How Bitcoin is Transforming the Economic Landscape in the Philippines
The Philippines has been experimenting with different payment modes for years. The problem is that many of these systems never attained worldwide recognition. Bitcoin, however, has proven to be one of the most promising medium of exchange in the Philippines, thus far. Bitcoins appeared in 2009, but they only managed to gain some traction in the last 3 years. The digital currency was just introduced in the Philippines and one company largely responsible for raising cryptocurrency awareness in the country is Bitmarket.ph. Launched in May, Bitmarket.ph is more like a marketplace, payment....
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CNBC recently asked, “How bad would it be for the economy of the Philippines if remittances were to dry up?” They proceeded to sign economic indications that this is indeed the route that the Philippine remittance market is headed down—slowing growth in remittances from key remitting markets, such as the U.S., elsewhere in Asia, and other regions. Another fundamental shift in economics pointed to by CNBC: The Philippines appears to be shifting from an economy that relies on sending labor abroad to one that employs labor at home—the proof of this argument is in the booming BPO industry. The....
The technological developments brought about by the invention of blockchain, bitcoin, and cryptocurrencies are rapidly transforming the financial landscape with the nascent industry failing to fit any conventional classification to become an asset class of its own. Stablecoins Are the Solution Tumultuous as it was in its journey towards the mainstream, the digital currency industry has been beleaguered by wild market fluctuations, fraud, theft, and infested with criminal activities. Despite all these, the sector is proving itself resilient and yet in these unprecedented economic times,....
The rate of adoption of mobile money and bitcoin is increasing in the Philippines, driving the country towards a cashless economy. The Asian countries have exhibited tremendous economic growth in the past few years. While China and India make the icing on the cake, Philippines is right around the corner. As the country’s economy grows, adoption of latest technology in the economic sector should also grow hand-in-hand. In order to keep up with the technological advancements, while ensuring the benefit of the masses, the country is slowly inching towards a cashless society. The country’s....
The practically non-existent start-up ecosystem in Philippines has suddenly sprung to life. Thanks to the bitcoin revolution, the number of start-ups, particularly cryptocurrency related ones is increasing from the past couple of years. The success of Bitcoin in Philippines can be attributed to the social and economic factors. The two main factors that has led to a bitcoin boom in Philippines: Philippines has a huge remittance market. Like China and India, there are many Filipino emigrant workers employed across the world. Like in any other developing countries, even the emigrant Filipinos....
Global businesses are confronting significant headwinds as cross-border payment volumes have rebounded to pre-pandemic levels while grappling with the looming challenges of escalating interest rates. Amidst these complexities, Ripple Labs’ latest insights into the shifting economic landscape reveal their crypto-enabled payment solutions as a countermeasure. Major Pain Points In The Economic Landscape In their recent […]