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Author Topic: [2018-06-28] Cryptocurrency to Fiat Transactions Remain High in the Philippines  (Read 39 times)
maarx
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June 28, 2018, 04:03:50 AM
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Cryptocurrency-Fiat Transactions Remain High

Cryptocurrency to Fiat Transactions Remain High in the Philippines Transactions involving both fiat and crypto currencies remained high during the first three months of 2018 in the Philippines, revealed new figures released by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). This happened despite the warnings to the public issued by the central bank about the risks involved with the instruments, which were meant to discourage the acquisition, possession and trading of crypto currencies.

https://news.bitcoin.com/cryptocurrency-to-fiat-transactions-remain-high-in-the-philippines/

BSP Deputy Governor Chuchi Fonacier announced that conversion of cryptocurrencies into the local peso as well as other fiat currencies by monthly average amounted to $24.16 million, while conversion from peso and other fiat currencies to cryptocurrencies reached $36.74 million in the first quarter of the year, as The Philippine Star reported. In the last quarter of 2017, Fonacier said the average monthly transactions involving conversion of cryptocurrencies to peso and other fiat currencies reached $24.79 million, while conversion from peso and other fiat currencies to cryptocurrencies amounted to $38.27 million.

This indicates the number of people and transaction have increased so high?


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June 28, 2018, 06:54:43 AM
 #2


Cryptocurrency-Fiat Transactions Remain High

Cryptocurrency to Fiat Transactions Remain High in the Philippines Transactions involving both fiat and crypto currencies remained high during the first three months of 2018 in the Philippines, revealed new figures released by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). This happened despite the warnings to the public issued by the central bank about the risks involved with the instruments, which were meant to discourage the acquisition, possession and trading of crypto currencies.

https://news.bitcoin.com/cryptocurrency-to-fiat-transactions-remain-high-in-the-philippines/

BSP Deputy Governor Chuchi Fonacier announced that conversion of cryptocurrencies into the local peso as well as other fiat currencies by monthly average amounted to $24.16 million, while conversion from peso and other fiat currencies to cryptocurrencies reached $36.74 million in the first quarter of the year, as The Philippine Star reported. In the last quarter of 2017, Fonacier said the average monthly transactions involving conversion of cryptocurrencies to peso and other fiat currencies reached $24.79 million, while conversion from peso and other fiat currencies to cryptocurrencies amounted to $38.27 million.

This indicates the number of people and transaction have increased so high?



New entry into crypto is seen. The count increases everyday. The media and people in the crypto community are the main reason behind increasing of investors. More ICOs are entering. Even small investors who are able to buy cheapest tokens. When ICO gets succeeded , the tokens are exchanged into fiats.This increases the exchange percentage. The hit would have been last December. And this would be have been another reason for more investors get into crypto community.

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buwaytress
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June 28, 2018, 01:55:35 PM
 #3

New entry into crypto is seen. The count increases everyday. The media and people in the crypto community are the main reason behind increasing of investors. More ICOs are entering. Even small investors who are able to buy cheapest tokens. When ICO gets succeeded , the tokens are exchanged into fiats.This increases the exchange percentage. The hit would have been last December. And this would be have been another reason for more investors get into crypto community.

I wouldn't say the Philippines is a new entry into crypto, they've actually always been an early adopter in Southeast Asia, even if volumes don't match their neighbours Malaysia and Singapore.

The article is probably demonstrating what had been predicted to happen at least since last year, when countries like Philippines (whose #1 GDP is foreign remittances) with their substantial numbers of overseas workers discover it's cheaper, safer and quicker to send home Bitcoin, instead of traditional money transfers they'd been using all this while. I have heard some employers even arrange for workers to be paid directly in Bitcoin - with the sell prices for Bitcoin in PH quite good, this not only means they save more on fees, but that they get more bang for coin too.

Once other countries with foreign remittance #s also start making it easier to sell Bitcoin - Bangladesh for one - then we'll see these countries pick up in volume too.

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June 28, 2018, 02:18:47 PM
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New entry into crypto is seen. The count increases everyday. The media and people in the crypto community are the main reason behind increasing of investors. More ICOs are entering. Even small investors who are able to buy cheapest tokens. When ICO gets succeeded , the tokens are exchanged into fiats.This increases the exchange percentage. The hit would have been last December. And this would be have been another reason for more investors get into crypto community.

I wouldn't say the Philippines is a new entry into crypto, they've actually always been an early adopter in Southeast Asia, even if volumes don't match their neighbours Malaysia and Singapore.

The article is probably demonstrating what had been predicted to happen at least since last year, when countries like Philippines (whose #1 GDP is foreign remittances) with their substantial numbers of overseas workers discover it's cheaper, safer and quicker to send home Bitcoin, instead of traditional money transfers they'd been using all this while. I have heard some employers even arrange for workers to be paid directly in Bitcoin - with the sell prices for Bitcoin in PH quite good, this not only means they save more on fees, but that they get more bang for coin too.

