Crypto, blockchain industry ‘budding’ in PH: stakeholder

The country’s cryptocurrency and blockchain industries are likely to see an expansion in terms of adoption, user growth and security as many Filipinos, continue to learn and understand the application of the technology, a stakeholder said Tuesday.

Despite the volatility of cryptocurrencies such as bitcoin, the Philippines has among the world’s “clearest” virtual asset regulations which is attracting global players to enter and local stakeholders to adopt the technology, Rebittance Inc co-founder Miguel Cuneta told ANC.

Some e-wallet providers and financial firms have already adopted cryptocurrencies in varying levels and use cases, making them more attractive to users. 

“If you look at the price of bitcoin it’s very volatile but if you look at the metric of adoption, user growth, network security and all of these things. They’re all growing, all-time-highs…We’re looking at budding local trend,” Cuneta said.

“They see a lot of potential in the market and they see a lot of growth in the market here in the Philippines,” he added.

However, Cuneta warned enthusiasts that overexposure to anything, such as cryptocurrencies, could have a drawback. 

He said bitcoin remains one of the most stable virtual assets in the market.

There are over 15,000 cryptocurrencies available but more of them are likely to fail, he said.

In 2020, the House Committee on Banks and Financial Intermediaries announced the formation of a technical working group to explore the possibility of creating the country’s digital currency. 

The Bangko Sentral ng Pilipinas, meanwhile, said it would test the central bank digital currency for wholesale transactions beginning in the fourth quarter.