You have heard of Bitcoin beach El Salvador, But have you heard of Bitcoin Island Philippines?
Sparkling white beaches, shimmering white sands, and growing crypto adoption?
Tourists will soon come to Boracay for these features. Soon, people will call it a bitcoin island!
The cryptocurrency wallet service Pouch has been promoting Bitcoin’s use in the vacation destination for the past four months.
At the time of writing, roughly 120 businesses have signed up for crypto adoption.
As a result, it has created a micro-economy that operates entirely on Bitcoin.
Now, you can buy food at the local carinderias using Bitcoin!
The crypto wallet firm started in 2021 with the American expatriate Ethan Rose as its founder.
It uses Bitcoin’s Lightning Network to “seamlessly send and receive money across borders.”
Pouch Vice President Bill Hill recently spoke with cryptocurrency publication Be[In]Crypto regarding the company’s plans for a bitcoin island.
Hill said, “Right now, we are focused on getting businesses to accept payment, so there is somewhere to spend.”
He added, “The remittance market is starting to happen. That is the big goal.
Over $35 billion comes into the country every year, losing about 7% to fees and taking one to three business days.
We bring that down to around 1% or less and instantly.”
Overseas Filipino Workers (OFWs) sent $31.4 billion to their families last year.
Also, the money often pays for education, food, clothes, housing, startup capital, and other living expenses.
THE PHILIPPINES MAY TURN INTO A GLOBAL CRYPTO HUB
President Bongbong Marcos shared his long-term plans for the country on July 25, 2022. Specifically, he explained why the Philippines needs digital transformation by listing several technological trends.
The President called these the “Fourth Industrial Revolution.” Then, he told the Department of Information and Communications Technology (DICT) “to identify and utilize these innovations to improve governance.”
The DICT will digitalize government records and streamline access across government departments. Moreover, it will create an “E-Government Masterplan.”
Meanwhile, the Philippines Department of Science and Technology (DOST) started a training program for blockchain technology. Executive Director Enrico Paringit said the country needs more experts in blockchain-based systems. The program will explore use-cases for the following:
– Healthcare
– Emergency aid
– Financial support
– Issuance of visas and passports
– Trademark registration
– Government record storage
The DOST also incorporated blockchain into the DOST Regional Research Institution (RRI) program. Its specific title is “Application of Blockchain Technology to the Guimaras Mango Supply Chain.”
Nowadays, the Philippines has 76.01 million internet users, and 32% reported they owned non-fungible tokens or NFTs. These record ownership of physical and digital goods via cryptocurrency networks.
