Globe Telecom, one of the major telecommunication services in the Philippines shared that the company will not look at blockchain and cryptocurrencies at the moment and will stick with fiat currencies.
Globe Telecom CEO, Mr. Anthony Thomas, stated that the company and its mobile payment service GCash will implement blockchain only if it adds real value. He added that fiat has sufficient liquidity and unlike cryptocurrency, does not have extreme volatility.
GCash is operated by Mynt with the help from China’s Ant Financial.
PLDT, another major telecom in the Philippines has recently joined a major blockchain consortium that studies and provides telco participants with services that will run on blockchain technology.
- Read more: PLDT Joins a Major Blockchain Consortium
Mobile phone manufacturers like HTC and Huawei are adapting the blockchain in its phones and services. HTC will even launch a blockchain-powered phone that has its own universal wallet and can also act as a node.
Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla mentioned during the 51st Asian Development Bank (ADB) Board of Governors’ meeting in Manila that “Cash is still King” in the Philippines.