I also believe that the Philippines soon be known as Crypto friendly country. As more and more uses social media and transaction, the mood of payment prefer cashless options; it's a gateway and revolution of compensation options. The Philippines will also be cashless soon, starting with Gcash/Paymaya. Soon the tribe tokens and Hive will influence the growing interest in cashless basis in the Philippines. (I'm excited about this)
Just that conversion to peso of other Token still a problem with high gas fees.
I am not sure about regulation there, do you guys accept it as payment instrument(legal tender)? what about the taxation? I saw places in PH accepting BTC and wondered if that was true because that would mean, the country's accepted currency would be "peso" and some form of "cryptocurrency". If they start accepting crypto as legal tender that would be huge and perhaps first in SEA.
No, thou some offers and accept crypto yet, a virtual wallet that is frequently used for buying E-load, sending virtual remittances, and even shopping online has a feature of crypto wallet.
And for the tax, I am not sure but maybe it was included in gas fees, for we pay high as we convert it to local currencies, lol. And those crypto wallets are regulated by bank central.
I was impressed by one of the wallets that offered now more than ten altcoins just this year.
I don't see it happening in the course of months unless there is a rise in more paperless money transactions. The indicators being looked at is the number of money e-transactions, increase in investing interest and and crypto. We have seen both growth on those areas but not enough to compel law makers to give clear directions on how they want to proceed.
A lot of business can be put up when you enable a crypto tolerant environment plus mainstream enthusiasm. Perhaps the next bull run will see some changes. Right now it's just positioning ourselves in the space that matters.
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