The Philippines has been considered as the Rising Tiger of Asia and during the reign of Pres. Ferdinand Marcos, the Philippines' economic growth even exceeded all of Southeast Asia countries. But its widespread corruption was developed way back in the Spanish Colonial period, and even if how smart or strong the President is, it remains a big problem of the country.
Even the Duterte administration can't end this issue. Although there is a decrease in corruption compared to the previous administration, this issue is like indelible ink that will remain forever and the main reason why many people suffer from poverty. But if the country will only adopt cryptocurrencies and blockchain totally, this might be the end of the corruption and might lift my poor countrymen from poverty.
Most corruption issues came from the Financial sectors and infrastructure projects of the country. So if blockchain will be integrated into each system, there will be data transparency, registries can be prevented from fraud and tampering, and there will be stronger data and privacy protection. Besides, the main goal of creating blockchain and cryptocurrencies was to eliminate poverty, economic crisis, and to provide us the financial inclusion we ever wanted.
Thousands, perhaps millions of Filipinos are already using cryptocurrencies, but what we need is more support of the government and the integration of the blockchain into all systems. And corruption in our country is usually driven by personalistic motivations that only those rulers and dominant political elite, parties, and friends, can benefit from.
And despite the proliferation of anti-corruption laws, the weak accountability environment and the ineffectiveness of the country’s anti-corruption agencies, and the inefficient prosecutorial and judicial system only encourage government officials, private firms, and individuals to thrive and persist in corruption. Because the government always fails to punish crimes of powerful individuals and firms that maintain the opportunities for corruption.
However, many countries still don't acknowledge the potential of adopting cryptocurrencies, as they only view the negative side instead of the positive sides. But even rich countries like China, the US, Korea, Japan, and other European countries are adopting cryptocurrencies because they believed that it will solve their economic crisis and will help their people to have a better life. And moving to a cashless society is something that everyone would ever want.
To lift my country Philippines from poverty and end corruption, there should be mass adoption first, and the President and the government, and other private firms should integrate blockchain and cryptocurrencies into the systems.
Aid Can Be Sent Without Corruption
Sending aids in the Philippines during crises like calamity crises (in which our country is prone to it) are being compromised by corrupt officials, on-the-ground providers, and even nonprofits from reaching end recipients. But if cryptocurrencies will be used in sending aids, there'll be an assurance that those who are in volatile situations can receive the resources. However, on the ground organizations and infrastructures should be developed so coins will be sent easily to the right people, and there'll be a place to cash out in exchange for goods.
The World Food Programme for example is already using blockchain to enchance its ability to provide efficient food assistance to the people it serves.
If this will be implemented in the Philippines too, the beneficiaries can just buy their own foods and basic needs without the help of intermediaries and middlemen. What they only need is a safe crypto wallet that they can use in receiving and holding the coins donated for them.
Cryptocurrencies Can Provide Financial Identity To Unbanked Filipinos
Many Filipinos are unbanked especially those living in countrysides and many poor families, due to distance to banks, high fees, lack of necessary documents, and having not enough amount to create an account.
Cryptocurrencies can solve this issue. It is as easy as ABC to create a crypto wallet, without much documents, and anyone can start to save crypto and be their own bank with just a small amount.
And according to research, there are 16 cryptocurrency exchanges approved by the Central Bank in the Philippines. These exchanges are also used for remittances that helps Filipinos to send money to their loved ones inside and outside the country.
Many Filipino crypto users are using a crypto wallet called coins.ph in receiving and converting crypto to our fiat currency. This wallet is also used by many noisecash and readcash users in receiving BCH microtips from these two platforms. Aside from receiving and sending crypto, Filipinos can also use this wallet to pay bills, insurances, cable and mobile subscriptions, even pay tuition fees in a much faster, more convenient, and lesser fees.
Philippine Bureau Unionbank and crypto exchange PDAX also created a blockchain application called Bonds.ph that will allow unbanked Filipinos to invest in the government's new retail treasury bond. The application is also used to raise funds to help with economic recovery, especially in this pandemic situation.
