A PARADIGM shift has come with face-to-face transactions, a risk given the threat of the coronavirus disease 2019. We now have to adapt to the digital world. As electronic spaces develop, we need to become more open to digital assets and virtual currencies. Big companies like Tesla and Amazon have cryptocurrency investments and because they are industry leaders, more are expected to follow suit.
In the Philippines, the Bangko Sentral ng Pilipinas (BSP) has already approved a handful of remittance and transfer companies with virtual currency exchange services. BSP Circular 944 sets out the relevant guidelines. In 2019, Unionbank - one of the largest banks in the country - launched a two-way virtual currency ATM that allows clients to buy and sell cryptocurrencies such as Bitcoin.
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