The Philippines Piso (PHP), plummeted to a record low in 10 years against USD as the trading war between the US and China continues. The Philippines are currently seeing the highest inflation rate of 6.4 percent.
The Popularity of Cryptocurrencies on a rise in the Philippines
During this summer, the amount of fiat to cryptocurrency exchange reached unseen records with a volume of more than $500,000 each week in August.
With 5 million users on Coins.ph, bitcoin adoption in the Philippines is rising at an exponential rate. Local Filipino and those working overseas are starting to use bitcoin for remittance payments, utility bills and sending payments at lower costs.
With this mass adoption, increasing number of local merchants have also started to accept bitcoin as payments in their stores and restaurants.
A newly approved Philippine Digital Asset Exchange PDAX, also allows users to trade cryptocurrencies directly with Philippine Peso .
Bitcoin legality in the Philippines
Bitcoin is legal in the Philippines and the government sees cryptocurrencies as a useful tool rather than an impediment to their economy.