Boracay is a small island in the Philippines with less than 15,000 residents, but the island draws countless tourists each year. It is well-known throughout the world for being the ideal summer holiday spot thanks to its pristine beaches, watersport activities, and vibrant nightlife. Now it is set to get another title “Bitcoin Island” as bitcoin adoption rise among the island locals.
All praise goes to Pouch, a cryptocurrency wallet provider, for its efforts in promoting cryptocurrency in Boracay. For the past four months, the crypto firm has been actively promoting the use of Bitcoin (BTC) in the holiday spot. The wallet is still under beta testing, according to its website. At the time of writing, they have officially hit over 150 merchants and businesses accepting bitcoin—everything from big hotels to shops & tour companies.
We officially hit over 150 merchants accepting #Bitcoin!
Thanks to all donations we been getting we have been able to pay our crew double which has really motivated us alot to work harder.
If you want to help us please donate.https://t.co/LiibpbqOa6 pic.twitter.com/MPCqJ0V128
— Bitcoin Island Philippines 🇵🇭 (@BitcoinIslandPH) September 23, 2022
Pouch’s goal of expanding PH crypto adoption
Image by Bitcoin Island Philippines 🇵🇭 @BitcoinIslandPH
Image by Bitcoin Island Philippines 🇵🇭 @BitcoinIslandPH
Image by Bitcoin Island Philippines 🇵🇭 @BitcoinIslandPH
Image by Bitcoin Island Philippines 🇵🇭 @BitcoinIslandPH
“The company has decided to establish a micro-economy on the island that will rely exclusively on Bitcoin. This is part of the effort to enable crypto tourism in this part of the world, and the wallet is currently focusing primarily on getting businesses to accept crypto payments.” Bill Mill, Vice President of Pouch, stated.
In other words, the company intends to enable people to spend Bitcoin as easily as it would be to spend cash and to use it to pay for as many items as possible. Additionally, Bill Mill said that both locals and tourists have embraced the option to use Bitcoin as payment. He claimed that a micro-economy run entirely on Bitcoin is planned to be built while boosting cryptocurrency tourism.
The company’s main goal is to use quicker and less expensive Bitcoin transactions to enter the multi-billion dollar Filipino remittance market. He added, “The remittance market is starting to happen. That is the big goal. Over $35 billion comes into the country every year, losing about 7% to fees and taking one to three business days. We bring that down to around 1% or less and instantly.”
This is all-around good news for a nation that is in desperate need of an easy way to manage money utilizing a cutting-edge but still affordable and user-friendly solution, and Pouch is filling up this gap by providing a high-quality service.
Want to know more about this? The Pouch team is very active online. You can find progress updates on their official Twitter account: https://twitter.com/BitcoinIslandPH. While all information about the map and their vision for Bitcoin Island can be found on their website: https://pouch.ph/philippines. They have also launched a public Facebook group to advertise the establishments on the island that accept bitcoin, powered by Pouch: https://www.facebook.com/groups/bitcoinislandph
