Crypto Integration in Social Security: A Landmark Move for Stablecoins in ASEAN

JAKARTA, RAKYAT NEWS— The CEO of Indodax, Oscar Darmawan, views the implementation of cryptocurrency as a payment option for social security in the Philippines as a revolutionary step in the adoption of stablecoins.

Indodax is the largest cryptocurrency exchange in Indonesia, offering a platform for users to buy, sell, and trade various cryptocurrencies. Established in 2014, Indodax provides services for trading Bitcoin, Ethereum, and other digital assets, catering to both beginner and professional traders. The platform emphasizes security, ease of use, and customer support, and has grown to be a significant player in the Indonesian cryptocurrency market. Indodax also focuses on promoting cryptocurrency education through initiatives like the INDODAX Academy.

“This showcases how blockchain technology can be used for legitimate payments, offering convenience to users. This move is expected to open opportunities for other countries to adopt cryptocurrency technology for various needs,” Oscar stated in Jakarta.

Tether, the world’s largest stablecoin issuer, has partnered with Uquid to introduce a new crypto payment option for Filipino citizens. Now, Filipinos can pay their Social Security System (SSS) contributions using Tether (USDT) on The Open Network blockchain.

The Social Security System in the Philippines is a state-managed social insurance program serving workers in the formal, informal, and private sectors. It aims to assist citizens during challenging times and comprises two main parts: social security and employee compensation.

This partnership demonstrates how stablecoins like USDT and cryptocurrency technology can simplify, ease, and make daily life more transparent by utilizing decentralized platforms that leverage blockchain technology.