Maya, a major payments firm based in the Philippines is placing itself as a proponent of cryptocurrency and virtual adoption in the country.

Maya Encourages Locals

The payments firm with a strong base in the Philippines has started to promote cryptocurrencies and virtual currencies in the country. For this purpose, it is directly approaching the locals in the Philippines, encouraging them not to hesitate while using virtual currencies.

The firm is asking the locals in the Philippines to process and settle their transactions using distributed ledger technology (DLT).

Pepe Torres Talked about the DLT

It was the Chief Marketing Officer at Maya, Pepe Torres, who made his point about the adoption of virtual currencies in the Philippines. He openly asked the locals in the country to adopt and get used to distributed ledger technology.

Maya decided to raise the point and talk about it in detail during the virtual conference dubbed “Franchise Asia Philippines 2022”.

Torres Talked about the Potential of Digital Assets

While at the conference, Torres talked about the potential benefits and advantages that virtual currencies have to offer to the locals.

The population of the Philippines must realize the importance and need of adopting cryptocurrencies and virtual currencies to process transactions.

He added that virtual transactions have a much higher speed than traditional transactions. Even the processing fees for virtual transactions are much lower than the likes of traditional transactions.

With the use of virtual transactions, the locals will be able to benefit tremendously and save up money during harsh times. The global situation of the economy is dwindling and countries need to make fast decisions to deal with the problem.

Therefore, countries like the Philippines that are already facing an economic crisis must rely on cheap and secure methods such as DLT.

Ease with Remittances

Torres made his point about adopting the crypto-blockchain technology by talking about the country’s current position on a global scale.

The country is known for providing labor power all over the world. Therefore, the country generates a great amount of revenue through remittances coming in from abroad.

The banks are already charging a lot when the Philippines living out of the country send money to their loved ones. Now that the interest rates are being increased at significant rates, it is important that alternatives to banks are found.

This is where the use of crypto-blockchain technology falls in for the benefit of the people of the Philippines. Similar to remittances, the crypto-blockchain payments would serve a similar purpose locally.

People with High Interest in Cryptocurrencies

Just recently, Visa carried out a survey in the Philippines wanting to know what the locals have to say about crypto adoption. Surprisingly, 72% of the total participants favored the adoption of cryptocurrencies.

Even now, the locals are highly interested in adopting Ether (ETH) and Bitcoin (BTC). This means that in near future, the major cryptocurrencies may record a surge in their demand and surge in valuations.