Cryptocurrency adoption in the Philippines remains strong, especially among younger users engaged in gaming and gambling, according to a report by DBS Bank Ltd. Despite slipping from second in 2022 to sixth in 2023 in terms of global crypto adoption, the Philippines still ranks in the top 10 for central and southern Asia and Oceania. India, Nigeria, Vietnam, the U.S., and Ukraine lead the list. The uptake in play-to-earn games among the young Filipino demographic is attributed to limited employment opportunities, suggests Swarup Gupta from the Economist Intelligence Unit. However, he anticipates a decline in crypto transactions as employment opportunities rise. Meanwhile, the Philippine Securities and Exchange Commission is finalising cryptocurrency trading guidelines, and the Bangko Sentral ng Pilipinas is progressing with its wholesale Central Bank Digital Currency pilot project.
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