The Potential of Crypto Adoption in the Philippines: A Rising Snowball Effect
Philippines Poised for Mainstream Crypto Adoption
Dr. Donald Lim, founder of the Blockchain Council of the Philippines (BCP), believes the country has all the ingredients for mainstream crypto and blockchain adoption.
With a young population and technical know-how, the Philippines has the potential to become the blockchain capital of Asia.
The success of Axie Infinity, a play-to-earn blockchain game, has introduced web3 concepts and crypto wallets to the population.
This has attracted interest from global organizations looking to set up projects in the country.
The government's open stance on crypto and blockchain further enhances the potential for flourishing projects in the Philippines.
Axie Infinity Sparks Interest in Crypto Adoption
Axie Infinity, a play-to-earn blockchain game, gained popularity in the Philippines with 40% of its player base coming from the country.
The game's success introduced web3 concepts and the creation of crypto wallets to the population.
This paved the way for increased interest from global players to set up their projects in the Philippines.
The success of Axie Infinity demonstrated the potential for crypto adoption in the country.
Favorable Environment for Blockchain Projects
The Philippines offers a favorable environment for blockchain projects due to its demographics and the government's open stance on crypto and blockchain.
The government welcomes international organizations to penetrate the country and supports the growth of blockchain projects.
There has been significant interest from global players in setting up projects in the Philippines due to the opportunities it presents.
The combination of a young population, technical know-how, and government support makes the Philippines an attractive destination for blockchain projects.
Crypto Adoption in the Philippines Still Evolving
While Bitcoin and crypto payments have been onboarded by over 400 businesses in the Philippines, living solely on crypto remains a distant reality.
Dr. Lim believes that it will take several years for the infrastructure to mature and for crypto adoption to expand beyond payments.
Crypto will not only be used for payments but also for activities like buying NFTs and participating in the metaverse.
Dr. Lim sees crypto adoption in the Philippines as a snowball effect that will continue to grow and become something bigger.
The Magic of Crypto and Blockchain in the Philippines
The rise of crypto and blockchain in the Philippines feels like a fairytale come true.
With the success of Axie Infinity and the government's support, the country is embracing the potential of web3 technologies.
Just like Alice in Wonderland, Filipinos are diving into the world of crypto and opening doors to new opportunities.
As the industry matures, the Philippines may become a beacon of innovation and adoption in the crypto space.
The Future of Crypto Adoption in the Philippines
The potential for crypto adoption in the Philippines is immense and continues to grow.
Dr. Lim envisions a future where crypto is integrated into various aspects of daily life, beyond just payments.
The combination of a young population, technical expertise, and government support creates a fertile ground for crypto projects.
As the snowball effect takes hold, the Philippines may become a leading force in the global crypto landscape.
References
Cointelegraph By Ezra Reguerra. (July 17, 2023). Philippines Blockchain Council exec sees crypto adoption ‘snowballing’. cointelegraph.com.
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