Cryptocurrency Adoption and the Status of CBDC in the Philippines

I am writing this post based on two articles. The first one was written by Stefan Calimanu on 12 July 2022.

According to his graph derived from Hootsuite, the Philippines is the third highest in cryptocurrency ownership among developing countries. This chart was made in January 2022. According to the report, 19.4% of Internet users aged 16 to 64 hold cryptocurrency. Thailand is the first and Nigeria is second.

I'm not sure if Calimanu's graph is reliable. This is for the reason that Thailand's entry into the first place is strange. I saw it for the first time and I didn't expect it

In the second article, although the focus of the survey is different, ten months later, the Philippines according to Business World has fallen from second to sixth regarding cryptocurrency adoption. This report is not only focused on developing countries. The United States is included and ranks fourth in cryptocurrency adoption. India, Nigeria, and Vietnam lead the way. Ukraine is fifth. Source

Keisha B. Ta-asan, like Calimanu, mentioned that the remittance market is still the main reason that pushes Filipinos to adopt cryptocurrency.

Although the title of the article has to do with the continuation of increasing the level of cryptocurrency adoption in the Philippines, if you read the article carefully, it seems that what the writer is promoting to be accepted by Filipinos is none other than CBDC. The writer mentioned the results of the survey done in 2022 that 93% of the 86 central bank respondents around the world are busy creating virtual assets.

Dalawang artikulo ang pinagbatayan ng sinusulat kong ito. Ang una ay yong sinulat ni Stefan Calimanu noong 12 July 2022.

Ayon sa kaniyang graph na hango sa Hootsuite, ang Pilipinas ay pangatlo sa pinakamataas pagdating sa ownership ng cryptocurrency sa mga developing countries. Ang chart na ito ay ginawa noong January 2022. Ayon sa ulat, 19.4% ng Internet users edad 16 hanggang 64 ay may hawak na cryptocurrency. Ang Thailand ang nangunguna at pumapangalawa ang Nigeria.

Hindi ko tiyak kung reliable ang graph ni Calimanu. Ito ay sa dahilan na kakatwa ang pagpasok ng Thailand sa unang puwesto. First time ko itong nakita at hindi ko ito inaasahan

Sa ikalawang artikulo, bagamat iba ang focus ng survey, pagkalipas ng sampung buwan, ang Pilipinas ayon sa Business World ay bumagsak mula sa pangalawa papuntang pang-anim pagdating sa cryptocurrency adoption. Ang ulat na ito ay hindi lamang nakatuon sa mga developing countries. Kasama ang Estados Unidos na pumapang-apat pagdating sa adoption ng cryptocurrency. Nangunguna ang India, Nigeria, at Vietnam. Panglima naman ang Ukraine. Source

Nabanggit ni Keisha B. Ta-asan tulad din ni Calimanu na ang remittance market ang siya pa ring pangunahing dahilan na nagtutulak sa mga Pilipino to adopt cryptocurrency.

Bagamat ang title ng article ay may kinalaman sa pagpapatuloy ng pagtaas ng antas ng cryptocurrency adoption sa Pilipinas, subalit kung iyong babasahing mabuti ang article, para bagang ang talagang pinipromote ng manunulat na tanggapin ng mga Pilipino ay walang iba kundi ang CBDC. Nabanggit ng sumulat ang resulta ng survey na ginawa noong 2022 na 93% sa 86 na central bank respondents sa buong mundo ay abala sa paggawa ng virtual assets.