The first ever Philippine government licensed Forex trading software to be released in the country was the release of Shape currency, a private local transaction for instant buy and sell of the Euro and the US dollar inspire and Malaysia. Cryptocurrency exchanges have grown rapidly in the Philippines, even despite a recent downturn in the domestic value of the currencies, owing to increasing popularity and leniency amongst local regulators. Authorities in the emerging Southeast Asian nation have allowed at least 27 exchanges of cryptocoins following two major announcements that the central government issued… One was stating that cryptocoins will be labeled as local currencies once they gain legal recognition. The other announcement was that no restrictions will be placed on traders who wish to trade in cryptocoins.
The developers behind bitcoin wallet in the Philippines have long been advocates of a local and more regional currencies rather than the widely accepted centralized worldwide coins. A few years back, the bitcoin exchange rate was considered too volatile for use by a common man; however, with the recent stabilizing of the value, the potential for growth is now being considered. Shape currency may just pave the way for a more stable, but still volatile, bitcoin exchange rate in the Philippines. The cryptocoin movement is an experiment in economics, and many people are watching the potential for profit being gained through this activity.
There are several other emerging or developing economies that could benefit from the use of Cryptocurrency technology, such as Kenya and Pakistan. The use of Cryptocurrency technology does not threaten existing national currencies or cause financial problems for any particular country. One problem with cryptocoins is that they can only be used within their respective country or in their area of operation, which limits their ability to reach out to other regions. Still, there is great potential in this emerging market and we can expect many more new currencies being launched in the future. The future of cryptocoin usage and demand will likely continue to grow as more governments embrace the use of bitcoins in the Philippines.
If you want to learn about where you can start purchasing cryptocurrencies, check out this infographic from Coexstar:
