Philippines has potential to become ‘blockchain capital of Asia’

Blockchain association head highlights potential of the country’s young population to adopt crypto. Technical expertise can push country to become ‘blockchain capital of Asia.’

Original story by Ezra Reguerra for Cointelegraph

The Philippines has all the ingredients for mainstream crypto and blockchain adoption, according to Donald Lim, the founder of the Blockchain Council of the Philippines (BCP).

In an interview with Cointelegraph, Lim shared his thoughts on the country’s potential for crypto adoption and explained why he believes blockchain projects can potentially succeed within the country.

Lim told Cointelegraph that as the BCP recognized that the world was moving toward Web3, it organized an event called the Philippine Blockchain Week and found that there’s an entire ecosystem in the country looking to “find their place in the world.” He explained:

“We feel very strongly that we can be the blockchain capital of Asia. We realized that we have the technical know-how, we’re very young, we have a 25-year median age, and in terms of adoption, we can adapt fast, like what happened with Axie Infinity.”

In 2021, play-to-earn (P2E) blockchain game Axie Infinity became popular in the Philippines. Estimates showed that 40% of the game’s player base came from the developing nation. According to Lim, this introduced a lot of Web3 concepts into the country, such as the creation of crypto wallets.

Since then, the BCP executive said there’s been a lot of interest from global players to set up their projects in the country. “We saw that around the world, there are a lot of international organizations that have been wanting to penetrate the Philippines,” he said.

According to Lim, these organizations could flourish in the country, not just because of the demographics, but also because of the government’s stance on crypto and blockchain. He explained:

“We have an open government, I would say. We don’t have a government that’s been wanting to shut us down. And therefore, we feel that any blockchain project or Web3 project has all the opportunity to flourish in the country.”

Learn more about Donald Lim’s insights in the original article by Ezra Reguerra for Cointelegraph here https://cointelegraph.com/news/crypto-philippines-blockchain-council-exec-sees-crypto-adoption-snowballing