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September 24, 2024Empowering the Next Generation: The Philippines’ Initiative on Blockchain and Cryptocurrencies
In a bid to equip young minds with cutting-edge technological skills, the Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) of the Philippines recently held a tech forum focusing on cryptocurrencies, blockchain technology, and non-fungible tokens (NFTs). This event, conducted on September 20, aimed to inspire students to explore the vast potential of blockchain.
Embracing Next-Generation Technologies
DOST-ASTI highlighted the transformative impact of next-generation technologies like artificial intelligence, blockchain, and cybersecurity on both public and private sectors. The forum was designed to ignite curiosity and innovation among youth, encouraging them to leverage science and technology for a sustainable future.
“This forum aimed to ignite young minds with the potential of blockchain, encouraging them to explore science, technology, and innovation as powerful tools to create a better and sustainable future,” stated the agency.
Introduction to Blockchain Basics
During the forum, students were introduced to the fundamental concepts of blockchain technology. Roxanne S. Aviñante, a senior science research specialist at DOST-ASTI, emphasized the high demand for jobs in this emerging field.
Marc Jerome T. Tulali, another specialist from DOST-ASTI, elaborated on the concept of NFTs and shared real-world applications of blockchain, including voting systems and immutable information storage. He also mentioned an exciting initiative in the Philippines: the development of a blockchain-based system for managing intellectual property called Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes (SIERRA).
The forum also showcased how blockchain technology is being implemented across various sectors, including gaming, healthcare, government, and decentralized finance (DeFi). Students learned about the use of blockchain in central bank digital currencies (CBDCs), identity verification, and even physical infrastructure projects.
A Step Toward a National Stablecoin
In addition to preparing youth for a future shaped by blockchain, the Philippines is actively exploring the introduction of a national stablecoin. In May, the Bangko Sentral ng Pilipinas (BSP) announced controlled trials for a national stablecoin pegged 1:1 to the local peso, known as PHPC. This initiative is in partnership with Coins.ph, which will help maintain cash reserves in pesos that match the circulating supply of the stablecoin.
The sandbox testing aims to assess the real-world performance of the PHPC stablecoin and its potential impact on the local fiat ecosystem.
“Our goal is to ensure PHPC enhances digital asset trading and improves remittances — a sector where the Philippines ranks fourth globally in inflows,” said Coins.ph CEO Wei Zhou in an interview with Cointelegraph.
Conclusion: Shaping a Tech-Savvy Future
Through initiatives like this tech forum and the exploration of a national stablecoin, the Philippines is positioning itself as a forward-thinking nation ready to embrace the opportunities presented by blockchain technology. By engaging the youth in these innovations, the country is not only preparing them for future careers but also fostering a culture of technological advancement that can drive sustainable growth.
