Adoption Friday: Hottest Blockchain News of the Week
Hey everyone,
Welcome back to Adoption Friday with adoption news from around the world. In this week’s batch:
🇵🇭 Philippines adopts USDT for social security payments
🇨🇦 Canada sees slow crypto adoption for daily payments
🇹🇷 Tether partners with Turkish crypto firm BTguru
🇵🇭 Philippines adopts USDT for social security payments
The Philippines has adopted Tether’s USDT for social security payments. The Social Security System (SSS) in the Philippines is a state-run social insurance program that covers employees across different sectors. Tether, in partnership with Uquid, has made it possible for citizens to pay their SSS contributions in USDT, allowing for more convenient and accessible digital transactions. Uquid is a decentralized commerce infrastructure platform that supports crypto payment options and has a user base of over 260 million. The CEO of Uquid, Tran Hung, sees this partnership as a significant step in bridging the gap between digital currencies and daily transactions.
Our take:
Great news for the Philippines! You can now pay your social security contributions using Tether’s USDT. This move, thanks to Tether and Uquid, makes digital transactions way more convenient and accessible. It’s a big leap towards making digital currency a part of everyday life.
Read more here.
🇨🇦 Canada sees slow crypto adoption for daily payments
Cryptocurrencies for day-to-day payments in Canada remain on a slow adoption curve, as cash and card payments remain the preferred methods. A Bank of Canada yearly survey revealed that less than 3% of Canadians used Bitcoin or other cryptocurrencies for daily transactions, with the majority favoring cash and e-transfers. The reluctance to go cashless is cited as the primary reason for the slow adoption of crypto. Despite this, Canada hosts the second-largest network of crypto ATMs globally.
Our take:
Crypto is having a hard time catching on for everyday payments in Canada. Most folks still prefer cash and cards, even though Canada has one of the largest networks of crypto ATMs in the world. It looks like we’re not ready to go cashless just yet, but the infrastructure is there for when we are.
Read more here.
🇹🇷 Tether partners with Turkish crypto firm BTguru
Tether has announced a partnership with a Turkish cryptocurrency firm, BTguru, to explore opportunities in Turkey’s banking sector and promote education about digital assets and blockchain technology. The partnership aims to introduce new business lines into Turkey’s banking sector and evaluate the potential for real-world asset tokenization. Tether’s expansion into Turkey comes at a time when the country is experiencing significant cryptocurrency adoption and transaction volumes, making it an important player in the global crypto ecosystem. The partnership also follows a major hack of a local crypto exchange and a regulatory milestone for Turkey concerning anti-money laundering and cryptocurrency regulations.
Our take:
Given Turkey’s booming crypto activity, this partnership aims to launch new business ventures and educate people on blockchain tech. Perfect timing, especially after some tough times with local hacks and new regulations.
Read more here.
And that’s it! What do you think about this week’s adoption news? Let us know in the comments!
