Thanks to a partnership with Binance, Philippine universities will have free courses on bitcoin and other digital assets.
The Philippines seems to be ready to welcome the digital currency revolution. Binance is working with Philippine regulators to establish a framework to encourage the adoption of bitcoin and cryptos in the country.
Binance is a crypto-exchange platform that uses its own digital token: the Binance Coin or BNB. Today, the platform brings together investors from all over the globe to trade hundreds of cryptos despite the regulatory measures it underwent in 2021.
There are more than 500 cryptocurrencies and virtual tokens with which to trade crypto-to-crypto such as bitcoin or ethereum.
Binance continues to grow and expands its targets to the Philippines
In fact, the platform recently participated in a Philippine Senate hearing where industry leaders and regulators discussed policies and guidelines for the country regarding digital assets, according to a report by local media outlet Inquirer.
Three government institutions participated in the hearing: the Securities and Exchange Commission (SEC), the Bangko Sentral Pilipinas (BSP) central bank and the Cagayan Economic Zone Authority (CEZA) with the presence also of the Senate Banking Committee, Binance and Fintech Alliance Philippines.
We strongly believe that the crypto industry can greatly benefit the Filipino people by addressing the need for financial inclusion through digitization, said Kenneth Stern, Binance ‘s managing director for the Philippines, according to the report.
The discussion reportedly revolved around how the country can harness new innovations while ensuring safeguards for consumer protection. The initiative involves conducting research to formulate policies for digital assets, while SEC Chairman Emilio Aquino stressed the need for strict security measures against misconduct.
Binance: Offering free bitcoin courses
Binance has already partnered with Philippine universities and other professional groups to offer free courses on blockchain technology and cryptocurrencies, such as bitcoin. During the hearing, it was reportedly found that access to financial literacy would be critical to building a functional framework.
78% of Filipinos are still unbanked, but crypto can help reduce this number as crypto asset holders will soon surpass the number of credit card holders in the country,” Stern continued.
Philippines : Protecting consumers
Adequate consumer protection was also a focus of the discussion, with the BSP deputy governor explaining that the central bank does not want to stifle or hinder the growth of the ecosystem, but also wants to gain consumer trust.
Thus, while the focus will remain on financial literacy, it was agreed that an appropriate regulatory mechanism would be needed to ensure innovation, growth and security within the digital economy.
It is worth noting that the Philippines ranked 15th in the Global Cryptocurrency Adoption Index 2021 by Chainalysis. Crypto-transactions in the country spiked 362% in the first half of 2021, according to the report.