Bitcoin (BTC) is a digital asset and the world’s largest cryptocurrency in terms of market capitalization. As of the time of this writing, BTC is trading at $33,003, which is a 9.1% decrease since yesterday. As such, numerous investors all over the world had managed to become ridiculously rich by holding BTC for about a decade now, with many buying Bitcoin tokens back when the cryptocurrency was worth mere pennies. This resulted in various regulatory and government authorities striving to impose stricter rules and regulations on Bitcoin and the usage of cryptocurrencies, with one of the more recent examples being the SEC’s lawsuit filed against Ripple.
Now though, many countries are gradually adopting Bitcoin as legal tender, with El Salvador being the first one to do so not too long ago, with others such as Bolivia, Paraguay, and Argentina expected to possibly follow suit. As the adoption rate continues to go grow, Asian countries may want to join in as well before the saturation of the crypto industry takes place. To that end, whereas the Japanese and Chinese governments have both been busy adopting more rigid and restrictive policies pertaining to cryptocurrency and Bitcoin, the Philippines, on the other hand, is a lot more open-minded and willing to adopt the flagship crypto.
BTC to be made accessible
GCash (short for Global Cash), one of the leading mobile wallets in the Philippines, had made several reports recently, which centered around the possible consideration of the country to officially adopt Bitcoin (BTC). If approved, this process would be done via GCash’s own platform. This makes sense, too, as many of the country’s residents tend to utilize GCash on an everyday basis, and most of the payments made in BTC can also be ultimately traced back to the users of the wallet as well.
GCash had been formed via the top telecommunications conglomerate in the country, and the application itself enables users to access various services. These services include paying utility bills, making bank transfers, or even using funds for malls as well as various restaurants. Should GCash be able to add Bitcoin to its list of available and supported services, then this could potentially go a long way towards not only bolstering the economy of the Philippines itself but also help Bitcoin out as it continues to struggle to reach its previous all-time highs.
Southeast Asia entering the market
It had been during this past April that cryptocurrency companies in Vietnam had displayed interest in the world of decentralized finance (DeFi). Thailand’s citizens had also shown interest in potentially investing in BTC not too long ago.
We can therefore assume that Southeast Asia is a hot spot for cryptocurrency interest, and this market could also help bring in some much-needed funds to the crypto market.