Philippines Embraces Cryptocurrency Amidst Regulatory Oversight

Cryptocurrency is a digital asset that operates without relying on traditional central authorities like commercial banks or state clearinghouses. It's essential to understand that crypto is an umbrella term for all blockchain-based digital assets, and Bitcoin is just one of them.

BTC was launched in 2009 by Satoshi Nakamoto as the world's first operational cryptocurrency. It operates as an open, decentralized network designed to transfer value anywhere without relying on a central intermediary.

In the Philippines, owning and trading cryptocurrency is legal, but crypto is not legal tender. The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) regulate entities providing local exchange services.