The Philippines is a region with a keen appetite for blockchain and cryptocurrency. The formation of a local Blockchain Council will further enhance that approach. Through the outfit, further efforts will be made to promote blockchain technology.
The Philippines Blockchain Council
It is remarkable to see such a unified approach to promoting blockchain technology in the Philippines. Like other regions, blockchain and cryptocurrency have a strong following and many opponents. However, the newly-formed Blockchain Council seems to hint at a strong unification across different sectors. It consists of banking and tech experts who want to bring this technology to a bigger audience.
The Blockchain Council of the Philippines was announced during Philippine Blockchain Week. Council members include RCBC EVP Lito Villaneuva, PruLife UK’s Ida Toingson, etc. Moreover, the council members also have ties to the Fintech Alliance, confirming blockchain’s position in the broader financial technology sector. Fintech and blockchain/cryptocurrency often go hand in hand, especially in emerging nations.
Combining their efforts, the Council aims to advocate for blockchain education. There is a steep learning curve associated with this innovative technology. As such, there are many questions, doubts, and misinformation to contend with. By betting big on educational efforts, everyone in the region should be able to understand the technology and its potential impact better.
In addition, there is a plan to turn the Philippines into a Web3 nation over time. Bridging the knowledge gap is an essential first step to achieving that goal. Furthermore, the Council will seek out the private sector and government cooperation to turn the Philippines into Asia’s blockchain capital. An ambitious goal, but with good collaboration, it is well within reach.
Blockchain Isn’t Crypto
One common misconception is that blockchain and cryptocurrency are the same. That is not the case, as blockchain can exist with crypto. The opposite is trickier, although solutions like a DAG are not traditional blockchains. It is time to separate and distinguish between these terms correctly. That is one of the core missions of the Philippine Blockchain Council.
Moreover, the new outfit will combat negative news involving innovative technology. Its association with cryptocurrency makes it seem less appealing, even if it has ample use cases outside of crypto. The Council will showcase blockchain features beyond Bitcoin and how it can impact people’s lives. That includes enhancing the Philippines’ economy with the help of the Central Bank.
Other ventures to be explored include NFTs, AI, and the Metaverse. The Blockchain Council of the Philippines has experts on its board with experience in these fields. It will be interesting to see how these concepts come together in the coming months and years.