Indodax Boss Values Payment For Social Security In The Philippines Using Revolutionary Step Crypto

Illustration (Photo: Doc Antara)

JAKARTA - Indodax CEO Oscar Darmawan views the application of crypto as one of the social security payment options in the Philippines as a revolutionary step in adopting stablecoins.

This shows how blockchain technology can be used as a legal payment and provides convenience for users.

With this, the hope is that it can open up opportunities for other countries to adopt crypto technology for various needs.

"Tether's move to introduce USDT payments to social security contributions in the Philippines is an important milestone in stablecoin adoption," Oscar said.

For information, Tether, the world's largest stablecoin publisher, is working with Uquid to provide new crypto payment options for Filipinos.

Now, Filipinos can pay their Social Security System (SSS) contribution using Tether (USDT) on the blockchain of 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 added that with more and more countries starting to adopt blockchain technology, it can be said that the role of blockchain is increasingly real in everyday 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 tangible benefits to society," he explained.

According to him, the adoption of crypto assets, especially stablecoins, has increased rapidly in recent years.

In addition to being used as an exchange tool on the 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 stablecoin 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.