An announcement conveyed by the founder of the blockchain council of the Philippines (BCP), Donald Lim, revealed that the country has the necessary ingredients to push for the mainstream adoption of blockchain and crypto. Speaking at an interview with a local newsroom, the executive outlined the factors that would lead to the success of blockchain projects in the Philippines.
In his statement, Lim expressed optimism about the suitability of the Philippines in the ongoing global push to crypto adoption. The executive acknowledged that the world has been seeking for the adoption of Web3. With full realization of the benefits of Web3, Lim led the BCP in hosting the Philippine Blockchain Week to cope with other countries seeking to “find their place in the world.”
Factors Contributing to Increase in Crypto Adoption in Philippines
The event renewed BCP’s hope to become a leading blockchain capital in Asia. Additionally, the BCP noted the Philippines has a growing tech-savvy population, with the largest group comprising young adults between the age of 25. Reflecting on the level of adoption of emerging technology, the BCP observed that the Philippines are fast to embrace crypto.
Citing the 2021 launching of the play-to-earn (P2E) ‘monster battle game’ developed by Axie Infinity, the youth were the first to welcome the development. Soon after the launch of the monster battle, it attracted large audiences of game enthusiasts from the Philippines and other developing countries.
A study to examine the demand for the Axie Infinity blockchain game demonstrated that 40% of the players resided from Philippines. The positive adoption of the monster battle has contributed to the growth of the Web3 sector in the Philippines.
Will Cryptocurrency Replace Philippine Peso?
Correspondingly the growing adoption of crypto and blockchain technology in the Asian country has attracted investor attention. The BCP executive noted that the number of international brands willing to enter the Philippines’ vibrant market has increased. He projects that the Philippine market will position the international players at the pivotal point to blossom. In his finding, Lim mentioned that despite the favorability of the demographic, the Philippine government had imposed friendly regulations to support the adoption of crypto and blockchain.
He applauded the effort made by the government to introduce comprehensive regulations that support the growth of crypto assets. The executive praised the Philippine authority for ensuring Web3 and blockchain projects succeed.
However, it is worth noting that some businesses established in the Philippines have yielded positive outcomes. In June, the Cointelegraph team interviewed the founder of Pouch, Ethan Rose to examine the suitability of the Philippines and evaluate the business’ profitability.
Rose was pleased to announce that Pouch, a wallet service provider, has successfully enrolled over 400 firms after expanding to the region. The remarkable achievement made by Rose and the team has supported the adoption of Bitcoin in the region.
Even though Filipinos have accepted Bitcoin, the BCP believes crypto will not transcend the Philippine peso. After a close examination of the adoption of crypto, the BCP realized that it would take a long time for the Philippines to use Bitcoin. The BCP also noted that crypto will be used as an alternative payment option.
In support of the BCP findings, Lim reiterated that crypto requires more time to become the next big thing. He projected that the infrastructures supporting crypto might take four to five years to mature. This implies that in years to come, crypto will not only be used in payment but also in purchasing other assets, such as nonfungible tokens (NFTs). He believes that the use case of crypto will soon expand to enable the user to explore the metaverse space and conduct other real-life activities.