Three residential units that accept cryptocurrency or digital money as mode of payment are making the rounds on Filipino social media.
The properties, all located in the central Philippine city of Iloilo, welcome payments in Bitcoin or Litecoin, according to a series of Facebook posts by a licenced broker with real estate firm RE/MAX Advantage Iloilo.
“We are big proponents of cryptocurrencies and think we should start expanding the conversation towards seeing it as a viable payment option for purchases,” said home owner Jonha Richman, who serves as advisor to Litecoin Foundation.
“We’ve also planned on allocating the proceeds of the said sale of these particular investment assets of ours to cryptocurrencies anyway, so it makes sense to make it available to those who prefer to pay with cryptocurrencies.”
Cryptocurrency adoption has been picking up pace in the Philippines, one of several countries eyeing the honorific of “crypto valley of Asia.” Government officials have mulled a special economic zone north of Manila that will cater to offices of cryptocurrency exchanges.
For a country with high internet penetration rates — four in 10 Filipino adults use the internet — the mainstreaming of cryptocurrencies as methods of payment is imminent, experts say.
Around 75 percent of Filipinos do not have access to traditional financial instruments like bank accounts and credit cards, according to Colin Goltra, head of cryptocurrency programs at Coins.ph.
Richman, however, cautions Filipino property seekers on the volatility of cryptocurrencies due to their highly speculative nature. “We fully know and understand the risks of newly emerging investment markets such as cryptocurrencies and their volatility,” Richman said.
“It’s just a minority stake of our asset allocation and we do not suggest or recommend people to take part in it until they fully understand the risks.”
Prospective cryptocurrency buyers in the Philippines should transact only with sellers and dealers licenced by the central bank, she warns.
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