Analysts from FBS, one of the leading online trading platforms, have studied the recent cryptocurrency and blockchain trends in the Philippines and assessed the overall conditions as favorable. The country already vastly implements crypto- and blockchain-based technologies in key sectors of its economy, and this trend will continue to grow.
FBS analysts say the Philippine economy has greatly capitalized on blockchain and crypto-related technologies. Most importantly, these tendencies have solidified in the banking sector, one of the driving forces of economic stability.
This way, the Central Bank of the Philippines or Bangko Sentral ng Pilipinas (BSP) already set up a blockchain-based infrastructure in 2019. It introduced Project i2i, connecting rural banks and enabling them to make banking transactions low-cost, real-time, as well as more transparent and secure.
Another prominent example, outlined by FBS’s experts, is the partnership of UnionBank and ConsenSys, which used blockchain as their proof-of-source platform to address the problem of counterfeit coffee beans. Such major infrastructure projects establish the basis for further solidification of crypto and blockchain expansion in the Philippine economy, state FBS analysts.
Moreover, nowadays, the Philippines is also seen as one of the major cryptocurrencies and blockchain-driven countries. Here, FBS analysts share the vision of the research team from Huobi Research, stating that the country belongs to the top fifteen countries worldwide with the highest development maturity index in the crypto market. Thus, the Philippine crypto space is expected to replicate the strides of this rapidly growing industry, which is projected to expand at an annual growth rate of 12.5% from 2023 to 2030.
As the Philippines and other world’s leading economies embrace blockchain technologies and crypto trading, FBS remains committed to providing its clients with innovative and diverse trading opportunities, allowing them to pursue their financial goals. The company is dedicated to supporting its clients by providing secure and user-friendly trading solutions.
FBS is a licensed worldwide broker with over 14 years of experience and more than 75 international awards. FBS is steadily developing as one of the market’s most trusted brokers, with its traders numbering more than 27 000 000 and its partners exceeding 500 000 throughout the globe. The annual trading volume of FBS clients is over $8.9 trillion. FBS is also the Official Partner of Leicester City Football Club.