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Phillipine’s Growing Inflation Leading to Crypto Adoption

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I know we have lot of pinoys and pinays on this forum so the news could interest some of you ;) 

Actually the Philippines Peso (PHP) is facing a high inflation rate which (6.4%) with an exchange rate of 1 PHP = $0.019. Which lead philipinos to exchange some of their FIAT money to cryptos. In fact in august the average sum was around 500.000$ traded between both each week.

That could be explain because PH government seem pretty open and positive about cryptos in general, they recently approved 2 applications for new crypto exchanges, and soon they will release draft rules to help govern cryptocurrency exchanges. The biggest bank (UnionBank) plan to get involve in mining operation, etc.

Quote

Cryptocurrency is proving itself to be the best alternative when a nation is seen to undergo serious inflation issues. With Venezuela already bringing in their own cryptocurrency called the Petro, and Iran slowly drifting into understanding the advantages of cryptocurrency it is only a matter of time before Philippine’s walk the same path as the others.

Source : https://www.manilatimes.net/cryptocurrency-trading-rules-eyed/437546/

I personnaly like to see those countries taking advantages of economical difficulties or ban (from USA or else) and trying to find a new way to make things happen, like Venezuela, Iran or now Philippines :)

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