“We are probably number one in the world on blockchain”: inside the Philippine fintech festival

Claire celdran 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 Web3, fintech, and the bitcoin industry took a deep dive into how the country can solidify its place as a global blockchain powerhouse.

The Philippines is a global leader in blockchain gaming and ranked second in Chainalysis’s Digital Asset Adoption rankings this year. At its peak, Axie Infinity revealed that about 40% of its users were from a Southeast Asian country, and while Axie may have fallen out of favor after the March hack, the number of gamers on the blockchain continues to grow.

“[The Philippines] probably far ahead than anywhere else in the world. I have been to other countries where regulation stifles growth, especially when it intersects with banking and money,” said Marc Veron, Vice Chair of the Philippine Fintech Association, Claire Seldran of CoinGeek.

According to Veron, Bangko Sentral ng Pilipinas (BSP) has played a big role in driving the adoption of digital assets. He noted that unlike most countries where digital assets are either unregulated or overly regulated, BSP has struck the perfect balance between protecting investors and promoting innovation.

Ida Tiongson, member of the BSP Open Finance Oversight Committee, agrees.

“Don’t be surprised if the Philippines becomes the global blockchain powerhouse,” she told CoinGeek.

At the event, many discussions were devoted to the creation of an anti-fragile digital economy. While digital finance has been proven to increase financial inclusion and reduce transaction costs, it also comes with additional risks of fraud, disruption, hacks, and more. Regulators and other industry stakeholders around the world are working to protect investors from potential negative impacts, and most industry leaders at the event pleaded with Philippine observers to focus on this as well.

Amor Maklang, organizer of Digital Pilipinas, believes blockchain offers Filipinos a unique opportunity to “combine our ability to implement technology with content creation.” Filipinos are prolific content creators, and all they have to do is “take advantage of that penchant for creation, overlay blockchain technology on it, and in the process become the NFT hub of content creators for the world.”

Watch: BSV Global Blockchain Convention panel, “Blockchain World of the Future”

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New to Bitcoin? Check CoinGeek Bitcoin for beginners section, a complete guide to resources, to learn more about bitcoin as Satoshi Nakamoto originally envisioned and the blockchain.

Written by khirou

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