The Central Bank of the Philippines revealed a new important statement. It was about the authorization of the first official trade between fiat and cryptocurrencies on real-time exchanges. There has remained a high number of these exchanges in the Philippines from the big boom that occurred late in 2107 all the way through to date, or the first quarter of this year.
Crypto To Fiat Exchanges Higher Than Ever In The Philippines
The transactions involving the cryptocurrencies of the world and fiat is higher than ever during the first three months of 2018 in the beautiful islands of the Philippines. The numbers have revealed figures that are extremely high, these numbers where revealed from the Central Bank of the Philippines. Bangoko Sentralng Pilipinas (BSP) is the name of the important financial institutions.
The results of exchange have happened even though there were several warnings issued to the public in the country by the central bank. The warnings from the bank involved statements about instruments for cryptocurrency trading, that were developed to discourage people from buying, selling or trading cryptocurrencies.
The Deputy Governor of the BSP, Chuchi Fonacier mad an announcement that the conversion of the cryptocurrencies into the national money called the Filipino Peso, and other fiat moneys made an average of $24.16 million USD worth of value each and every month. As for this year, the total conversions from the first quarter totaled #36.74 million USD worth of exchanges, as reported by the Philippine Star.
During the last quarter of 2107 he also stated that the average monthly number of transactions involving the exchange of currencies to cryptocurrencies reached more than $24.79 million USD worth of value. That number only included the Philippine Peso, while the total amount including all fiat currencies in the country totaled more than $38.27 million USD worth of value.
A Fertile Ground For Bitcoin Adoption
The country of the Philippines has a total population over one hundred million people, making certain distinct factors important when it comes to cryptocurrency. The reason that the country has such fertile growth for Bitcoin and other cryptocurrency in the Philippines is, because of the countries natural need to rely heavily on remittances from countries overseas.
Filipino workers as well as other international tourism are also some of the important factors to the local cryptocurrency growth in the country. Both of these are benefits that stand to continue the growth of cryptocurrency on cross-country transfers, which have been completed because of cryptocurrency.
More importantly, not like other Asian countries, the local Filipino authorities focused on finances have not placed any bans on cryptocurrency transactions and the BSP has even made authorizations to operate some of the largest exchange platforms in the country.
Some of these exchanges include Rebittance Inc, Betur Inc (Coins.ph), and Bloom Solutions Inc. it was reported last month, Coins.ph reached astounding five million users in the month of May for Mobile payments applications and other hot wallets.
The question now is what can the community around Bitcoin and cryptocurrency do to keep encouraging the future advancement of the digital value market in the Philippines? Please let us know and share your thoughts in the section for comments below.