On August 24, 2022, a Philippine Senate hearing discussed cryptocurrencies, financial inclusion, and regulatory frameworks. As a result, Philippine universities will offer free courses on Bitcoin and other digital assets.
It included Binance and FinTech Alliance Philippines. The former is the world’s largest crypto exchange, and the latter is the leading and largest digital trade organization in the country.
Moreover, other government entities like the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA) also joined.
Kenneth Stern, Binance’s general manager in the country, reported in the hearing that 78% of Filipinos remain unbanked. Fortunately, he affirmed that “…crypto can help decrease that number as crypto asset holders will soon surpass the number of credit card holders in the country.”
Partnership with BCB Blockchain
Photo Credit: cryptonewsland.com
The Department of Science and Technology recently signed a Memorandum of Agreement (MOA) with BCB Blockchain for a government partnership. It would facilitate the creation of local startups to build smart city projects and applications via blockchain technology.
The Singapore-based crypto business banking firm pledged $300,000 to startup accelerators and incubators in the Philippines. Also, it signed agreements with several universities across Luzon, Visayas, and Mindanao:
- Adamson University
- Batangas State University
- Caraga State University
- De La Salle University-Manila
- Far Eastern University
- Holy Angel University
- Mindanao State University – Iligan Institute of Technology
- QBO Innovation hub
- Siliman University
- Technological Institute of the Philippines
- Technological University of the Philippines (Visayas)
- University of Southeastern Philippines
The joint project aims to reach out to academics, developers, and community members and encourage them to engage with the Building Cities Beyond (BCB) Blockchain system. As a result, it would raise opportunities to build smart city solutions.
Dr. Enrico C. Paringit, the Executive Director of the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD) said the following with regards to the partnership:
“We hope that this partnership will ignite the next wave of applications and innovations for the development of sustainable and smart cities.”
The first university-based blockchain lab in the Philippines
Photo Credit: www.wazzuppilipinas.com
The country has been providing crypto training courses before these projects. For example, the Ateneo De Manila University opened the Philippines’ first blockchain laboratory in 2019.
AdMU recognized the growing worldwide demand for blockchain literacy and research. In response, it launched AMBERLab or the Ateneo-MediXServe Blockchain Education and Research Lab.
AMBERLab allows students to design and execute projects utilizing blockchain technology to benefit the world. Fortunately, non-Ateneo students and faculty may also use its resources.
Dr. Regina Estuar, Chief Research Officer of MediXServe and Executive Director of AMBERLab, said, “We align AMBERLab with the mission and vision of the university and the Department of Information Systems and Computer Science. To be pioneers in innovative and advanced computing technologies that serve the nation.”
The Philippines may transform into a global crypto hub.
Photo Credit: beincrypto.com
President Bongbong Marcos expressed his commitment to the digital transformation of the Philippines in his first State of the Nation Address:
“This will be characterized by the infusion of technology into almost every facet of our daily lives. Breakthrough technologies in the areas of quantum computing, artificial intelligence, nanotechnologies, the internet of things, robotics, self-driving electric vehicles, 3D printing, and Virtual and Augmented Reality, among others, will radically transform the way business is done.”
Also, he dubbed these developments the “Fourth Industrial Revolution.” Then, he instructed the Department of Information and Communications Technology (DICT) “to identify and utilize these innovations to improve governance.”
The DOST has been providing crypto training courses to expand blockchain education. Moreover, it has been exploring its applications with the project titled, “Application of Blockchain Technology to the Guimaras Mango Supply Chain.”