Earlier this month, we’ve talked about how PHILSYS set an unprecedented landmark for inclusion in terms of legal identities and societal recognition for Filipinos, who were once underserved. By underserved, we mean people who are living under generations of poverty, the Indigenous People living in distant communities and the people who grew up without birth certificates.
With PHILSYS ramping up its activities this year to register over 70 million Filipinos to the national ID by end of 2021, acceleration of inclusion is the turnkey in not only providing economic and financial inclusion, but it can also revitalize and reinforce the economic growth of the country under a long term vision as the country is still in the period of recovery from the global pandemic.
Economic and Financial Inclusion
The Philippine national ID otherwise known as PHILSYS has a unifying rally cry for it. It carries the support of the national government, the local governments, the private business sector and the financial sector. The Bangko Sentral ng Pilipinas (BSP) lauded the government’s efforts in fast-tracking the implementation of PHILSYS, citing it as a game changer for the Philippine finance and trade industry in regards with the following:
- Financial inclusion for the unbanked
- A vital piece of the BSP’s digital payments roadmap of 2020-2023
- PHILSYS ID is mandated to be recognizable for banking KYC and account openings
- Improve the goal metric of 70% adult Filipinos be enrolled to bank accounts
The state-run Land Bank, have recently announced a partnership with the Philippine Statistics Authority (PSA) and PHILSYS in order to further the goal of financial inclusion in the Philippines. This comes after the publication by the PSA that state that 82% of the 10.5 million initial registrants of the PHILSYS ID do not have bank accounts. As partners and as an initiative for PHILSYS ID holders, the LandBank stated that enrolees under the PHILSYS stage 2 registration this year will be eligible to acquire their LandBank Mastercard Prepaid Card where holders will be able to deposit, withdraw, transfer, receive money and be able to use this card for online and cross-platform payments.
LandBank have also partnered with cooperatives, associations, SMEs and private bodies as banking partners to expand and facilitate its onboarding – Know Your Customer (KYC) processes at PHILSYS designated registration areas.
PHILSYS Greater Precedent on Economics
By providing banking access to ones who were previously unbanked, by providing financial literacy and supporting the country’s digital payment initiatives, PHILSYS has a greater impact to the Philippine local economy and can bolster domestic finance performance within the ASEAN region. As PHILSYS card holders that number in the millions in the near future — are able to entrust their money with state owned banks such as LandBank or any of the established private banks, it will boost the overall health and reserves of the Philippine-based banks. To the eyes of the continental and global banks, this is a strong indicator of a healthy fiscal situation for the local financial bodies. With greater bank reserves, local banks can help buoy domestic and private loans to the government and its project to further expand the country’s structure in terms of commerce with public infrastructure. In tapping even the most minimal maintaining amount from the millions who were once unbanked, banks are in a position to not only reinforce their reserves, but also be in a driver seat to offer greater incentives across would-be bank account holders. With access to a bank account and a bank card, the newly banked will have the capability to participate in transactions across the digital and local commerce. A boost on domestic spending will not only reinvigorate the economy, but also have the potential to increase the nation’s GDP.
But most of all, having a bank account recognized through PHILSYS will also help the government in its efforts to provide micro-finance loans for livelihood and regional startups.
As 2021 is a period seen as a recovery stage from the pandemic, forces like the PHILSYS are looking to expand the country’s economic and financial inclusiveness that will benefit the country for long-term.
This article is first published on BitPinas: PHILSYS: Accelerating Economic and Financial Inclusion
Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin
Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.
As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.
The Bitcoin selloff continues
Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.
Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.
Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar
However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”
Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.
Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.
However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.
Bitcoin doesn’t need Elon Musk
Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.
In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.
Live Dealer BTC Casino Games – What Can I Play?
Discover if you can play live dealer casino games at leading crypto casinos using Bitcoin and other options with our guide.
