Thanks to Arba, Bitcoin adoption in the Philippines is breaking records. According to the announcement made by an investment platform and Bitcoin wallet provider Abra, in the Philippines; the user can now make purchases of cryptocurrencies at any outlet of 7-eleven.
The announcement also mentioned Abra’s partnership with ECpay that enables users to buy Bitcoin and other Abra supported assets from more than sixty thousand retail stores in the Philippines. The maximum limit per transaction is one hundred thousand (almost one thousand and nine hundred dollars).
Bitcoin adoption to familiarize the masses with crypto
This recent move is yet another indication of the increasing adoption of cryptocurrencies in the South East Asian region. Other than the government regulations as part of supporting the crypto industry, many leading businesses in this region have started accepting cryptocurrencies as a form of payment.
Previously, Abra wallets reportedly enabled its European users to directly transfer cryptocurrency from their bank accounts.
Ever since the emergence of cryptocurrency, there has been an ongoing debate about the ease of use and the mainstream adoption of cryptocurrency. Many commentators are of the view that Bitcoin is still far from being titled as the global currency and they are not wrong to do so.
Like any other technological advancement, Bitcoin and other cryptocurrencies will take time before people truly start accepting them and that could take some time.
In the latest survey, respondents from Europe and U.K stated that they prefer to settle their daily transactions in cash and not in crypto. In Asia and particularly in China, the ecosystem of electronic payments is already thriving.
Lastly, there has been a growing consensus around this notion of Bitcoin being the store of value. Nonetheless, the jury still cannot decide whether cryptocurrency can efficiently function as a medium of exchange.