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Bitcoin Island – Increasing numbers of people using cryptocurrencies beside those sparkling white beaches and beautiful white sands? Because of these attractions, Boracay will soon be flooded with visitors. People will start referring to it as a bitcoin island very soon!
Since the beginning of the year, the digital currency wallet service known as Pouch has been actively pushing the use of Bitcoin in the popular tourist area. Approximately 120 companies have indicated their interest in adopting cryptocurrency as of the time this article was written.
Bitcoin Island
Increasing numbers of people using cryptocurrencies beside those sparkling white beaches and beautiful white sands? Because of these attractions, Boracay will soon be flooded with visitors. People will start referring to it as a bitcoin island very soon!
Since the beginning of the year, the digital currency wallet service known as Pouch has been actively pushing the use of Bitcoin in the popular tourist area. Approximately 120 companies have indicated their interest in adopting cryptocurrency as of the time this article was written.
As a direct consequence of this, a mini-economy that functions solely on Bitcoin has been established. You can now use Bitcoin to pay for your food at any of the local carinderias!
In 2021, the American expatriate Ethan Rose established the cryptocurrency wallet company that would later bear his name. “Seamlessly send and receive [money] across borders” is accomplished through the utilization of Bitcoin’s Lightning Network.
Pouch Vice President Bill Hill gave an interview to the cryptocurrency publication Be[In]Crypto not long ago, during which he discussed the company’s future intentions for a bitcoin island. Hill stated that “for now, we are focusing on getting companies to accept payment so that there is somewhere to spend the money.”
In addition, he stated, “The remittance market is beginning to take shape. This is the primary objective. Every year, more than $35 billion is brought into the country, and the process takes anywhere from one to three business days, with fees eating up roughly 7% of the total. We immediately bring that number down to roughly one percent or less.”
In 2017, Overseas Filipino Workers (OFWs) wired home a total of $31.4 billion to support their families. Additionally, the money is frequently used to pay for various living needs such as education, food, clothing, housing, startup capital, and other costs.
On July 25, 2022, President Bongbong Marcos detailed his long-term vision for the nation to the nation’s citizens. To be more specific, he emphasized why the Philippines needs a digital transformation by enumerating numerous tendencies in technology advancement.
These are being referred to as the “Fourth Industrial Revolution” by the President. After that, he sent instructions to the Department of Information and Communications Technology (DICT), telling them to “find and apply these innovations to strengthen governance.”
The DICT will digitize government records and make access to such records easier across all divisions of the government. In addition to this, a “E-Government Masterplan” will be developed.
During this time, the Department of Science and Technology of the Philippines (DOST) initiated a training program for the blockchain technology. Enrico Paringit, Executive Director, stated that there is a need for additional professionals in blockchain-based systems in the country. Use-cases for the following will be investigated as part of the program:
Help in Times of Medical Emergency
Financial support
Processing of applications for visas and passports
Trademark registration
Keeping records for the government
The Regional Research Institution (RRI) initiative of the Department of Science and Technology (DOST) also implemented blockchain technology. Its full name is “Application of Blockchain Technology to the Guimaras Mango Supply Chain,” and its focus is on the supply chain for Guimaras mangoes.
There are currently 76.01 million internet users in the Philippines, and 32 percent of them have indicated that they own non-fungible tokens, also known as NFTs. These utilize bitcoin networks to keep a record of ownership of both real and digital assets.
Pouch is not the only platform for conducting cryptocurrency transactions that has launched in the country. For instance, the cryptocurrency exchange Coins.ph collaborated with Ripple and SBI Remit to enhance the efficiency of international financial transactions involving the Philippines and Japan.
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