Philippines Blockchain Council exec predicts growing crypto adoption

Philippines Blockchain Council exec predicts growing crypto adoption

The Philippines: A Potential Blockchain Capital of Asia

The Philippines is poised to become a leading player in the crypto and blockchain industry, thanks to its favorable conditions for mainstream adoption. Donald Lim, the founder of the Blockchain Council of the Philippines (BCP), believes that the country has all the necessary ingredients to thrive in this space. In a recent interview with Cointelegraph, Lim shared his thoughts on the country’s potential for crypto adoption and explained why he believes blockchain projects can succeed within its borders.

Recognizing the Potential of Web3

According to Lim, the BCP recognized the global shift towards Web3 and organized the Philippine Blockchain Week to explore the country’s ecosystem and its role in this new paradigm. Lim emphasized that the Philippines has the technical know-how and a young population, with a median age of 25, making it highly adaptable to new technologies. The success of the play-to-earn (P2E) blockchain game Axie Infinity in the Philippines serves as a testament to the country’s readiness for blockchain adoption. In fact, around 40% of the game’s player base comes from the Philippines, introducing Web3 concepts and the use of crypto wallets to a significant portion of the population.

Attracting Global Players

The Philippines has witnessed a surge in interest from global organizations looking to establish their blockchain projects in the country. Lim highlighted the government’s open stance on crypto and blockchain as a key factor in attracting these international players. Unlike some countries that have been resistant to embracing cryptocurrencies, the Philippines has embraced these technologies, providing a fertile ground for blockchain innovation. This supportive environment, combined with the country’s young population, positions the Philippines as an ideal destination for international blockchain projects.

Building the Infrastructure

Efforts to build the necessary infrastructure are already underway in the Philippines. Ethan Rose, the founder of Pouch, a wallet service that supports the Bitcoin Lightning Network in the Philippines, reported onboarding over 400 businesses in the country to accept Bitcoin payments. While this is a significant milestone, Lim acknowledges that the possibility of living in the Philippines solely using Bitcoin or crypto is still a long way off. However, he believes it is only a matter of time before crypto becomes more widely accepted and integrated into various aspects of daily life.

The Future of Crypto in the Philippines

Lim predicts that in four or five years, once the infrastructure matures, crypto will play a much larger role in the Philippines. It will not only be used for payments but also for activities such as buying nonfungible tokens (NFTs) and exploring the metaverse. As the entire ecosystem develops, Lim envisions a future where crypto becomes an integral part of the Philippine economy and society.

In conclusion, the Philippines has emerged as a promising destination for blockchain projects and crypto adoption. With its young population, technical expertise, and supportive government stance, the country has the potential to become the blockchain capital of Asia. As the infrastructure continues to evolve, the Philippines will likely witness a significant increase in blockchain-related activities in the coming years.

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