A top cryptocurrency figure sees Cebu attracting more and more bitcoin investors as having potential. The global cryptocurrency exchange platform Binance's general manager for the Philippines, Kenneth Stern, visited Cebu last week to interact with the local crypto community.
Stern thinks that Cebuano investors are becoming more interested in learning more about the possibilities offered by cryptocurrency trading. According to Stern, Binance is observing a lot of activity in Cebu and the city is beginning to establish itself as one with many great founders in the cryptocurrency sector.
By investigating partnerships with the local government in Cebu, Binance also hopes to support the city's aspirations to develop into one of the nation's major technology hubs. He claimed that one of their objectives is to help the Cebu administration and local community have better access to financial services.
Binance is constantly seeking to support non-profits and charities whose mission is in line with the drive for financial inclusion. By addressing the need for financial inclusion through digitalization, granting Filipino consumers access to digital wallets, and providing digital finance solutions, according to Stern, the cryptocurrency business may significantly assist the Filipino people.
Digital wallets open the door to digital assets, and cryptocurrency's expansion of monetary independence will give more Filipinos the chance to use top-notch financial services. A blockchain is a type of digital ledger where cryptocurrency transactions are recorded. These digital assets entail all the risks and advantages of an unregulated currency because they are not issued by central banks.
Cryptocurrencies are virtual goods that anyone can own or store in a digital wallet on their own or through exchanges like Binance. As long as the user has an internet connection, they can access these resources from anywhere at any time. According to its financial inclusion strategy, the Bangko Sentral ng Pilipinas (BSP), which has been giving licenses to cryptocurrency exchange platforms operating in the Philippines, expects digital payments to account for 50% of all transactions in terms of volume and value by 2023. By 2025, the nation's central bank also desires a cashless society.
According to BSP data, there were approximately 20 million cryptocurrency transactions in the first half of 2021, a 362 percent increase year over year.
