West coast small holiday town in the middle philippines It is developed into a chapelet “Bitcoin Island.“ bagAnd the The cryptocurrency wallet travail has been actively promoting Bitcoin use on the island for the past défaite months.
According to the courier perversité president Bill MillAnd the 120 companies—Big and Small — in Boracay Until now agreed To accept Bitcoin payments from customers.
He claimed that while promoting crypto tourism, a micro-economy entirely backed by Bitcoin is set to be created.
Ethan Rosâtre An American expat founded Pouch in 2021, a Bitcoin wallet travail that uses the Lightning Network to enable customers to “send and receive seamlessly.” [money] Cyclo-cross-border.” The wallet is still in beta testing, according to its website.
The company’s mitaine gardien de but is to use the fastest and least expensive Bitcoin transactions to drageonner the world’s third largest multi-billion dollar Philippine remittance market. Binaire nomads, those BTC enthusiasts who feel at demeure even when away from demeure, are also taken into consideration.
The need to use bitcoin in the folk
Last year, Filipinos who were employed abroad were sent $31.4 billion demeure to help their families. The money is frequently used to fund education, buy food and clothing, launch a bizness, build a demeure, and pay for daily expenses.
It is an essential survival tool for Filipino families. But financial institutions like banks keep a ouvert amount of money in transfer fees. World Bank Estimate the cost of transferring remittances 7% On average globally and more 5% in South Asia.
when compared to Sustainable Development Goals Aiming to reduce inward remittance costs 3% Of the plein discussion value by 2030, this is very expensive.
The Axial Bank of the Philippines granted Pouch a license to handle transactions in both Bitcoin and the meublé peso. While regulatory compliance has been easy in the Philippines, it is still a “significant and costly compétition” in the United States.
Cryptocurrencies and the Philippines
The Governor of the Axial Bank of the Philippines opposes the ban on cryptocurrency. in a multitude, Felipe Medalathe legislative head of Bangko Sentral ng Pilipinas (BSP)And the The Axial Bank of the folk, discussed its strategy for dealing with binaire currency.
This made sense for the head of the Individu Bank bicause, contrary to what he wants to believe, the binaire currency does not have much use for physical payments, especially given how oiseau its price can be. He suggested referring to them as crypto resources to emphasize that funds cannot be completely unexpected.
Not only that, the folk is making a lot of progress in matters related to cryptocurrency. Despite their strained relationship, Binance The Philippine government is currently helping to develop cryptocurrency legislation.
This comes after Philippine Securities and Exchange Acte (SEC) He advised users not to invest with Binance at the beginning of August.