In The Philippines Crypto Can Be A Social Security Payment Option, When Will Indonesia?

Illustration. (Photo: Doc. Antara)

JAKARTA - Tether, the world's largest stablecoin publisher, is working with Uquid to provide new crypto payment options for Filipinos. Now, Filipinos can pay for their Social Security System (SSS) contribution using Tether (USDT) on the blockchain The Open Network.

Social Security System in the Philippines is a state-run social insurance program. This program serves workers in the formal, informal, and private sectors, and aims to help citizens in difficult times. This program consists of two main parts, social security and employee compensation.

This partnership shows how stablecoins such as USDT and crypto technology can make daily life easier, more comfortable, and transparent. by using decentralized platforms that use blockchain technology.

Oscar Darmawan, CEO of INDODAX, commented on this development. According to him, Tether's move to introduce USDT payments to social security contributions in the Philippines is an important milestone in stablecoin adoption.

"This shows how blockchain technology can be used as legal payments and provides convenience for users. Hopefully, it can open up opportunities for other countries to adopt crypto technology for various needs," he said in a written statement, Friday, July 5.

Oscar Darmawan also added, with the increasing number of countries starting to adopt blockchain technology, it can be said that the role of blockchain is increasingly real in life.

"Like in INDODAX itself, blockchain can help in financial inclusion and in everyday life. At INDODAX, we are committed to supporting innovations like this that encourage financial inclusion and provide real benefits to society," Oscar explained.

The adoption of crypto assets, especially stablecoins, has increased rapidly in recent years. In addition to being used as an exchange tool on a centralized exchange, stablecoins are now the main source of liquidity in the centralized and decentralized markets. PayPal-like payment platforms have introduced their own stablecoin, PayPal USD (PYUSD), while Ripple plans to launch its stablecoins in early 2025 to meet growing demand.

"This not only helps facilitate payments for Filipinos, but also highlights the importance of partnerships between technology companies and governments in creating a more inclusive financial ecosystem. With wider adoption, it is hoped that more countries will see the benefits of using stablecoins in their financial systems," Oscar added.

This progress indicates that the development of crypto assets continues. Therefore, INDODAX provides the INDODAX Academy platform which can be used as a learning medium about crypto from zero to powerful, INDODAX Academy can be accessed free of charge via Website, YouTube, and INDODAX Social Media.