In many ways, Bitcoin casinos can offer virtually the same experience as a conventional online casino. This is terrific news if you are thinking of making the jump but are concerned about missing out on games, promotions, and other services. Where do live dealer games fall, though? As only a handful of software providers have committed to introducing cryptocurrencies into the accepted range of currencies for their games, are cryptocurrency casino players set to miss out on playing the hottest live dealer games around? We have had a look, and we have got an answer.
Can You Play Live Dealer Games with Cryptocurrencies?
In a word – yes. Admittedly, not every casino software provider has taken to cryptocurrencies. Many Evolution Gaming live dealer games can be played at cryptocurrency casinos, but you may not be able to “wager” using BTC on some of them. Instead, your Bitcoin deposits will be converted into US dollars for gameplay. It is the same story for many of the smaller live casino software providers out there, too. However, you can certainly expect to play live dealer games at cryptocurrency casinos, even if you cannot wager with them. There are, of course, one or two providers who go one step further and do permit BTC wagers.
Which Software Providers Allow This?
Ezugi is the leading casino software provider to approve Bitcoin as one of their games’ accepted currencies. Ezugi has made sure that you can deposit, wager, and withdraw using BTC on many of their most popular titles. Naturally, you do not have to do this if you choose to play at a cryptocurrency casino that accepts FIAT currencies, as you will be able to wager using FIAT options, too.
What Types of Games Can I Play?
There are several types of gambling and casino games that you can choose to play. If you merely want to play live dealer games at cryptocurrency casinos, you will have an ample array of all the most popular games, ranging from baccarat to blackjack, roulette, table poker and money-wheel and game show titles. Alternatively, if you pop over to Ezugi’s collection, you can also find dice games, lottery-style titles and even keno games, and these can be played using Bitcoin.
Top Casinos Offering Live Dealer Crypto Games
To make the most out of playing live dealer cryptocurrency casino games, you need to find a top site offering them. However, we would advocate that you choose a casino that also accepts FIAT currencies alongside Bitcoin and other cryptocurrency options. Sites such as BitcoinCasino.io fit the bill rather nicely. The main reason for choosing to do this is that you will have access to a full array of games from many live dealer providers. This way, even if you cannot play live casino games using BTC, you can still use FIAT currency options to enjoy an ultra-realistic, live-streamed casino gambling experience.
Galaxy Digital report details Bitcoin consumes less energy than banking and gold.
Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring. The analysis uses several calculations to ascertain how much energy the Bitcoin network uses and how it stacks up against the banking and gold industries. The authors also noted that the energy usage criticisms are not usually applied to traditional industries.
Bitcoin’s annual energy consumption is estimated to be 113.89 TWh/yr.
Galaxy Digital report lauds Bitcoin for being transparent, while incumbent companies are opaque and don’t often disclose their energy footprint. The authors accept that the Bitcoin network consumes a great deal of energy but assert that this is exactly what secures the network and makes it so robust. According to Galaxy Digital’s calculation, the annual electricity consumption of Bitcoin is estimated to be 113.89 TWh/yr. For some perspective, the energy consumption of always-on devices in the US is 1,375 TWh/yr — 12.1 times that of Bitcoin’s consumption.
The total energy consumption of the gold industry is estimated to be 240.61 TWh/yr.
For the gold industry, the analysts took a look at all of the processes involved, including those directly emitting greenhouse gasses, those indirectly emitting them, and emissions stemming from refinement and recycling. Multiplying the total 100,408,508 tCo2 in emissions with the global IEA carbon intensity multiplier estimates the total energy consumption of the gold industry to be 240.61 TWh/yr. The analysts also noted that the consumption of the gold and banking industries is hard to estimate because of a lack of data on energy usage. This makes it difficult to “have an honest conversation” about Bitcoin’s energy use. The report estimated the banking industry’s energy consumption to be 238.92 TWh/year. Earlier, Tesla announced to discontinue bitcoin payments citing environmental issues.
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