A small resort town in the central Philippines, along the west coast, is being turned into a ‘Bitcoin Island‘ with cryptocurrency wallet provider Pouch trying hard to increase bitcoin uptake on the island. Philippines people can now pay for homemade food from roadside restaurants using bitcoin. As per Pouch vice president Bill Mill, around 120 big and small businesses in Boracay have so far signed up to allow users to make payments in BTC. The roadmap goes around establishing a micro-economy running entirely on bitcoin while promoting crypto tourism, according to Bill Mill.
Mill said that bitcoin adoption will help Filipinos save millions of dollars every year on commissions for remittances in addition to giving access to financial services to those with no bank accounts. He is also expecting the Philippines economy to see a boost due to bitcoin use. Mill mentioned, “If all the remittance market were to switch to bitcoin as rails, it would increase the GDP of the entire country by 1%.”