Asia’s No. 1 Blockchain Hub Could Be Philippines, Says Telco CEO
Nearly 70 million people worldwide use blockchain wallets, and the average daily cryptocurrency trading volume has risen to more than $130 billion.
Cryptocurrency will have a significant impact in the Philippines, as the country’s stock exchange considers integrating digital assets into its trading platform.
Donald Lim, CEO of holding and investment company Dito CME, stated on Wednesday that the Philippines has what it takes to become the “blockchain capital of Asia.”
While the global health crisis helped drive the adoption of cryptocurrencies and other financial technology solutions, Filipinos were already interested in digital currencies in 2019.
It is estimated that around 4.3 million people, or 4% of the total population of the Philippines, currently own crypto assets.
Image: Asia Blockchain Review
The Philippines has the resources to become the Blockchain Hub
According to Lim, the Philippines has the “numbers” to become a blockchain hub. “The median age of our 110 million citizens is 25. We also have the highest rate of internet and NFT penetration among digital populations.”
Based on a 2021 study, the Philippines is one of the nations with the highest rate of cryptocurrency adoption. The Asian nation has been demonstrated to have the third highest crypto adoption rate worldwide.
People have turned to cryptocurrencies because they are secure, decentralized, easily accessible and a potential hedge against inflation.
As defined by Investopedia, blockchain is a shared digital ledger or distributed database accessible from any device connected to a network. It can be considered a digital database for its capacity to store data in a digital format.
Philippines: 17th most crypto-aware country in the world
In cryptocurrency systems like Bitcoin, blockchains play a crucial role in maintaining a secure and decentralized ledger of transactions.
A blockchain’s innovation is that it ensures the integrity and security of a data record and provides trust without the need for a trusted third party.
The Philippines’ Department of Science and Technology recently launched a blockchain technology training course as it explores blockchain technology use cases for healthcare, financial aid, public records storage, visa and passport issuance, and trademark registration.
BrokerChooser’s Crypto Awareness Score survey ranks the Philippines as the 17th most crypto-aware country in the world. The country ranks 12th on the 2020 Global Crypto Adoption Index in terms of the number of crypto owners.
In a related development, local and international experts from the digital and cryptocurrency industry will host the first Philippine Blockchain Week.
The event will be held at the Marriott Grand Ballroom at Newport World Resorts in Pasay City from November 28 to December 4.
Crypto total market cap at $937 billion on the daily chart | Source: TradingView.com Featured image from Loveandroad.com, chart from TradingView.com
