Bitcoin Service Providers Increase Foothold in the Mainstream Philippine Market
Bitcoin service providers are seeing an increase in mainstream adoption as Filipinos are increasingly using Bitcoin for remittances, payments of utility bills and other daily transactions.
The operations of Bitcoin service providers in the Philippines are expanding at an exponential rate as of early August 2017. This comes as Bitcoin is rapidly adopted by local workers and expat Filipino employees as a way to make remittances, pay utility bills and other engage in other transactions.
Inefficient local banking systems
The high rate of adoption of the digital currency in the country is also due to the inefficiencies of the local banking systems.
Moreover, the mainstream adoption of Bitcoin in the country is chiefly triggered by the Philippine central bank’s move to legalize the use of the virtual currency in early 2017. As a result, The Philippine central bank has received almost double the usual rate of license applications from exchanges looking to operate in the country.
Bitcoin in the Philippines
There are already several Bitcoin service providers in the Philippines. Among them are Coins.ph, Rebit, and BuyBitcoin. Coins.ph is the country’s leading exchange, having expanded its operations to Hong Kong, Malaysia and Thailand. The company is also well funded after raising $10 mln in early-stage funding.
Coins.ph claims to have saved Filipinos an aggregate total of 190 years standing in line at traditional banks since its launch in 2014. The exchange has also announced that it has over one mln active users and is rapidly growing. This is particularly impressive because the Philippines is known for its strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Meanwhile, BuyBitcoin CEO Sam Kaddoura said that local Bitcoin firms are trying to provide more economical and efficient ways for Filipinos to settle their remittances and payments through the use of the cryptocurrency.
“From the consumer perspective, not everyone in the Philippines can get approved for a credit card. In many instances, consumers will just run to the bank to physically make the deposit if they are purchasing something online. However, if you’ve Bitcoin in your wallet, you would never have to leave your house to make payment. A few clicks and confirmations and the transaction is done.”