Bitcoin service providers continue to grow in the mainstream markets of the Philippines

nnnIn the Philippines, as the Philippine central bank legitimizes the use of virtual currency, digital money is gaining recognition and adoption in the Philippines, and more exchanges are expected to operate locally. In this environment, the Philippines, a number of Bitcoin service providers are also evolving, and continue to study how to provide better services for local users, to achieve the full development of digital money.n
nnTranslated by: Inan
nIn early August, operations of Bitcoin service providers in the Philippines were expanding at an exponential level. This is because the locals and Filipinos working abroad are increasingly using Bitcoin remittances, paying utility costs and doing other deals.n
nThe local banking system is inefficientn
nThe efficiency of the local banking system is also one of the reasons why the use of digital money in the Philippines is high.n
nIn addition, the mainstream use of Bitcoin in the Philippines was triggered primarily by the Philippine Central Bank’s legalization of the use of virtual currency by the beginning of 2017. As a result, the Philippine Central Bank received twice as long as the license application from an exchange that wanted to operate on a local basis was twice that of other central banks.n
nBitcoin in the Philippinesn
nThe Philippines already has several Bitcoin service providers, including, Rebit and BuyBitcoin. is the major exchange in the Philippines and its business has been extended to Hong Kong, Malaysia and Thailand. The company raised $ 10 million in the early stages of financing, and later received a lot of money.n said it since its inception, for the Filipinos to save time in the bank line up to up to 190 years. The exchange also announced that it has more than one million active users and is growing rapidly. This is very great, because the Philippines has been known for its strict KYC and AML rules.n
nMeanwhile, Sam Kaddoura, CEO of BuyBitcoin, said local Bitcoe companies are trying to provide Filipinos with a more cost-effective way to handle their remittances and payments using digital money.n
nn”From the consumer’s point of view, in the Philippines, not everyone can be granted a credit card. In many cases, if consumers want to buy things online, it is necessary to go to the bank to save money, but if you There ‘s a bit of money in the wallet, and you do not have to pay for it. Just click and confirm that the transaction is done.n

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