The Philippines is among the countries with the highest acceptance and adoption of cryptocurrencies in the world.
Since the beginning of the operations with cryptocurrencies, many countries have found a potential risk for traditional economies in said assets. Moreover, cryptocurrencies have been a commercial ally in other nations that helps economies which face crises and deficiencies, this, as well as an alternative to innovate and improve technology platforms.
There are some governments in the world that have banned trading, mining and even owning cryptocurrencies. They argue that cryptocurrencies could destabilize internal negotiations and generate complex economic problems. However, other countries have seen the crypto-economy as a viable option to boost international marketing and ensure citizens the freedom to save money with the currency of their choice. This includes, in some cases, the modification of government laws and support.
In the case of countries like the Philippines that have opted for new commercial technologies, there have been major changes and important actions that put the Asian country as one of the nations with more acceptance of digital currencies.
An example of this is shown by the highest financial institution, as the Central Bank registers more movements and transactions with cryptocurrencies every day. Just as other state institutions have acted in concert with the industry, such as the Securities and Exchange Commission of the country that has acted strongly with everything related to the cryptocurrency business.
To deepen the actions of the crypto economy in the Philippines, it should be noted that the Philippines has been the first country in the world that has allowed its national banks to fully operate in transactions involving digital currencies. Through a circular issued by the Central Bank, in 2017, national banks are forced to register in the main registry of companies that handle transfers and remittances at the Central Bank. This will help to have complete control of transactions the of this nature since, in general, there are exchange operations between digital currencies and fiat money.
It is important to emphasize that the Philippines is one of the countries that have great advantages as it is considered a “special economic zone”, where, in this way, encryption exchange companies receive a license to operate abroad. It is known that up to now 37 licenses have been granted to exchange operators.
Luis Buenaventura, Founder of the company Bloomsolutions Inc. one of the companies related to cryptocurrencies with permission to operate in the Philippines, mentioned that the country has all the advantages to be a world power in the world of digital currencies.
“We have not only a real regulatory framework for crypto exchanges, but we are also predominantly an English-speaking population who can use the same tools and applications as the American public. Therefore, we tend to be a launching pad for new American companies looking to expand in the region”, he said.
To support the idea of the definitive adoption of cryptocurrencies, Buenaventura explained that more than two million Filipinos have ever used cryptocurrencies, thus supporting the thesis that it is almost an economic fact in the country.
By María Rodríguez