As calls to a “zero remitning week” Obtain traction among Filipino workers abroad (OFWS), experts say that the increase in cryptocurrency as an alternative remittance channel can complicate both the organization and the impact of any potential boycott, although the crypto is largely used behind the scene instead of being directly by consumers.
Remittance boycott faces real -world obstacles
The idea of retaining remittances As a form of protest, it has appeared repeatedly over the years, often during moments of political or economic disturbances. The current wave of discussion of the “Week of the Zero Remission”, which is being floated by the supporters of former President Rodrigo Duterte, is no exception, says columnist and historian Manuel L. Quezon III in X.
However, he admitted that such movements are difficult to organize and even more difficult to quantify.
“The problems are: how to measure and if [they’re] able to organize enough to have an impact on a specific time “, Quezon wrote.
“Alternative ways to send (for example, cryptography) make measurement even more difficult.”
Manuel L. Quezon III, columnist and historian
Cryptography as an alternative can be exaggerated: Cryptographic Thought Leader
In response to the online talk about the use of cryptocurrency as a solution during a remittance pause, Luis Buenaventura, leader of the cryptographic and chiptography head in GCASH, said that reality is much less dramatic.
“Remittances with cryptomotos in the pH rarely occur at the consumer level (that is, OFWS), regardless of how much we would like to promote it. In general, it is more a background settlement mechanism, which means that it is still traceable as part of the usual regulated flow.”
Crypt head, GCASH
Cryptographic adoption in the Philippines
Despite the limited use in direct remittances, cryptographic activity in the country has increased:
- The last publicly available information from the Government is that from January to September 2020, the volume of local cryptographic transactions increased by 36%, from $ 5.3 million to $ 7.2 million.
- In the 2024 geography report of the chain cryptocurrency, the total value of philippine cryptocurrencies received was $ 43.1 billion.
Traditional channels still dominate the remittance landscape
In 2024, OFWS sent A record of $ 38.34 billion to the Philippines, an increase of 3% compared to the previous year. These funds represented 8.3% of the country’s GDP and 7.4% of their gross national income.
Money transfer operators, banks and mobile wallets continue to process the vast majority of these funds.
This article is published in Bitpins: Crypto complicates the impulse of the ‘Recessa Recessa Week’, but the impact can be overvalued, says Expert.
What else is happening in Crypto Philippines and beyond?
