BSV Stories Episode 9 looks at blockchain’s role as the Philippines prepares for digital transformation

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The Philippines, a developing country in Southeast Asia, is gaining ground in the global digital space. A report by Chainalysis.com has listed the Philippines as the second leading country in blockchain adoption – thanks to Filipinos’ growing interest in the space and its massive use of gaming to make money.

The country’s president, Ferdinand Bongbong Marcos Jr., has pushed for digitization and the use of new technologies in government to ensure efficient and speedy delivery of services to the public. Blockchain, the new technology behind Bitcoin, is one of the new technologies that government agencies are exploring.

In this episode of BSV Stories, we get a glimpse of initiatives from the government, business and both public and private institutions as the country embarks on becoming a digital nation.

Digital transformation is a priority in the new administration, according to the new administration. In light of this, the country’s central bank, The Bangko Sentral ng Pilipinas (BSP), has expressed its full support to help implement bills to digitize the nation. As Assistant Governor Edna Villa told me, “we are doing many things in the government, especially also in the BSP, that will show you that digitalization of payment systems in the economy is a priority in this government.”

2022 was an action-packed year for the Philippine fintech and blockchain space. CoinGeek witnessed the developments happening in the space at events held around the country. First, the Department of Information and Communication Technology (DICT), in collaboration with the local government of Bataan, put together the very first blockchain conference in the Philippines. Dubbed as the Global Blockchain Summit, blockchain companies around the world, along with local blockchain startups, mingled with officials from the DICT and the local government of Bataan.

Bataan Provincial Governor Jose Enrique Garcia tells CoinGeek, “We in the government, especially the provincial government, are keen to look at blockchain solutions for various services that we can provide for our constituents.”

Bataan, a province located three hours’ drive from the Philippine capital Manila, is poised to become the country’s premier blockchain hub due to its status as a special economic zone. According to Impero CEO Samuel Samson, the country’s RA11-453 law allows “offshore operations, which means companies can now enter an ecosystem, a sandbox, if you will, that allows the true essence of blockchain.”

In a recent development, the provincial government of Bataan has signed a memorandum of understanding (MOU) with nChain, a global blockchain service company powered by Bitcoin Satoshi Vision (BSV). The MOU’s goal is to lay the framework for establishing a digital platform for Bataan to streamline current systems and procedures for public services. CoinGeek is closely monitoring the development of this partnership and will report updates in the months ahead.

The year ended strongly with the largest blockchain conference held in the nation’s capital, Manila. Dubbed the Philippine Blockchain Week, the five-day event was attended by blockchain enthusiasts, tech-savvy individuals as well as businesses in the space. Members of the BSV community and nChain were also present. The event’s keynote speaker Donald Lim says Philippine Blockchain Week is aimed at helping Web2 companies transition to Web3. As he tells me, “The intention is to accelerate the adoption of blockchain because we believe that it is the technology that will drive the next generation. We have one goal to make the Philippines the blockchain capital.”

It’s an exciting time for the Philippines as it positions itself to become a global blockchain hub. As observed and reported, initiatives are clearly underway in some sectors of government and financial institutions. And as the new year begins, several events and activities are already in place to help make the country’s vision a reality. We at CoinGeek will be there every step of the way to see it unfold.

Turbocharge the Philippines’ digitization via blockchain

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