They also give extra bonuses if users make payments of utility bills, insurance, tuition fees, and others through the app.
Ron Hose, CEO and founder of Coins.ph, maintains that the app aims to provide financial services to all Filipinos, without excluding those who do not have a bank account.
The website is currently compatible with cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum (ETH). Since the app is based on blockchain technology, users enjoy lightning fast international payments at low cost.
Reaching a user base of 5 million has made a case for accommodating those without access to traditional banking services. In the Philippines, this demographic constitutes a significant proportion of the population at 77%.
Several prohibitive factors, including the lack of documentation, illiteracy, the lack of resources, have been blamed as some of the reasons behind Filipinos’ inability to access banking services.
With the poor market penetration of traditional banking, many Filipinos have embraced cryptocurrency. About 10% of Philippine adults now use cryptocurrency to make payments.
Joseph Lubin, who co-founded Ethereum, noted that both Chile and the Philippines are on the forefront in adopting the ether as their most preferred cryptocurrency.
A lot of research is also being done to study the payment efficiencies created by cryptocurrencies in cross-border transactions when compared with the conventional models of business, such as Western Union Money Transfer.
Statistics indicate that cryptocurrency usage is rising, particularly in developing economies like the Philippines, where many people have discovered the practicality of cryptocurrencies and blockchain technology.
The Philippines has been proactive in drafting crypto regulations and has set up an adequate regulatory framework for its crypto industry. Other countries could follow in the island country’s footsteps to regulate the crypto industry, without affecting its commercial possibilities.
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