The Philippines, being a major exporter of both skilled and professional labor, can primarily benefit from cheaper and faster remittance using cryptocurrency. However, this is just the tip of the iceberg.
Regardless of financial and academic background, cryptocurrencies can help Filipinos connect to an international monetary system without the need for centralized authorities. The current financial system only allows well-off individuals to participate in a global financial market where opportunities are abundant.
Ordinary Filipinos can have easy access to better paying financial instruments that could help them grow and manage their wealth better without going through a bank. Peer-to-peer loans with highly competitive interest rates can also be obtained without a tedious credit investigation process. Small business entrepreneurs can quickly sell their products online and get paid immediately without the hefty processing charges. Micro-insurance can be obtained by farmers in the provinces using cryptocurrencies so they can still have food on the table in times of severe drought or flooding.
Millions of unbanked Filipinos, who are part of the over six billion people worldwide without access to bank accounts, can enjoy the services of a traditional bank with the use of their mobile phones and basic access to mobile internet. Cryptocurrencies have been developed not for the rich, who have access to the best fund managers, but for those who do not have access to such services.
Governments around the world are also looking into improving the delivery of public service by using cryptocurrency technology. Some governments have started implementing blockchain technology in healthcare data management, national identity management systems, tax and internal revenue monitoring, voting and secure banking services.
The technology behind cryptocurrency can ensure a more transparent government for Filipinos which can improve efficiency and accountability.
Many cryptocurrencies currently offer various functionalities, and more will be invented as thousands of developers explore the possibilities of using the technology behind cryptocurrencies in solving multiple global challenges that can benefit a significant number of people. The financial and technological revolution has just begun.
It is thus crucial for the government to provide a healthy environment where Filipino developers and entrepreneurs can explore the uses of cryptocurrencies.
This article is included in the author’s first book entitled “Cryptocurrency 101: The Beginner’s Complete Guide to Bitcoin and Cryptocurrencies” (Philippine Edition). To learn more about the book, you can visit the book website at https://cryptocurrency101.ph.