Blockchain Council of the Philippines formed in an effort to promote distributed ledger technology adoption
Key stakeholders in the Philippines’ Web3 space have come together to create a new council to promote blockchain technology in the country.
The start of something new 🤩🚀
The Philippine Blockchain Council was officially introduced to the world by keynote speaker Donald Lim at the pre-event press conference for Philippine Blockchain Week! #PBW2022.
We’ve said this many times already, but…..this is JUST the beginning 😏 pic.twitter.com/SqPvQ9MB2N
— Philippine Blockchain Week 🇵🇭 (@philblockchain) 17 November 2022
The formation of the new council, dubbed the “Blockchain Council of the Philippines,” was announced at a press conference at the Manila Marriott Hotel in Pasay. The first council members came from all sectors of the Web 3 industry in the Philippines, including RCBC Executive Vice President and FinTech Alliance Lito Villanueva, PruLife UK Director and FinTech Alliance Trustee Ida Tiongson, and technology lawyer Mark Gorriceta.
“We thank the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) for having an open mind in welcoming innovations,” Villanueva said.
The council was unveiled during the Philippine Blockchain Week (PBW) press conference last November 18. The event will feature intellectual discussions on decentralized finance (DeFi), non-fungible tokens (NFT) and metaverse.
The newly formed council will be in contact with public agencies and regulators to create greater understanding between government actors and the industry. Top of the agenda for the council and blockchain week is to attract private sector investment in the ecosystem with the ultimate goal of making the Philippines the “Blockchain Capital of Asia.”
Present si Nicholas King ng Bitcoin Association for BSV said @philblockchain week! #Web3 #PBW2022 #PhilippineBlockchainWeek #DeFi #Metaverse #PBW
— CoinGeek Philippines (@RealCoinGeek_PH) 15 November 2022
One of the international private enterprises that would attend the PBW event is nChain, represented by its country director Nicholas King.
The Council will devote significant attention to DLT education in the country to provide a healthy talent pool for the industry. It is planned to achieve this through collaboration with educational institutions to offer certifications for DLT-related courses.
Aside from the creation of the council, PBW’s keynote speaker Dr. Donald Lim announced the launch of the Philippine Block Awards to honor individuals and entities that have played a key role in the development of the blockchain ecosystem in the Philippines.
At Philippine Blockchain Week, we celebrate and honor the achievements of those whose work is innovating the Blockchain industry.
See you there!
🗓 Join us 2. December 2022.
📍 Newport World Resorts pic.twitter.com/Rpy3w4TkuP— Philippine Blockchain Week 🇵🇭 (@philblockchain) 15 November 2022
The government is watching the industry closely
The Council faces an uphill journey to realize its goals of improving DLT adoption in the Philippines. This is because regulators have approached the industry with great uncertainty, citing the prevalence of fraud and volatility in digital assets.
Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla reiterated his stance on digital assets, saying the absence of proper consumer protection warrants concern.
“I have already said many times in the past that crypto-assets are very risky and those who invest are advised to invest only what they can afford to lose,” Medalla said.
To get a better grip on the industry, the BSP halted the registration of new firms in the industry for three years from September 1, but stated that it has no plans to impose a blanket ban on the entire sector.
Watch: Philippine Fintech Festival Highlights: Designing a digital economy that is anti-fragile
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