Crypto currency has been gaining traction all over the world, and the Philippines is no exception. With more and more citizens turning to digital payments, the country’s crypto currency industry is booming. This comprehensive guide will help you understand the basics of crypto currency in the Philippines, as well as how you can get involved.
History of Crypto Currency in The Philippines
Crypto currency was first introduced to the Philippines in 2013, when the Bangko Sentral ng Pilipinas (BSP) granted the first license for a virtual currency exchange. Since then, the industry has seen tremendous growth. In 2019, the Philippines became one of the first countries in the Asia Pacific region to have a comprehensive crypto currency regulation in place, setting the stage for further development of the industry in the country.
Benefits of Crypto Currency in The Philippines
Using crypto currency in the Philippines brings many benefits. For one, it is a more secure form of payment than traditional banking. Crypto currency transactions are secured by cryptography and require no third-party intermediaries. This means that transactions are completed quickly and securely, without the need for manual verification. Additionally, crypto currency transactions are not subject to exchange rates, making them more cost-effective than traditional payments.
Types of Crypto Currency in The Philippines
The most popular types of crypto currency in the Philippines are Bitcoin, Ethereum, and Ripple. However, there are hundreds of other coins available, including Litecoin, Monero, and Dash. Each type of crypto currency has its own benefits and uses. For example, Bitcoin is the most widely used and accepted form of crypto currency, while Ethereum is the most widely used blockchain platform for developers.
Where to Buy Crypto Currency in The Philippines
The most popular way to buy crypto currency in the Philippines is through a virtual currency exchange. These exchanges allow users to buy and sell crypto currencies using local currency. Popular exchanges in the Philippines include Coins.ph, Rebit.ph, and Coinmama. Additionally, there are several ATM machines located throughout the country that allow users to purchase crypto currency with cash.
How to Store Crypto Currency in The Philippines
Once you’ve purchased crypto currency, it’s important to store it securely. The best way to do this is with a crypto currency wallet. A wallet is a digital storage solution that allows you to store, send, and receive crypto currencies. Popular wallets in the Philippines include Mycelium, Electrum, and Exodus. It’s important to choose a wallet that is secure, easy to use, and supports the type of crypto currency you are using.
Taxes on Crypto Currency in The Philippines
The Philippine government has recently implemented a new taxation policy for crypto currency. Under the new law, crypto currency holders must pay a capital gains tax of 15 percent on any profits they earn from trading or investing in crypto currencies. Additionally, any crypto currency held for more than one year is exempt from taxation. It’s important to note, however, that these laws are subject to change, so it’s important to stay up to date on the latest regulations.
Using Crypto Currency in The Philippines
Crypto currency is increasingly being accepted as a form of payment in the Philippines. There are several merchants who accept crypto payments, including online stores, restaurants, and hotels. Additionally, some banks and ATMs now allow users to withdraw cash from their crypto currency wallets. As crypto currency continues to gain traction in the country, it’s likely that more merchants will begin to accept crypto payments in the near future.
Conclusion
Crypto currency is becoming an increasingly popular form of payment in the Philippines. With the introduction of regulations, more citizens are turning to crypto currency as a secure and cost-effective alternative to traditional banking. This guide has provided an overview of crypto currency in the Philippines and how to get involved. With the right knowledge and resources, you can begin taking advantage of the many benefits that crypto currency has to offer.