Donald Lim, the founder of the Blockchain Council of the Philippines, strongly believes that blockchain and Web3 projects have a tremendous opportunity to flourish in the country. According to Lim, the Philippines possesses all the necessary ingredients for mainstream crypto and blockchain adoption. In a recent interview, he discussed the country’s potential and explained why he is optimistic about the success of blockchain projects in the Philippines.
Lim highlighted the global shift towards Web3 is acknowledged, and a vibrant blockchain ecosystem exists in the Philippines. The Philippine Blockchain Week showcased the strong interest of Filipinos in blockchain technology. With technical expertise, a young population, and fast adoption demonstrated by Axie Infinity’s success, the Philippines aims to become the blockchain capital of Asia.
Axie Infinity, a play-to-earn blockchain game, gained massive popularity in the Philippines in 2021, attracting a significant player base. This increased interest in Web3 concepts and crypto wallets among Filipinos. The country’s favorable conditions, including supportive government policies towards crypto and blockchain, have encouraged global players to establish their projects in the Philippines. The open government stance provides ample opportunities for blockchain and Web3 projects to thrive in the country.
While the possibility of solely using Bitcoin or cryptocurrencies for living in the Philippines is still distant, Lim acknowledged that crypto will always remain an option. However, he believes that it is only a matter of time before cryptocurrencies become more widely accepted. Lim expects that, in four or five years, as the infrastructure matures, crypto will not only be utilized for payments but also for purchasing non-fungible tokens (NFTs) and engaging in metaverse activities.
According to CoinGecko, the Philippines remains the leader in Web3 gaming interest. This is the third year in a row that the country has held the top position, confirming its significance in the blockchain-based gaming industry.
In a recent report by Todayq News, the Blockchain Council of the Philippines (BCP) and the Department of Information and Communications Technology (DICT) have partnered to promote Web3 adoption and establish the Philippines as a global leader in blockchain technology. This collaboration aims to create an ecosystem conducive to blockchain innovation by working with government bodies, Web3 developers, civil society organizations, and businesses.
The BCP, a nonprofit organization focused on improving the regulatory framework for blockchain, is dedicated to driving blockchain adoption in the Philippines. The partnership with the DICT further reinforces the country’s commitment to blockchain technology. The DICT Director highlighted the success of blockchain startups and the implementation of blockchain-based solutions for the public good in the Philippines.