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PayMaya a [virtual wallet](https://www.paymaya.com/) app available in the Philippines that let’s one do financial transactions to online stores, banking and other institutions. It recently announced its [plans on adopting cryptocurrency](https://www.philstar.com/business/2022/04/11/2173642/paymaya-ventures-crypto-trading) on its app which is great for competition of other existing cryptorelated services in the country. 

I see this as one of the many baby steps to progress making crypto a norm than something I’d be hesitant to talk about with peers. The fact is, only people who is already into traditional investing and crypto can relate to the good news while common folks would raise an eye brow thinking crypto is a scam. Even if my peers know I invest in crypto, their first thought is the series of news related to crypto Ponzi schemes popping up. 

It made me revisit the app again just to do KYC for the added limits to cash in and cash out. There’s a cap imposed by the local central bank on how much one can put in their wallet and take out. I haven’t maxed out my cash in limits for this reason but it’s also these limits that prevent me from putting in more funds to crypto. You’ll get a call from customer service explaining how you earn your money put in the wallet and the works. The downside after the interview, they can impose more limits to your account and it’s difficult to contest this part.

Another potential competition I’m speculating to join in would be Globe Telecoms but I haven’t really dwelt long on that company’s initiatives for possible crypto adoption. If it does express interest in pursuing cryptopayment solutions on its app, it’s a significant victory to making crypto a normal subject to talk about for the public. Globe’s [Gcash](https://www.gcash.com/) app the top e-wallets being used in the country and it has proven a point that if you make investment opportunities readily accessible from an app, people will eventually be interested in subscribing to these investment opportunities. This is how they managed to raise more awareness of the mutual funds offered. 

While the international markets spell out doom and gloom with bear season scares, I’m celebrating at the small victories like these. The prevalent problem this country has with crypto are the laws that can’t keep up with the times thus many Filipinos miss out on financial opportunities.

If I were to cash out my earnings, the conservative guess I have is losing around 10% of the value I cashed out from the fees between conversion and platform to platform exchange. Because there are only few options for Filipinos to convert their crypto into fiat, there’s monopoly in the business. So maybe the fees can stay but atleast apps will be pushed to be more competitive with other services related to crypto. 

I’m not really sold on being anti-KYC, I know it matters for some people but I have less motivations to hide my financial status and if the government really wants to single me out, they can easily make tract everything I hold. 

The only thing that grinds my gears is how much of a pain it is to navigate how crypto will be taxed because current guidelines just don’t give a clear cut which part can be and can’t for the public to understand in dumbed down terms.

I can probably figure this part out easy but for teenagers earning some free crypto on their nftgames using their allowance, it’s going to take some extra hoops to explain to the tax man how magically their source of income exists from playing games. 

If you made it this far reading, thank you for your time. 


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