Philippines Blockchain Council executive sees crypto adoption 'snowballing'

Donald Lim thinks blockchain and Web3 projects have "opportunity to thrive" in the country.

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The Philippines has all the ingredients for mainstream crypto and blockchain adoption, according to Donald Lim, the founder of the Blockchain Council of the Philippines (BCP).

In an interview with Cointelegraph, Lim shared his thoughts on the country's potential for crypto adoption and why he thinks blockchain projects can potentially succeed in the country.

Limit with Ezra Reguerra of Cointelegraph. Source: Cointelegraph

Lim told Cointelegraph that as BCP recognized that the world was moving towards Web3, he hosted an event called Philippine Blockchain Week and discovered that he there was a whole ecosystem in the country looking to “find its place in the world”. He explained:

"We are convinced that we can be the blockchain capital of Asia. We realized that we had the technical know-how, we are very young, we have a median age of 25, and in terms of adoption, we can adapt quickly, like what happened with Axie Infinity."

In 2021, the play-to-earn (P2E) blockchain game Axie Infinity became popular in the Philippines. Estimates showed that 40% of the game's player base came from developing countries. According to Lim, this introduced many Web3 concepts to the country, such as the creation of crypto wallets.

Related: Axie Infinity Gamer Buys Two Houses in the Philippines Using Game Profits

Since then, the BCP executive has said that there has been a lot of interest from global players to set up their projects in the country. “We have seen that across the world there are a lot of...