Bitcoin adoption – The Philippines, known as the Pearl of the Orient Seas. The country is rich in natural resources such as nickel, copper, gold, silver and minerals.
The Philippines is a country with a population of over 100 million people with the average age of just over 24 years with 44,9% of people living in urban areas. An interesting fact is that over 70% of people in the Philippines do not have bank accounts – Bitcoin can potentially change the lives of millions! The economy is growing around 6,3% in 2016 and forecast at 6,1% for 2017.
The Philippines are embracing the new digital economy with Telecommunications well-developed due to the presence of modern infrastructure facilities. 100% penetration of mobile phones vs 10% in laptops and PC’s.
The Philippines is the third largest recipient of money from its workers overseas, after China and India, with $29,8bn received in 2015. Besides this number, there are internal remittances up to $70bn within the Philippines – imagine the transfer costs associated with this? Bitcoin cost to transfer is negligible! Bitcoin can alleviate poverty.
There are Bitcoin Exchanges and OTC’s established, namely Coins.ph ; Buybitcoin.ph ; Rebit.ph ; localbitcoins.com – people can buy and sell bitcoin; make local and international payments, and also settle utility bills. There are also e-commerce platforms that accept bitcoin such as CashCashPinoy and MetroDeal – all geared towards making Bitcoin transaction easy and part of every day life.
Philippines is more than ready for Bitcoin – Asian, US and Latin cultures – a fast-growing economy (second only to China and India in terms of growth in Asia) – 100 million population country should not be overlooked
The Central Bank is most concerned about cyber security as are we – make sure you keep your bitcoin safe and secure.
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