In a study by consulting firm Research and Tech Lab (RTL), a good number of Overseas Filipino Workers (OFWs) who also belong to the “millennial” age group are embracing the use of cryptocurrencies.
As previously reported, nChain CEO Mr. Jimmy Nguyen, shared as to why the Philippines is ripe for cryptocurrencies. He cited how the Bangko Sentral ng Pilipinas (BSP) took the initiative on creating sensible regulations for cryptocurrencies, thus giving consumers confidence.
Aside from that, the World Bank also estimated that OFW remittances to the country hit $33 million in 2017.
These 2 factors are the reasons why bitcoin and cryptocurrencies have high acceptance in the country. The government, through the BSP, provides an environment where it can thrive, while the need for remittances to be cheaper gives way for alternative ways for money to be transferred to the Philippines from abroad.
RTL also revealed that out of 100 respondents, 24% of which are OFWs working in Saudi Arabia. Half of the OFW respondents are also between the ages 31 – 40 years old. Lastly, more than half of the respondents are male.
The respondents cite avoiding inconveniences in opening a bank account and to help them save a couple of pesos from remittance charges as the reasons for embracing cryptocurrencies.
Millennials, who are between the ages 26 to 35 years old, think that they are left behind by conventional investments like property. The same group thinks that using cryptocurrencies as investments can let them earn more than keeping their money in banks.