The founder of the Blockchain Council of the Philippines (BCP), Donald Lim, envisions a future of widespread blockchain and crypto adoption in the country. In an interview with Cointelegraph, Lim highlights the potential for success in blockchain projects within the Philippines.
Recognizing the Potential and International Interest
Under the BCP’s leadership, the Philippines embraced the shift towards Web3. Furthermore, the BCP organized the Philippine Blockchain Week, discovering a vibrant community eager to carve out its place on the global stage. This was to foster the growth of this ecosystem. Lim confidently asserts,
“We feel very strongly that we can be the blockchain capital of Asia.”
With a youthful population boasting technical proficiency and a remarkable ability to adapt quickly, exemplified by the successful adoption of Axie Infinity, the Philippines presents a compelling case for blockchain innovation.
The popularity of the play-to-earn blockchain game, Axie Infinity, in the Philippines attracted considerable attention from global players. Lim further revealed that numerous international organizations express a keen interest in establishing their projects within the country.
The BCP executive emphasizes the unique opportunities that the Philippines offers, citing the government’s openness to crypto and blockchain initiatives:
“We have an open government…any blockchain project or Web3 project has all the opportunity to flourish in the country.”
Government Support and Enabling Bitcoin Adoption
Lim further underscores the supportive stance of the Philippine government towards crypto and blockchain. Contrary to stifling innovation, the government embraces these emerging technologies, creating an environment conducive to growth.
This favorable climate enhances the prospects of organizations venturing into the Philippines. It also harnesses its potential as a hub for blockchain and crypto activities.
Furthermore, in a separate interview, Ethan Rose, the founder of Pouch, a wallet service supporting the Bitcoin Lightning Network in the Philippines, disclosed that over 400 local businesses have integrated Bitcoin payments.
While this demonstrates progress, Lim believes that fully living on Bitcoin or crypto alone remains a distant reality.
However, he asserts that crypto will always remain an option, asserting confidently,
“It’s only a matter of time before all of these snowballs and become something bigger.”
Lim foresees a future where crypto adoption transcends mere payment transactions. He predicts that, within the next four or five years, as the entire infrastructure matures, crypto will permeate various facets of life. This evolution will encompass activities such as purchasing nonfungible tokens, immersing in the metaverse, and exploring new opportunities that emerge within the crypto space.