Once other countries with foreign remittance #s also start making it easier to sell Bitcoin - Bangladesh for one - then we'll see these countries pick up in volume too.
It’s my first time hearing that OFW’s have been receiving btc to send to their families in the PH. I didn’t think that it would be cheaper to send bitcoin considering the possible fees. Although I’m not surprised to hear about the info shared by the article. Filipinos would want to sell their BTC to fiat because of the high rate of exchange. Consider that the price of BTC is about $6,100 today and the price of peso to 1 USD is about 53 pesos — cashing out would really be a viable option. The conversion would be around 330K in pesos, which can buy a lot in the PH.

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June 28, 2018, 05:42:45 PM
 #5


Cryptocurrency-Fiat Transactions Remain High

Cryptocurrency to Fiat Transactions Remain High in the Philippines Transactions involving both fiat and crypto currencies remained high during the first three months of 2018 in the Philippines, revealed new figures released by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). This happened despite the warnings to the public issued by the central bank about the risks involved with the instruments, which were meant to discourage the acquisition, possession and trading of crypto currencies.

https://news.bitcoin.com/cryptocurrency-to-fiat-transactions-remain-high-in-the-philippines/

BSP Deputy Governor Chuchi Fonacier announced that conversion of cryptocurrencies into the local peso as well as other fiat currencies by monthly average amounted to $24.16 million, while conversion from peso and other fiat currencies to cryptocurrencies reached $36.74 million in the first quarter of the year, as The Philippine Star reported. In the last quarter of 2017, Fonacier said the average monthly transactions involving conversion of cryptocurrencies to peso and other fiat currencies reached $24.79 million, while conversion from peso and other fiat currencies to cryptocurrencies amounted to $38.27 million.

This indicates the number of people and transaction have increased so high?


If we do try to compare those numbers it do only increase for some hundreds of thousands on Peso value but it do still mean that the demand is increasing due to such change of numbers.Im little bit surprised that it do comes to a point where it do have an average monthly transactions costing or reaching to 24M php which is indeed a high amount for a short period of time. This do only signifies that demand is uprising into this country since pinoys do already recognize the usefulness of crypto or bitcoin when it comes to payment matters.

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July 01, 2018, 12:24:21 PM
 #6


Cryptocurrency-Fiat Transactions Remain High

Cryptocurrency to Fiat Transactions Remain High in the Philippines Transactions involving both fiat and crypto currencies remained high during the first three months of 2018 in the Philippines, revealed new figures released by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). This happened despite the warnings to the public issued by the central bank about the risks involved with the instruments, which were meant to discourage the acquisition, possession and trading of crypto currencies.

https://news.bitcoin.com/cryptocurrency-to-fiat-transactions-remain-high-in-the-philippines/

BSP Deputy Governor Chuchi Fonacier announced that conversion of cryptocurrencies into the local peso as well as other fiat currencies by monthly average amounted to $24.16 million, while conversion from peso and other fiat currencies to cryptocurrencies reached $36.74 million in the first quarter of the year, as The Philippine Star reported. In the last quarter of 2017, Fonacier said the average monthly transactions involving conversion of cryptocurrencies to peso and other fiat currencies reached $24.79 million, while conversion from peso and other fiat currencies to cryptocurrencies amounted to $38.27 million.

This indicates the number of people and transaction have increased so high?


If we do try to compare those numbers it do only increase for some hundreds of thousands on Peso value but it do still mean that the demand is increasing due to such change of numbers.Im little bit surprised that it do comes to a point where it do have an average monthly transactions costing or reaching to 24M php which is indeed a high amount for a short period of time. This do only signifies that demand is uprising into this country since pinoys do already recognize the usefulness of crypto or bitcoin when it comes to payment matters.

when it comes to Philippines I really don't like their most popular wallet Coins.ph
I do not use it myself neither I live there,but I hear stories from my friends
that this wallet is not gamble friendly at all and can block your funds if they suspect you sending money to online gambling platforms
this is riduclous and reminds me of Coinbase discriminative policies
where you have to make sure you read TOS every time and make sure they do not hold your coins hostage  if you happen to deposit to a casino or similar

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July 01, 2018, 09:53:03 PM
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Not new to me at all. Bitcoin here in the Philippines is very well appreciated by the citizens here. Though the government warned us about investing in to this kind of investment, people are aware now about what could possibly happen to their money. That's why transactions of crypto to fiat are not far from other crypto friendly countries. But still, most  of the population is not widely accepted cryptocurrencies because people here think that it's just a modus.

Philippines is crypto friendly country. On adoption, just need to push some more because actually on few know cryptocurrencies. But im satisfied now because Coins created local exchange which allowed us to trade. My country can stand alone now. I have not used it though.

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