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Future of blockchain adoption in the Philippines discussed at inaugural Philippine Fintech Festival

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The Philippines is one of the major adopters of blockchain technology in the Southeast Asian region.second only to VietnamAnd Digital Pilipinas is using this to host a week-long event filled with discussions, celebrations and workshops on the future of Fintech, digital currencies and blockchain in the country. 1st Philippine Fintech Festival It was held at the Green Sun Hotel in Makati.

The second day of the Philippine Fintech Festival tackled ideas about blockchain, non-fungible tokens (NFTs), the Metaverse, Web 3, and the future of fintech.

Coins.ph Wei Zhou takes center stage

First on the list of presenters is Mr. Wei Zhou, CEO of Coins.ph, who gave a fundamental and proactive look at the digital currency and NFT situation in the Philippines and how Filipinos do business, make money and live. We talked about how to turn it into

According to Zhou, the Philippines has the greatest advantage in adopting blockchain in the ASEAN region because Filipinos know how to speak English.

“The future of digital assets is language and culture…and the language of web3 and the language of blockchain is English, right? And when you consume it in your native language, it is very different,” he said.

Also, according to his research, the Philippines has the highest penetration of NFTs thanks to P2E gaming trends such as: Axie InfinityAccording to Finder, about 25% of Filipinos have played P2E games, 32% of the population have NFTs, 9.5% plan to buy one, and the adoption rate is projected to be 41.5%. I’m here.

“What happened with the invention of blockchain? You can now record ownership of your digital assets in an immutable, transferable public ledger and use it. It belongs to you. owns,” Zhou explained.

All of this makes coins.ph, the country’s leading Bitcoin wallet, on a mission to create an “open financial system” that provides easy access to web3 and digital assets.

Ph Fintech Festival

Blockchain technology — the foundation of digital assets

The first blockchain panel of the event featured another immersive discussion of the endless opportunities in this space. Zhou appeared on the stage again, joining Luis Buenaventura of the Cryptopop Art Guild (CPAG), Peter Ing, founder of BlockchainSpace, Ken Masuda, Chief Marketing Officer of BlockchainHub Inc., and Chairman of Asoshiasi Blockchain Indonesia. One of his Asih Karnengsih, Tamas Czegledi attended. Professional Lead 1 Hungarian Blockchain Coalition Digitális Jólét Program.

Panelists answered questions about how blockchains, “crypto,” NFTs, and other digital assets can power. digital economy in the philippinesits hurdles, the need for regulation, etc.

Ph Fintech Festival
From left to right: Wei Zhou, Luis Buenaventura, Amor Maclang, Peter Ing, Ken Masuda, Asih Karnengsih, Tamas Czegledi

“People are building businesses in this metaverse, they are running them just like traditional businesses, they need the same support. must be justified.

“What we need to lobby now with regulators is to justify these revenues,” he added.

The discussion continued, with Mr. Karnengsih discussing the blockchain situation in Indonesia and Mr. Masuda discussing which industries blockchain technology is best suited to unlock in the Japanese market, before making digital assets more adoptable to the general public. I had further questions about strategies for making it easier to understand.

For Buenaventura, the biggest indicator that he believes digital currency has not yet been fully adopted by the mainstream is that he continues to talk about it on stage.

“There are many barriers to this, including the fact that the software itself is cryptic. There is so much jargon that needs to be learned,” he pointed out. “The technology is not yet big enough either. I worry what will happen if 100 million Filipinos start using the same blockchain. It sounds like a scary transition. It will take time.”

As for Ing, one of the best developments happening in the space right now is that they’re not just telling people about digital assets. BitcoinInstead, they are here to teach it.

Zhou said, “Bank money is not safe. The advantage of Bitcoin is that you can own your own assets.”

“The situation is arguing with us. With the macroeconomic situation, people are looking for alternatives. With COVID-19, they are looking at other options. is another option,” Buenaventura added.

More discussions and ideas have taken place

Ph Fintech Festival

A panel on Regtech and Cybersecurity, moderated by Amor Maclang, organizer of the Digital Pilipinas and World Fintech Festival, took place after a great discussion on the future of digital assets and blockchain.

Etiqa Philippines CEO Rico Bautista continued the brand’s mission and goals in the country. His second day of Digital Pilipinas’ Philippine Fintech Festival panel discussion ended with an expert group on Insurtech and Healthtech in the Philippines.

Ph Fintech Festival

Watch: BSV Global Blockchain Convention Panel, Future World with Blockchain

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New to Bitcoin? Check out CoinGeek Bitcoin for beginners Section is the ultimate resource guide for learning more about Bitcoin and blockchain, originally conceived by Satoshi Nakamoto.

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