Almost 70 million people around the world use blockchain wallets, and the average daily trade volume for cryptocurrencies has soared to more than $130 billion.
Cryptocurrency will have a significant impact in the Philippines, as the country’s stock exchange considers integrating digital assets to its trading platform.
Donald Lim, the chief operating officer of holding and investment firm Dito CME, stated on Wednesday that the Philippines has what it takes to become the “blockchain capital of Asia.”
While the global health crisis contributed to the adoption of cryptocurrencies and other financial technology solutions, Filipinos were already interested in digital currencies in 2019.
It is projected that around 4.3 million people, or 4% of the total population of the Philippines, currently own crypto assets.
Image: Asia Blockchain Review
Philippines Has The Resources To Become Blockchain Hub
According to Lim, the Philippines has “the numbers” to become a blockchain hub. ” The median age of our 110 million population is 25. We also have the highest rate of internet and NFT penetration among digital populations.”
Based on a 2021 study, the Philippines is one of the nations with the highest rate of cryptocurrency adoption. It is demonstrated that the Asian nation has the third-highest crypto adoption rate worldwide.
People have turned to cryptocurrencies because they are secure, decentralized, easily accessible, and a potential inflation hedge.
As defined by Investopedia, blockchain is a shared digital ledger or distributed database accessible from all devices connected to a network. It can be thought of as a digital database for its capacity to store data in a digital format.
Philippines: 17th Most Crypto-Aware Country In The World
In cryptocurrency systems such as Bitcoin, blockchains play a crucial role in maintaining a secure and decentralized ledger of transactions.
A blockchain’s innovation is that it ensures the integrity and security of a data record and provides trust without the necessity of a trusted third party.
The Philippines’ Department of Science and Technology has recently launched a training course for blockchain technology as it examines use-cases of blockchain technology for healthcare, financial assistance, government record storage, visa and passport issuance, and trademark registration.
BrokerChooser’s Crypto Awareness Score survey ranks the Philippines as the 17th most crypto-aware country in the world. The country ranks 12th on the 2020 Global Crypto Adoption Index in terms of the number of crypto owners.
In a related development, local and international experts from the digital and cryptocurrency industries will host the inaugural Philippine Blockchain Week.
The event will be held at the Marriott Grand Ballroom of the Newport World Resorts in Pasay City from November 28 to December 4.
Crypto total market cap at $937 billion on the daily chart | Source: TradingView.com Featured image from Loveandroad.com, chart from TradingView.com