By Brenda Collins
In a recent report, the chief executive officer of the Philippines Blockchain Association, Donald Lim, pointed out that Web3 and Blockchain projects have an excellent chance to flourish in the country as it has great potential for massive adoption.
According to Lim, the Philippines is well-positioned for mainstream cryptocurrency and blockchain technology adoption. In addition, the organization’s founder revealed his opinion on why he believed crypto would thrive in the country during his recent interview with a crypto media outlet.
During the interview session, Lim stated that the Blockchain Association acknowledges that web3 technology is trending and rapidly growing in the world today. As such, the organization launched an event tagged the Philippine Blockchain Week.
And in the process, the group discovered that a lot of entities and brands in the country are looking for ways to establish their businesses and services in the Web3 space. Hence, the association claimed the country has the ability and potential to become a blockchain hub in the Asian region.
Philippines Has Capacity For Massive Adoption of Crypto
In continuation, the association explained that it discovered during the week-long event that the country has the technical know-how, brilliant young talents, capacity for massive adoption, and ability to swiftly adapt to emerging innovations, which makes it ready for wide crypto and blockchain adoption.
Furthermore, the country reportedly displayed this strong enthusiasm towards crypto projects when it quickly adopted Axie infinity in 2021 in massive numbers. Axie Infinity was a play-to-earn virtual blockchain game that became popular in the country as more than 40% of the people who played the game emerged from the Philippines.
Meanwhile, as the game went viral, it exposed the county to a lot of concepts and utility cases of Web 3, including crypto wallet creation and usage, according to Lim. And since then, the event has prompted many global crypto entities to target the Philippines as an excellent region to establish their crypto-related services, the Philippines Association Founder said.
Furthermore, Lim revealed that numerous international companies are interested in penetrating the Philippines crypto market. The CEO further stated that the business entities seeking to venture into the countries have a good chance of thriving.
He said this is because the Philippines has a very good demographic and, most importantly, a lenient government on the crypto industry. In addition, Lim pointed out that the country does not have an administration that wants to shut down cryptocurrency. Hence, he believed any business related to cryptocurrency or blockchain technology has a very high percentage of booming in the country.
Cryptos Would Be A Legal Tender In the Philippines In a Few Years
In another report, Ethan Rose, the chief executive officer and founder of Pouch, a crypto wallet that backs Bitcoin Lightning Network, spoke with a news correspondent about crypto adoption in the country. In the interview, Rose revealed that it has recorded more than 400 businesses within the country accepting ntc as a mode of payment for services.
Meanwhile, the report showed that many Filipino merchants are now accepting and facilitating trades in BTC and other cryptocurrencies. However, despite the significant progress, Lim believes it will take a long while before BTC and other cryptos can become significant legal tender in the country.
In the interview. The chief executive officer of the Blockchain Association in the Philippines, Lim, explained that the vision is a reality that can’t happen soon, however, he admitted that crypto would forever be a payment option. In addition, he said with time, the little packs of cryptocurrencies in the region would eventually become bigger and better.
He cited that the anticipated changes may happen over the next four to five years as the crypto industry continues to mature globally. When this happens, cryptocurrencies would be used as payment options for commodities, as well as to purchase non-fungible tokens, which would be used on the Web3 spaces and other solutions.
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