Are the Philippines Adopting Crypto to Eradicate Inflation?
Philippine Islands. In the previous decade, the price of the Philippine Peso has dropped down to $0.019, however, the Philippine president is holding Donald Trump responsible for the fiasco.
Crypto Reigning in the Philippines
Some recent statistics reveal that there are considerable volumes of fiat exchange for crypto recorded in this summer throughout the Philippines. It was seen that during the first week of August, the exchange went up to $500,000 a week. However, it is clearly understood that Trump’s trade fiasco and the sudden interest in cryptocurrency are interrelated. This is because the president of the United States has announced levying a 25% tariff for $200 billion goods imported since August.
Due to the current inflation rate in the nation, it not just the citizens who are looking up to cryptocurrency. The government has begun envisioning crypto as a potential tool for their economy. A member the Philippines' version of the SEC remarked that their government are now looking forward to regulating crypto exchanges. Even the top Philippine banks, like UnionBank, have expressed their interest in world’s largest cryptocurrency, Bitcoin.
Will the Philippines be Next in Line After Venezuela?
Although it's unclear, whether the Philippines will be next in line for adopting digital currencies after Venezuela, seeing their recent interest, it seems quite promising. Given the financial statistics, it is unlikely they will reach the inflation rate suffered by Venezuela, but it is interesting to see that people are coming out of their shell and are showing ardent interest in accepting cryptocurrency.