Anyone paying attention to financial news knows cryptocurrency is one of the most talked-about topics. It is no exception in the Philippines, which is among the leading countries in adopting cryptocurrencies. Given the country’s public investment and interest, it is no surprise that crypto-related businesses are thriving and continuously growing.
Blockchain technology has the potential to disrupt the financial market and become as big as the internet. Deloitte’s Global blockchain development Survey reveals 76% of respondents believe that blockchain-based digital assets will be a solid alternative to fiat currencies for global finance in the next few years.
Here are the top 5 reasons why the Philippines will moon crypto in the coming years
1. Emerging numbers of users
With more than 70% of awareness related to cryptocurrencies, the Philippines is one of the biggest crypto-friendly countries in the world. Reliable sources reveal more than 4 million people are involved in crypto trading, which is now becoming a significant part of the economy due to the proper regulations, seamless process, and growth opportunities.
Another reason for the significant growth of mainstream crypto communities is the ongoing development in Tokenization, NFT games, and decentralized financial solutions. One of the latest developments grabbing attention is Nekoin.
Meet the Nekoin Protocol, a unique project which redefines and simplifies the use of Blockchain technology for businesses. Nekoin consists of entrepreneurs, technologists, and financial experts working to eliminate the centralized dependence and create a decentralized protocol that establishes value. The developers are taking strategic steps to initially target three sectors in the market, including Real Estate, Remittance, and E-commerce.
2. Binance users worldwide
Following the latest estimate that the trading volume of Binance was more than $7 trillion in 2021, making it the largest cryptocurrency exchange platform.
Binance Coin is presently the fifth most valuable coin in the market. The company has the largest user base globally, with 28.5 million users, and 4% of its overall users are from the Philippines. Industry experts are referring Binance as the future of finance and money due to Its fastest transaction times and most comprehensive collection of altcoins.
The hype tends to increase in the Philippines as a significant bank launched a Bitcoin ATM. Two other banks have considered creating stable coins to ensure legitimate future investment powered by private networks. This is appealing for investors who are wary about dipping their toes into the world of cryptocurrencies.
After successful approval of (BUSD) recently a Binance based smart chain’s stablecoi, Nekoin designed a transparent and stable Nekoin utility token to handle remittance transfers efficiently and utilize the existing payments channels to accommodate users.
3. Huge Blockchain Remittance
The Philippines has more than 10 million people working abroad full-time. These expats remit more than $2.3 billion to the country every month, representing 25% of the total workers’ remittances that they receive every year. Most citizen prefers to process transactions through cryptocurrencies to avoid extra charges and unnecessary delays.
The massive amount of remittances plays a significant role in driving the cryptocurrency market and indicates we are in the early stages of a revolution grabbing the attention of individuals, investors, and officials.
Authorities tend to acknowledge the benefits of safe and secure remittance through cryptocurrency and its potential to grow continuously without signs of slowing down. According to the latest news, the government is considering introducing a crypto-friendly economy to facilitate citizens.
4. Top social media users
According to a recent report, the Philippines ranked highest among all countries regarding social media usage in 2021. Datareportal reports reveal that the Philippines’ number of social media users increased by 16 million between 2020-2021. The immense use of social media allows users to gain an understanding of upcoming crypto projects and legitimate news
An emerging trend of NFT games
Cryptocurrency is an exciting and ever-changing adventure. As the internet becomes increasingly accessible in the Philippines, there is a new trend of play2earn and non-fungible token (NFT) games that are becoming tremendously popular among Filipinos.
Play-to-earn role-playing games are getting much traction from gaming enthusiasts and game developers. Since the pandemic cut down physical jobs, Filipinos tend to play these games more often, allowing them to earn real money doing what they love – playing games.
5. Amendments in Law | Ra11453
As mentioned, Philippines is a pioneer country in cryptocurrency adoption and following the industry’s rapid growth. The government have made amendments under Republic Act 11453
‘‘Regulatory framework to further Strengthen the Powers and
Functions of the Authority of the Freeport Area of Bataan’’
The legislation established measures to assist companies aiming to use blockchain technology and fintech, as mentioned in its Offshore Blockchain and Financial Technology Solutions.
The latest amendment is a great move that will transform the country into a haven for cryptocurrency exchanges to thrive and flourish while also providing a more secure and stable regulatory framework for businesses, ordinary consumers, and investors.
Future of crypto in the Philippines
The whole world of cryptocurrencies and blockchain is getting larger each day. From the start of the year till now, the industry’s market capitalization grew massively. That’s why people are always on the lookout for new blockchain projects as a way to make great returns on their investments.
The legal framework is all set to attract solid crypto projects to the new Cryptohaven. An up-and-coming project called Nekoin consists of industry experts to offer innovative tokenization solutions for businesses to adopt blockchain technology hassle-free. The Nekoin Protocol provides tokenization and adoption tools for all sorts of enterprises starting with the Philippines.
- Nekoin protocols aim to catapult businesses into a token-based future by providing a complete sales, marketing, and customer support solution
- With the help of tokenization, businesses can fully utilize their assets instead of keeping them idle in banks
- Easy remittance system for oversea Filipinos to avoid bank charges, taxes, and unnecessary delays
- Nekoin is paired with DeFi tools to maximize blockchain adoption in the Philippines and beyond
- Nekoin protocols offer cost-efficient and seamless transactions that let you conduct businesses worldwide with the help of cryptocurrency