Coin Dance, a cryptocurrency statistics website recorded an increased in the total number of cryptocurrency trading volume in the Philippines in the 2nd quarter of 2018.
Total Transactions Per Month
Coin Dance recorded the volume of bitcoin being traded in the Philippines on localbitcoins.com since 2013. The chart above starts from 2016. Records show how transactions peaked in December 2017, dropped in January 2018, and then increasing again in March 2018.
However, since April 2018, transactions have been increasing up to June 2018.
Average Volume of Bitcoin Trading Volume Per Quarter
If we talk about average trading volume, Coin Dance shows a decrease for the 2nd quarter of 2018.
The data coincides with official records obtained by the Bangko Sentral ng Pilipinas (BSP) from the 2 officially-licensed virtual currency exchanges in the Philippines – Betur Inc (Coins.ph) and Rebittance Inc (SCI Ventures). The official records show an average of $40 Million in transactions in the 1st quarter of 2018. Coin Dance shows over Php 40 million.
While there is a discrepancy in the currency of reporting and the true value in pesos, the record still shows that cryptocurrency transactions in the Philippines have been steadily increasing since the first quarter of 2017.
At the moment, there are different ways to purchase cryptocurrency in the Philippines. While many use bitcoin as a store of value, apps like Coins.ph and Bitbit allow the usage of bitcoin to reload mobile load or pay bills.
Users can also trade cryptocurrency on localbitcoins.com or on cryptocurrency exchanges like Bittrex. Coins.ph operates a crypto exchange named CX with PHP to BTC pair. SCI Ventures is set to launch their own crypto exchange as well.
Additionally, while publicly discouraged by the government, there are users in the Philippines who participate in initial coin offerings (ICO) or token generation event. One successful token generation event in the Philippines is that from Loyal Coin, which is a rewards-based platform based on the blockchain.
Source: Coin Dance