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Crypto in the Philippines: Necessity is the mother of adoption

Published 01/29/2021, 01:26 AM
Updated 01/29/2021, 06:00 PM
Crypto in the Philippines: Necessity is the mother of adoption

Binances Changpeng Zhao describes the Philippines as “one of the most active crypto communities in Asia” and it’s the perfect way to sum up the countrys blend of high adoption amid relatively low affluence.

With GDP spending power of less than $10,000 per head each year, this nation of 7,100 islands is far from a major contributor to worldwide exchange volumes. But in terms of day to day use and enthusiasm, a significant proportion of Filipinos appear to be leapfrogging directly from a cash-based economy to the future of fintech.

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