It started with @bitpinas' the tweet below:
TL:DR
- PHCP is a stable coin pegged to peso 1:1 that will be launched by Coins.ph as approved by Bangko Sentral ng Pilipinas.
- It's aimed to help overseas Filipinos with their remittances.
- There are more stable coins pegged to Peso planned.
This isn't meant to be a news post, it's already a few days late since the news broke headlines. I'm just here to add some more context on top of what was already said by this Bitpinas article Coins.ph Receives BSP Approval to Launch PHPC, a Philippine Peso-Pegged Stablecoin below that article is a history of attempts from other institutions in launching their own Philippine Peso stable coins.
How impactful is this news?
It's big, it's following the right course of making crypto be a mainstream thing rather than something you tell your select friends you're investing into. If you noticed the previous attempts at getting people interested in crypto from other nations, attempts of creating stablecoins on their own native currency was a prerequisite before building up more interest from the general public.
Having a go signal from the country's central bank gives crypto users here more empowerment because now what we're engaging here isn't just closet investment or games we get paid with magic internet money. It's just that the chances of me striking up a conversation in crypto here will be met with suspicion and ideas of another MLM scam, which the beginnings of crypto hype took form years ago. They still exist because the gullible never run out but we're making progress as a community by getting some word of mouth out.
Real practical use case for the economy is real.
Ever wondered why the spiel was targeting overseas Filipinos and making their remittances more money efficient?
The BSP said the full-year 2023 remittances accounted for about 8.5 percent and 7.7 percent of the country’s gross domestic product and gross national income, respectively. - OFW remittances hit all-time high in 2023
While some Filipinos still think that a major contributor of the Philippine's economy is still due to agriculture, it's actually the service industry that's contributing more muscle in the GDP growth. We got a thriving Business Process Outsourcing industry and a lot of Filipinos go overseas to offer their labor then send back their earnings to their loved ones. This generates a lot of income for the country and the bane has always been the fees and inefficiency during conversions and delays in transactions.
You know how powerful crypto can be when it is able to send you money in seconds after a click of a button. Now imagine this power without the delays during interbank transfers and other remittance entities. Of course, there'll be fees, KYC, and taxes, it's part of the deal but the pay off is that we're getting more people who previously had little incentive to use crypto be in crypto because now they have practical use case to remit their hard earned money.
It's also an indirect marketing for other tokens because it's not that hard to imagine a casual users getting interested in other stable coins, BTC, or altcoins while looking at their app.
During one of my rare webinars on HivePH, I made a comment about how Filipinos who got in early in crypto have an advantage because they get a head start knowing the space and can pass on what they learned to loved ones and the younger generation.
I always make it a point to encourage Filipinos within the HivePH community to stop with bloody cash outs and think reinvest some portion of their shitposted earnings here because having some tokens in the game gives everyone a potential to earn something from the space than cashing it all out and be left with nothing when the charts pumped.
Don't eat the damn seeds when you can wait and plant them to eat the fruit if possible.
Thanks for your time.
Kaso the problem is cashing out, I remember back then when I do not have any other accounts that I need to cash out my crypto via pawnshops. They ask IDs and where did I get my money ( unemployed si besh this time) though instantaneous I got my crypto, converting it to real cash is a trouble. Buti ngayon it is easier na with a lot of implementations ongoing.
Since wala naman akong future expenses na I can go ahead and reinvest with the coins na ulit and shitpost my way back hahah.
I think it's far easier now since KYC is the minimum standard and it's easier to explain where you got your money from because you got a job to get it from.
Yeah besh - haha I felt attacked nung walang job. Para nman akong nag ma money laundering.
Really huge! Hopefully Maya will have PHCP too. Also nice if there will be PHCP/HBD liquidity.
I wonder if the emotion of the writer of this post was angry or not. 😅
If ever the plan is implemented, coin.ph. It means just like other countries we can pay using HBD? Heheheh
He is angry as he is the embodiment of such.
What is it?
Can I ask? What is the lowest value of HIVE from previous years? I'm checking the trend of it. Hehehe, Thank you.
From the time that I transitioned from STEEM to Hive I think I recall having 1 hive as $0.05 ata. Then it got an all time high na $3.00 for 1 HIVE around 2021 then, balik na ulit sa ngayong price.
I'm interested in this one. is there a possibility that it will be less than 0.338 USD?
It might be but not really sure what is the trend or how thing goes parin within the market. Adam might have more insights to such since he is the trader and go-to type guy din that I always ask.
Okay, thank you for taking the time to answer my query. I wanted to buy and sell this platform too if I can save more HBD. Hahaha, I think it would be 3 years from now. By God's will.
Indifference.
Same process with other tokens, it may be possible if there is a demand for it.
Okay. Thank you for answering. 😊😊
This is a good thing and it is going to benefit the people there a lot because it can be converted from easily to currency.
Congratulations @adamada! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 100000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts: