The Blockchain Council of the Philippines (BCP), is enthusiastically venturing forth into a strategic partnership with the country’s Department of Information and Communications Technology (DICT). Their central objective points toward Web3 adoption, posing a potential for the country to emerge as a global leader in the blockchain sector.
BCP’s founding president, Dr. Donald Lim, declared his organization’s vision of encouraging Web3 adoption in the Philippines. An abundant task at hand, BCP is encompassing the education and collaboration with an array of local stakeholders within the Philippine blockchain ecosystem, including government bodies, Web3 developers, and civil society organizations.
Emmy Lou Versoza-Delfin, DICT Director, appears to be greatly optimistic about blockchain’s foothold within the nation. The past tracked growth of innovative blockchain startups and the launch of public welfare-focused blockchain initiatives lay groundwork for this optimism. Yet, while promising, it’s prudent to acknowledge that these advancements don’t guarantee a smooth runway for blockchain adoption, and a guaranteed leadership role for the country in the blockchain industry.
Indeed, the road ahead does feature its own set of obstacles. At a recent BTC event in Prague, Ethen Rose, the founder of Pouch, a service operating in the Philippines that supports the Bitcoin Lighting Network discussed these challenges. While efforts are ongoing to pitch BTC as an attractive undertaking to local merchants, it seems to face stiff resistance. Current approaches position BTC as an alternative method of enticing customers to their businesses.
On the other side of the world, in the United States, a coalition of industry watchdogs are expressing their opposition to a proposed draft bill on the crypto market structure. These watchdogs argue that the crypto industry has failed to present any practical use cases beyond speculative investment. This hints at the nascent nature of the industry and the subsequent regulatory hurdles.
In the midst of this tug-of-war between innovation and safeguarding consumer interests, jurisdictions in Europe and Asia are willing to accommodate crypto businesses. This might suggest a global divide in attitudes towards crypto adoption. Will this divergence evoke a competitive advantage for certain jurisdictions, or will it somehow jeopardize the global future of cryptocurrencies and blockchain?
Only time, and a commitment to explore, understand and, if necessary, harness this emerging technology can tell.
Source: Cointelegraph
