The Philippines is Asia’s ‘Blockchain hub’. Where does India Stand?

The Philippines has the numbers to become a blockchain hub in Asia

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. The Philippines has "the numbers" to become a blockchain hub. Cryptocurrency will have a significant impact in the Philippines, as the country's stock exchange considers integrating digital assets into its trading platform.

The city which is poised to become the leading Innovation Hub in the Philippines by 2030 is hailed as the Heart of the Philippines due to its central location in the country. Such crypto-hubs are growing in popularity, particularly in Asia and Europe, as municipal governments looking to get an edge in a new industry begin to realize how lucrative new blockchain ventures can be. The central Philippine city of Iloilo welcomed payments in Bitcoin or Litecoin.

The Philippines is Asia's Blockchain hub:

The Philippines has become the blockchain capital of Asia. Blockchains play a crucial role in maintaining a secure and decentralized ledger of transactions. The global health crisis contributed to the adoption of cryptocurrencies and other financial technology solutions. It is projected that around 4.3 million people in the Philippines, currently own crypto assets. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.

The Philippines hopes to make the Cagayan Valley the 'Crypto valley of Asia' by establishing a hub for fintech and crypto-related ventures in the region. The Crypto Valley project is another positive sign for the industry that Philippine authorities are welcoming crypto into. "Crypto Valley of Asia," a $100 million blockchain hub that aims to mimic Zug in Switzerland, the birthplace of Ethereum is now a home to almost 200 blockchain companies. Crypto Valley, is known for its encouragement of cryptocurrency, even allowing blockchain-based e-voting in the last local election.

Cryptocurrency or digital money as a mode of payment is making the rounds on Filipino social media. Filipinos were already interested in digital currencies in 2019. The Philippines' crypto firms, which had been overlooked by the country's startup ecosystem, are not that different. Crypto players are also driving financial inclusion for the country's unbanked as they leapfrog the banking system by putting crypto wallets into people's hands. People have turned to cryptocurrencies because they are secure, decentralized, easily accessible, and have a potential inflation hedge.

The Philippines government is optimistic with hopes that the Crypto Valley initiative will encourage the youth to take up careers in technology. The Philippines demonstrated that the Asian nation has the third-highest crypto adoption rate worldwide. The broader Asian region is seen as one of the premier markets for cryptocurrency ventures, possessing rapidly growing economies and vast middle-class populations.