“We’re probably number one globally in blockchain”: Inside the Philippine Fintech Festival
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The Philippines has become a global epicenter for blockchain and digital asset adoption, and during the recent Philippine Fintech Festival, leaders from the Web3, fintech and Bitcoin industries delved into how the country can cement its place as a global blockchain hub.
The Philippines is a global leader in blockchain gaming and was ranked second by Chainalysis for digital asset usage this year. At its peak, Axie Infinity revealed that around 40% of its users were from the Southeast Asian country, and while Axie may have fallen out of favor after the hack in March, its blockchain players have continued to grow.
“[The Philippines] is probably far ahead of anywhere else in the world. I’ve been in other countries where regulation stifles growth, especially when it crosses banking and money,” Mark Veron, vice president of the Fintech Philippines Association, told CoinGeek’s Claire Celdran.
The Bangko Sentral ng Pilipinas (BSP) has played a major role in promoting the adoption of digital assets, Veron added. Unlike in most countries where digital assets are either unregulated or too strictly regulated, the BSP has found the perfect balance between protecting investors and promoting innovation, he pointed out.
Ida Tiongson, member of the BSP Open Finance Oversight Committee, agrees.
“Don’t be surprised if the Philippines becomes the global blockchain hub,” she told CoinGeek.
At the event, many of the discussions revolved around creating a digital economy that is anti-fragile. While digital finance has proven to increase financial inclusion and cut operating costs, it also comes with increased risks of fraud, disruption, hacks and more. Regulators and other industry stakeholders worldwide have been working to protect investors from potential downsides, and most industry leaders at the event asked Philippine watchdogs to focus on this as well.
Amor Maclang, the convener of Digital Pilipinas, believes that blockchain offers a unique opportunity for Filipinos to “merge our ability for technology adoption with content creation.” Filipinos are prolific content creators and all they need to do is “take that propensity to create, overlay it with blockchain technology and in the process become a content creator NFT hub for the entire world.”
See: BSV Global Blockchain Convention panel, The Future World with Blockchain
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