Why Is Crypto Currency not Popular in the Philippines?

[Projectcrypto 4382]

I think that should be due to the laws in the country, maybe th country prohibit the use of Cryptocurrency just the way some other countries did to there nations but i believe with time everything will alright and we can all make use of Cryptocurrency worldwide because gradually crypto is penetrating into the world.

[TimopheyKa 3900]

In fact, many facts depend on the cryptocurrency and its relevance. The fact is that we do not notice as a couple, as we are inspired by any interests or desires, and perhaps some restrictions by law that scare people away, or, simply, make them reject cryptocurrency, because it can be a fraud!

[Ecoloco2020 55]

hello I think it may be due to several factors.
That they value their national currency a lot, that they do not believe in a currency that is virtual and not a ticket, that is not from a country, that they have strict laws regarding cryptocurrencies, that a large part of the population does not have access to the internet.

[Datincc 57]

On 1/13/2020 at 1:47 PM, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Due to the high volatility and because they prefer to have something physical in their hand rather than virtual. I think it is a matter of time for bitcoin to be accepted

[moeletaly 148]

On 1/13/2020 at 6:47 PM, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Really!! It's first time I know that it's not famous in philippines perhaps they see that crypto is illegal but in my country mining and trading is illegal but crypto is famous in my country so I don't know 🤷

[flou18flou 39]

It depends on economy development. This can be applied to many developing countries, nevertheless if they will go on the way of legalization of cryptocurrencies it will give a signifficant impact on all their sectors of economy. 

[awwad 74]

Most of poor countries don't know anything about crypto currencies like Philippines and most of Arab countries. 

[Gabus 4]

Well, I think that is mainly due to the fact that Philippine financial regulators have warned the public against a crypto scam that aims to "revolutionize the global financial system in order to eradicate poverty in the world."
The SEC has singled out another company as a crypto scam, already the third, in an attempt to warn investors about an investment plan dubbed "The Billion Coin" (TBC) "abundance-based cryptocurrency."
The SEC said in a notice on April 14 that the promoters of TBCoin present the asset as a decentralized cryptocurrency that "aims to revolutionize the global financial system to eradicate poverty in the world." The concept of abundance is used to justify the autonomy of the active on "market-driven norms" and prices, claiming that the more investors there are, the higher the price of the coin. TBC has devised "its own parameter to generate the value of its TBCoin", based on the total number of investors, that is to say: "if TBC gathered one billion investors, each TBCoin would be worth one billion euros accordingly." The scam promises supposed returns of 100% every 25 days on a series of fixed investment packages.

[Mohammed Abduo 4]

oh really i don't know that cryptocurrencies not famous on  philippines

and i don't know why 

[YOSEF678 15]

I see a lot of Philippines people in crypto currencies groups it's my first time to know that cryoto currency is illegal in Philippines.

[Elizgar 1]

Well cryptocurrency aré not popular un phillipins because the regulations, there aré not accesible to common people, only in black market you can get 

[MrRobotElija 62]

There is no need for technology, people drink rum and watch the sunset. But jokes aside, there are several Philippine banks serving crypto cards.

[Eweretti 260]

Because this is something new and different. This is not talked about on TV, it is not used universally. Plus, before the cryptocurrency was tied to the purchase of prohibited substances. In Russia, they are also skeptical.

[gabbiano 38]

 

in my opinion the answer is a set of answers.

for the laws of the country, for the culture of the population, and for the development of technology.

 

It is not only the Philippines that have this problem but many states.

[Uda4nik 19]

They dont have the luxury of spending time online to research about bitcoins considering the internet speed in the philippines.

[dark1night 94]

Most of the people in the Philippines are on the verge of poverty. It would be strange if they were interested in cryptocurrencies  in such a situation. People work in factories for very low wages. At the same time, it is necessary to have a knowledge of crypto money trading or to make transactions  with crypto money.

At the same time, some goverments approach to cryptocurrencies is negative. This maybe  affecting the public's approach to coins such as bitcoin.

[k1ras1n 24]

I assume that in all countries, most of the population is afraid of even mentioning the word cryptocurrency. Most likely, this is due to the spread of information in the media, which causes fear in people. That this is an asset that is used by terrorists, drug lords, and the exchange rate is not stable. So I think the Philippines is one of the few countries where people are afraid of cryptocurrencies

[botukk1234 38]

On 13.01.2020 at 18:47, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Because this is a serious occupation that requires perseverance and patience, it is also a good part of the investment. It's not strange that people are wary of this.

[SOLCITO 28]

I find it quite strange that people in the Philippines are skeptical about crypto coins, because I work with many Filipinos and they are actually very active in networking, so at some point they will have to accept them.

[VIIZ0N3 15]

Because the authorities have tricked them into fear and take advantage of the fact that they have no means to find out the truth

[Ebenezer Ayeh 30]

In mine opinion Cryptocurrency exchanges are growing in the Philippines, despite of the virtual currencies, due to growing popular demand and lenience among regulators.

[irisebrachog 65]

This post called my attention, I started to Google and I see that the government has restrictions in the country regarding cryptocoins, in my country there are many restrictions too, we are working there little by little

[Francisco87 651]

Las criptomonedas y los exchange hace poco se legalizaron y están regulados por el Banco Central de Filipinas; sin embargo, el BSP no reconoce al bitcoins y otras monedas virtuales como moneda, ya que no están emitidas ni garantizadas por un banco central.

[KpymounapeHb 33]

Crypto is not popular in my country as well. When I trying to talk about crypto, my friends call it scam. I think that I should earn a lot of money and show them to my friends. Perhaps, they will finaly join cryptoworld and start earning with me. 

[Morros Coin 30]

Not only because there are laws that apply in that country or many to replace the currency, but it prevents it from being used for illicit benefit.