Cryptocurrency to Fiat Transactions Remain High in the Philippines

The Filipino central bank has revealed that the trade between fiat and cryptocurrencies on authorized bitcoin exchanges in the Philippines has maintained its high level for the country from the boom time of late 2017 during the first quarter of this year.

Cryptocurrency-Fiat Transactions Remain High

Transactions involving both fiat and cryptocurrencies remained high during the first three months of 2018 in the Philippines, revealed new figures released by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). This happened despite the warnings to the public issued by the central bank about the risks involved with the instruments, which were meant to discourage the acquisition, possession and trading of cryptocurrencies.

BSP Deputy Governor Chuchi Fonacier announced that conversion of cryptocurrencies into the local peso as well as other fiat currencies by monthly average amounted to $24.16 million, while conversion from peso and other fiat currencies to cryptocurrencies reached $36.74 million in the first quarter of the year, as The Philippine Star reported. In the last quarter of 2017, Fonacier said the average monthly transactions involving conversion of cryptocurrencies to peso and other fiat currencies reached $24.79 million, while conversion from peso and other fiat currencies to cryptocurrencies amounted to $38.27 million…

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