Philippines Blockchain Council Established to Promote Distributed Ledger Technology Adoption

Blockchain Council of the Philippines announcement

Key stakeholders in the Philippine Web3 space have come together to form a new council to promote blockchain technology in the country.

The formation of a new council, dubbed the “Philippines Blockchain Council”, was announced at a press conference at the Manila Marriott Hotel in Pasay. The original board members represented all sectors of the Web 3 industry in the Philippines, including RCBC and FinTech Alliance Executive Vice President Lito Villanueva, PruLife UK Director and FinTech Alliance Trustee Ida Tiongson, and tech lawyer Mark Gorriceta.

“We thank Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) for keeping innovation open-minded,” Villanueva said.

The council was introduced during the Philippine Blockchain Week (PBW) press conference on November 18 last year. The event will feature intelligent discussions on Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the Metaverse.

The newly formed council will engage with government agencies and regulators to promote a better understanding between government actors and the industry. The main focus of the council and Blockchain Week is to attract private sector investment into the ecosystem, with the ultimate goal of making the Philippines the “Blockchain Capital of Asia.”

One of the international private sector companies that will be attending the PBW event is nChain, represented by its CEO, Nicholas King.

The Council will place significant emphasis on DLT training in the country to ensure a healthy talent pool for the industry. It plans to achieve this by partnering with educational institutions to offer certificates for DLT-related courses.

In addition to establishing the council, PBW Lead Organizer 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.

The government is keeping an eye on the industry

The Council has a long way to go in achieving its goals to improve the implementation of DLT in the Philippines. This is because regulators have approached the industry with a lot of uncertainty, citing the prevalence of fraud and the volatility of digital assets.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla reaffirmed his stance on digital assets, saying the lack of adequate consumer protection was a concern.

“I have said many times in the past that crypto assets are very risky and those who invest are advised to only invest what they can afford to lose,” Medalla said.

To better understand the industry, BSP has suspended new firm registrations in the industry for three years starting September 1, but said it does not plan to impose a blanket ban on the entire sector.

Watch: Philippine FinTech Festival Highlights: Creating an Antifragile Digital Economy

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Written by khirou

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