Amid the perceived ongoing crypto bear market situated within a broader economic downturn, Filipino Web 3 thought leaders gathered by crypto edutech platform Bitswkela at the recent Bull or Bear Web 3 Debates, sponsored by leading digital platform GCash, remain bullish about the prospects of blockchain-based technologies in making a real-world impact while highlighting the regulatory and societal challenges that need to be addressed.
In terms of regulating cryptocurrencies, the Philippine government has been studying creating policies for digital assets aimed at consumer protection.
“Bitskwela created the Bull or Bear debate to educate Filipinos, the government, and partners about Web 3, crypto, and NFTs to make well-informed decisions that will influence the policies and investments for cryptocurrencies,” Jiro Reyes, CEO of Bitskwela, said.
From localizing content about crypto education to holding crypto debates across the Philippines, Bitskwela has been developing programs to further Filipinos’ knowledge and help engage the government and crypto experts.
“We hope to collaborate with the government through our initiatives to further efforts in supporting this industry, similar to how Dubai created its Crypto Center in the leading free zone Dubai Multi Commodities Centre to help regulate crypto activities and develop an ecosystem that fosters growth, development, and security,” Darlene Torres, Board Member of Bitskwela, said.
The debates discussed complex issues surrounding themes such as using Bitcoin as legal tender, storing personal data on NFTs, whether the Philippines is conducive to developing Web 3, cryptocurrencies and having a Peso Central Bank Digital Currency.
The Philippines ranked tenth in global crypto adoption according to the Australian-based financial technology website Finder in July 2022, where 16% of 7,514 internet users owned cryptocurrency, with Bitcoin as the most popular in the country.
The first Bull or Bear Web 3 debate at the recent Philippine Web 3 Festival tapped Jen Bilango, Growth Lead at Blockchain Space; Chris Tan, a cryptocurrency investor; Patty Tiu, co-founder of Thompson Collective; Paul Soliman, Chief Executive Officer (CEO) of Hacktiv and Chief Technology Officer of BayaniChain; Mark Nunez, Senior Partnerships Manager of GCrypto, and Nelson Lumbres, Internet Protocol Manila.
The second debate held in Davao featured Gilbert Lazaro, owner of Tito Vlogs; JR Quilantang, owner of Crypto Pinas; Gilson Po, Director of Community Building at Blockchain Network Philippines; Patty Tiu; Ryan Morris, Community Manager of Breeder Dao; and Robbi Samson, Business Development Section Head of First Metro Securities Brokerage Corporation in Mindanao, who shared their opinions and perspectives on cryptocurrencies and NFTs in the Philippines.
The debates may be viewed on Bitskwela’s Facebook page (www.facebook.com/bitskwela), and to learn more about Bitskwela’s initiatives, visit www.bitskwela.com.