Philippines Optimistic to Become Crypto and Blockchain Center in Asia

Liputan6.com, Jakarta Blockchain Council of the Philippines (BCP) founder Donald Lim said the Philippines has all the ingredients for crypto and blockchain adoption.

In an interview, Lim shared his thoughts on the Philippines’ potential for crypto adoption and explained why he believes blockchain projects have the potential to be successful domestically.

Lim said this optimism was encouraged because BCP recognized the world was moving towards Web3, he held an event called Philippine Blockchain Week and found the Web3 ecosystem in the Philippines wanted to grow globally.

“We feel very strongly that we can become the blockchain capital of Asia. We recognize we have the technical know-how, we are very young, we have an average age of 25, and in terms of adoption, we can adapt quickly, as happened with Axie Infinity,” Lim said, quoted by Cointelegraph, Tuesday (18 /7/2023).

In 2021, the blockchain play-to-earn (P2E) game Axie Infinity became popular in the Philippines. Estimates suggest that 40 percent of the game’s player base is from developing countries. According to Lim, this introduced many Web3 concepts to the country, such as the creation of a crypto wallet.

Since then, BCP executives said there has been a lot of interest from global players to set up their projects in the country.

“We see all over the world, many international organizations that want to penetrate the Philippines,” he said.

According to Lim, these organizations are able to thrive in the country, not only because of the demographics, but also because of the attitude of the government towards crypto and blockchain.

Although Filipino traders have recently joined Bitcoin and crypto, Lim believes the possibility of staying in the Philippines using only Bitcoin or crypto is still a long way off.

However, this could happen four or five years after the entire infrastructure is mature. This means crypto will not only be used for payments, but also for buying non-fungible tokens, logging into the metaverse and other activities.

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