Amid the perceived ongoing crypto bear market situated within a broader economic downturn, Filipino Web3 thought leaders gathered by crypto edutech platform Bitswkela at the recent Bull or Bear Web 3 Debates 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 Web3, crypto and NFTs to make well-informed decisions that will influence the policies and investments for cryptocurrencies,” said Jiro Reyes, CEO of Bitskwela.
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,” said Darlene Torres, board member of Bitskwela.
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 Web3, 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 Web3 Debate at the recent Philippine Web3 Festival tapped Jen Bilango, growth lead at Blockchain Space; Chris Tan, a cryptocurrency investor; Patty Tiu, co-founder of Thompson Collective; Paul Soliman, CEO of Hacktiv and CTO of BayaniChain; Mark Nunez, senior partnerships manager of GCrypto, and Nelson Lumbres, Internet Protocol Manila.
