There are a lot of implications before a country accepts something as their currency. In our case, fiat (or paper money) has been accepted by all countries as the standard medium of exchange since the government of each country views it as the national currency (acceptance) and there is something that backs up its value (which is gold). Another thing to consider is the economic discrepancies among countries. As developed and underdeveloped countries exist, adopting a digitalized currency may be prejudicial to underdeveloped countries as they have priorities to consider before adapting this kind of technical and expensive change.


I do agree. Our BSP (central bank) has considered bitcoin as property and not as currency- thus not subject to legal tender. Our government views bitcoin as something that is not a threat and they explicitly mentioned that they may soon adopt and support its implementation.