Almost 70 million users use blockchain wallets worldwide, and the average daily trade volume for cryptocurrencies has risen to more than $130 billion.
As the Philippines’ stock market considers incorporating digital assets into its trading platform, cryptocurrency will have a huge impact.
On Wednesday, Donald Lim, the chief operating officer of holding and investment business Dito CME, declared that the Philippines has what it takes to become the “blockchain capital of Asia.”
Although the global health crisis aided in the growth of cryptocurrencies and other financial technology solutions, Filipinos were already interested in digital currencies in 2019.
It is estimated that over 4.3 million Filipinos, or 4% of the total population, presently own crypto assets.
The Philippines has the potential to become a blockchain hub.
The Philippines, according to Lim, has “the numbers” to become a blockchain hub. “Our 110 million population has a median age of 25. In addition, among digital populations, we have the greatest rate of internet and NFT penetration.”
According to a 2021 study, the Philippines has one of the highest rates of cryptocurrency use. It has been established that the Asian country has the third-highest crypto adoption rate in the globe.
People are interested in cryptocurrencies because they are secure, decentralized, freely accessible, and have the potential to be an inflation hedge.
According to Investopedia, blockchain is a shared digital ledger or distributed database that is available from all network-connected devices. Because of its ability to store data in digital format, it can be regarded of as a digital database.
The Philippines is the world’s 17th most crypto-aware country.
Blockchains play a critical function in cryptocurrency systems such as Bitcoin in keeping a secure and decentralized log of transactions.
The innovation of a blockchain is that it protects the integrity and security of a data record and provides trust without the need for a trusted third party.
The Department of Science and Technology in the Philippines has just created a blockchain technology training course that analyzes use-cases of blockchain technology in healthcare, financial aid, government record storage, visa and passport issuing, and trademark registration.
According to BrokerChooser’s Crypto Awareness Score, the Philippines is the 17th most crypto-aware country in the world. In terms of the number of cryptocurrency owners, the country ranks 12th on the 2020 Global Crypto Adoption Index.
In a similar development, the inaugural Philippine Blockchain Week will be hosted by local and international specialists from the digital and cryptocurrency industries.
From November 28 to December 4, the event will be held at the Marriott Grand Ballroom of the Newport World Resorts in Pasay City.