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Cryptography Education – At a hearing held by the Senate of the Philippines on August 24, 2022, topics like cryptocurrency, financial inclusion, and regulatory frameworks were examined. As a direct consequence of this, institutions in the Philippines will begin providing cost-free instruction on Bitcoin and other digital assets.
Binance and the FinTech Alliance Philippines were also a part of it. The first is the biggest cryptocurrency exchange in the world, while the second is the most influential and important institution for digital trade in the country.
In addition, other government agencies such as the Cagayan Economic Zone Authority (CEZA), the Securities and Exchange Commission (SEC), and the Bangko Sentral ng Pilipinas (BSP) all joined in.
At the hearing, Kenneth Stern, who is the general manager for Binance in the nation, testified that 78 percent of Filipinos do not have bank accounts. The good news is that he confirmed that “…crypto can assist decrease that number as crypto asset holders will soon surpass the number of credit card holders in the country.”
The relationship between the government and BCB Blockchain was formalized with the recent signing of a Memorandum of Agreement (MOA) by the Department of Science and Technology. It would make it easier for local entrepreneurs to launch firms, who would then use blockchain technology to develop smart city projects and applications.
The crypto business banking company headquartered in Singapore made a commitment of $300,000 to startup accelerators and incubators in the Philippines. In addition to this, it struck agreements with a number of colleges located on the islands of Mindanao, Luzon, and Visayas as follows:
- The University of Adamson
- The University of Batangas State
- Caraga State University can be found in
- Far Eastern University, which is part of De La Salle University in Manila
- University of the Holy Angels
- Iligan Institute of Technology, a college affiliated with Mindanao State University
- Innovation center for QBO
- The University of Siliman
- Technical Education and Research Institute of the Philippines
- University of the Philippines at the Technological Age (Visayas)
- University of the Philippines in the Southeastern Region
Through outreach to academics, developers, and members of the community, the joint initiative intends to foster participation in the Building Cities Beyond (BCB) Blockchain system by those individuals. As a consequence of this, it would open up potential to design solutions for smart cities.
In relation to the cooperation, the following was stated by Dr. Enrico C. Paringit, the Executive Director of the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD):
We have high hopes that this relationship will spark the development of a new wave of applications and ideas that will help make cities more sustainable and smart.
Before these programmes were launched, the nation had already begun offering instruction in cryptography. In 2019, for instance, the Ateneo de Manila University became the first institution in the Philippines to establish a blockchain laboratory.
AdMU was aware of the growing demand for research and education in blockchain technology all around the world. AMBERLab, which stands for the Ateneo-MediXServe Blockchain Education and Research Lab, was established as a direct response.
Students are given the opportunity to design and carry out projects that make use of blockchain technology for the greater good of the world through AMBERLab. Thankfully, students and staff from other universities can also make use of its resources.
“We integrate AMBERLab with the goal and vision of the university and the Department of Information Systems and Computer Science,” stated Dr. Regina Estuar, Chief Research Officer of MediXServe and Executive Director of AMBERLab. To be leaders in the development of ground-breaking and cutting-edge computer technologies that are beneficial to the nation.
In his first State of the Nation Address, President Bongbong Marcos expressed his commitment to the digital transformation of the Philippines:
“This will be characterized by the infusion of technology into almost every facet of our daily lives. Breakthrough technologies in the areas of quantum computing, artificial intelligence, nanotechnologies, the internet of things, robotics, self-driving electric vehicles, 3D printing, and Virtual and Augmented Reality, among others, will radically transform the way business is done.”
In addition to this, he referred to these recent advancements as the “Fourth Industrial Revolution.” After that, he sent instructions to the Department of Information and Communications Technology (DICT), telling them to “find and apply these innovations to strengthen governance.”
The Department of Science and Technology (DOST) has been offering crypto training classes as an effort to expand blockchain education. In addition to this, it has been investigating its potential applications through a project called “Application of Blockchain Technology to the Guimaras Mango Supply Chain.”
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