And for those who don't know yet, Unionbank have installed Bitcoin ATM with the help of its subsidiary UBX. So if you are looking for a place where to cash out your crypto, you can visit Ark Makati Unionbank branch and use your coins.ph wallet to transact in the ATM. Unfortunately, only those Unionbank members with coins.ph wallet can transact, so you still need to create an account, and Bitcoin is the only accepted coin for cash in and cash out. Hoping that in the futue, they will upgrade their ATM and accept other crypto like Bitcoin Cash as well.
The adoption of cryptocurrencies by the Central Bank of the Philippines is a way to tech up the nation by emerging technologies. If this will continue and more and more firms will adopt crypto and blockchain, many more Filipinos can benefit from it, and the future of the Philippines and the Filipinos will be brighter.
Cryptocurrencies Can Provide Long-Term Savings And Passive Income For Filipinos
Due to government corruption, high inflation rate, seizing of assets risks, the long-term savings for many Filipinos are challenging. But cryptocurrencies can provide long-term savings without the need for any intermediary.
Although the crypto market is volatile, stablecoins were created to provide people more opportunities to increase savings while reducing huge risks from sudden market crash and other global crisis that impacts the crypto prices.
Different blockchain platform also offers crypto users to have long-term savings while earning passive income from staking, lending, farming, and even in trading. What Filipinos only need here is knowledge about these and some amount to start generating passive income, and of course, knowledge about the risks in doing these strategies.
Platforms like noise.cash, read.cash and other crypto-powered platforms also allow people most especially Filipinos to earn income by doing some tasks. These platforms have been the sources of income for many Filipinos, especially during this pandemic crisis.
If all Filipinos will know these passive income ideas, then there'll be lesser numbers of poor families in the Philippines and higher crypto mass adoption.
NFTs Are Another Source Of Income By Many Filipino Crypto Users
According to thedefiant, an Ethereum-based collectible game axieinfinity help Filipino players to earn $300-$400 a month. The in-game asset is an NFT, including items, plots of land, and the titular Axie creatures themselves. Players can earn Small Love Potions (SLP), an ERC-20 token that is tradable on Uniswap.
The Juungle, a marketplace for BCH-based NFT, has become a source of income as well by some talented Filipinos. Users can create and mint BCH-NFT and sell it on the Juungle marketplace. Filipino readcash users like @jiroshin @kli4d @crimsonowl @McJulez @Renon101 are some of the Filipino NFT makers on the Juungle. The platform currently has more than 11 thousand NFT for sale and all-time trades of more than 8 thousand.
Benefits Of Blockchain In The Government And Other Sectors
Blockchain is used as a trusted way to track the ownership of assets without the need for a central authority, and that speeds up the processing and settlement of transactions and decreasing the chance of fraud or data mismanagement.
A Blockchain-based digital government can protect data and streamline processes, and decrease fraud, waste, and abuse while increasing trust and accountability.
According to consensys.net, Blockchain will:
Secure storage of government, citizen, and business data
Reduction of labor-intensive processes
Reduction of excessive costs associated with managing accountability
Reduced potential for corruption and abuse
Increased trust in government and online civil systems
What Do We Need Here?
There are still millions of Filipinos who don't know about blockchain and cryptocurrencies and learning about these two is something impossible to grasp especially for those who are not tech-savvy. But if the government will allow network firms to advertise cryptocurrencies, then it would be easier for all Filipinos to learn about blockchain and cryptocurrencies.
Educate Filipinos About Blockchain and Cryptocurrencies
Other countries like Hong Kong already added blockchain courses and training in their school curriculums. Some schools have weekly blockchain training for students, and even teaching students to create applications using blockchain, and introducing cryptocurrencies to them. If this will happen in the Philippines, then it would be easier for young people to grasp blockchain and cryptocurrencies, and they can share the knowledge with their families and friends. Aside from it, this will also help students to save cryptocurrencies at a young age, therefore, creating a brighter future for them.
Once people in the Philippines know about blockchain and cryptocurrencies, we can easily do transactions and prevent corruption.
The mass adoption of cryptocurrencies can solve a lot of problems in the real world. This blockchain created innovations that we never had before. Something that will change the world, something that will lift the economic crisis, and something that will give people financial freedom.
The Philippines may have started adopting blockchain and cryptocurrencies, but we still need MORE adoption and millions of Filipinos still need to learn about these two vital ways to end poverty and corruption in our country.
Thanks for reading!