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Best Bitcoin Card for Philippines

Economic crises are a very effective factor in promoting the introduction of crypto currencies. First Venezuela, then Iran and now the Philippines.

Philippines versus inflation rate

The Philippines currently has the highest inflation rate (6.4 percent) in almost a decade as a result of the trade war between the US and China. The national currency, the Philippine Peso (PHP), fell to its lowest level against the USD in 13 years, according to Reuters. The President of the Philippines attributed the responsibility for this fiasco to the unpopular decisions of President Trumps.

Crypto currencies are on the rise in the Philippines

According to CoinDance statistics, the Fiat volume exchanged by Filipinos for crypto currencies reached new records this summer. The first weeks of August saw a volume of more than $500,000 per week, at least twice as much as in July. If you still think that this renewed interest in crypto currencies has nothing to do with Trump’s trade war, you should remember that the US president has announced that from 1 August, 25 percent duties will be levied on imports, roughly the equivalent of $200 billion. China also returned the favor on 3 August with corresponding tariffs for US imports.

A crypto-friendly society

Not only the citizens, but also the Philippine government sees crypto currencies as a useful instrument and not an obstacle for the economy. A representative of the country’s Security and Exchange Commission had previously stated that they “see the need to regulate [crypto currency exchanges] as trading platforms” after news leaked that the institution is currently working on legalizing crypto exchanges.

In early August, further news emerged suggesting that the Philippine SEC is also working on ICO regulations. UnionBank, the leading bank in the Philippines, has also expressed interest in Bitcoin and mining.

Is there the possibility of a state crypto currency like Venezuela’s Petro? Not for the time being, as Venezuela’s inflation rate will probably never be reached in the Philippines. The population is beginning to see crypto currencies as a viable alternative to financial systems.

About the Philippines

The Republic of the Philippines is located in the western Pacific Ocean and belongs to Southeast Asia. The South China Sea separates the archipelago from Vietnam in the west, the Celebes Sea from Indonesia in the south. The archipelago, which extends from 5° to 21° north latitude and from 117° to 126° east longitude, forms the fifth largest island state in the world after Indonesia, Madagascar, Papua New Guinea and Japan. Of the 7700 islands, 880 are inhabited and over 170 different languages are spoken.

The country lies on the Pacific “ring of fire” and has suffered in the past from numerous earthquakes and volcanic eruptions.

After decades of corrupt Marcos dictatorship, the high level of corruption continues to prevent all attempts to build a stable democracy.

Climate

Always humid tropical climate. There are three seasons in the Philippines: From June to October it is rainy (SW monsoon), from November to February it is cool (NO monsoon) and from March to May it is hot. In the lowlands it is extremely hot and humid. Rainfall decreases from east (2000 mm to 3000 mm) to west (1200 mm). The average annual temperature is about 27ºC. From June to September typhoons frequently sweep across the country.

Origin of the name

The name of the country goes back to the Spanish explorers, who thus gave the Spanish King Philip II a new name. (1556-1598).