The operations of Bitcoin service providers in the Philippines are expanding at an exponential rate as of early August 2017. This comes as Bitcoin is rapidly adopted by local workers and expat Filipino employees as a way to make remittances, pay utility bills and other engage in other transactions.
The high rate of adoption of the digital currency in the country is also due to the inefficiencies of the local banking systems.
Moreover, the mainstream adoption of Bitcoin in the country is chiefly triggered by the Philippine central bank’s move to legalize the use of the virtual currency in early 2017. As a result, The Philippine central bank has received almost double the usual rate of license applications from exchanges looking to operate in the country.
There are already several Bitcoin service providers in the Philippines. Among them are Coins.ph, Rebit, and BuyBitcoin. Coins.ph is the country’s leading exchange, having expanded its operations to Hong Kong, Malaysia and Thailand. The company is also well funded after raising $10 mln in early-stage funding.
Full story at http://bit.ly/2uPnc7p
Source: CoinTelegraph
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