In an interview with Cointelegraph, Dr. Donald Lim, founder of the Blockchain Council of the Philippines (BCP), expressed his belief that the Philippines has all the necessary ingredients for mainstream adoption of cryptocurrencies and blockchain technology. Lim highlighted the country’s potential and explained why he thinks blockchain projects can thrive in the Philippines.
During the Philippine Blockchain Week event, Lim discovered a vibrant ecosystem in the country, eager to carve out its place in the world of Web3. With a young population and strong technical expertise, Lim believes the Philippines can become the blockchain capital of Asia, drawing parallels with the rapid adoption of the play-to-earn (P2E) blockchain game, Axie Infinity, in the country.
The success of Axie Infinity introduced various Web3 concepts to the Philippines, including the use of crypto wallets. Following this, global organizations have shown significant interest in establishing their projects in the country. Lim attributes this interest not only to the demographics but also to the government’s open stance on crypto and blockchain, providing fertile ground for growth.
Lim acknowledged the recent onboarding of Filipino businesses to accept Bitcoin payments but stated that the possibility of living in the Philippines solely using Bitcoin or crypto is still distant. However, he firmly believes that it’s only a matter of time before these developments gain momentum and evolve into something more significant. Lim predicts that within four to five years, as the infrastructure matures, crypto will be used not only for payments but also for activities like purchasing nonfungible tokens (NFTs) and engaging in the metaverse.
While crypto becoming the sole means of living may take time, Lim emphasized that the Philippines offers ample opportunities for blockchain and Web3 projects to flourish due to its open government and supportive environment.
As interest in cryptocurrencies and blockchain technology grows globally, the Philippines is positioning itself as a favorable destination for crypto projects. With its vibrant ecosystem, young population, and government support, the country aims to lead the way in blockchain adoption in Asia.