The Philippine financial ecosystem, if we are being real, is not a paragon of inclusivity. For too many Filipinos, especially those at the bottom, it is an iron gate instead of an open door. What if I told you that the answer to unlocking that gate could be found lurking somewhere in the blockchain? Crypto is more than a speculative trading instrument. It’s the future of financial justice.
Financial Inclusion: A Moral Imperative
Think about it. Millions of Filipinos, particularly those in rural communities, do not have access to basic banking. Without access to formal credit, they’re pushed into the arms of informal lenders that charge crippling interest rates, ensnaring them in cycles of debt. Overseas Filipino Workers (OFWs) are the title-holding modern-day heroes of our economy. They’re disproportionately targeted by predatory remittance fees each time they send money home to their families.
For our society, this is not merely an economic challenge, it is a moral imperative. Folks out there are hustlin and grindin, beggin borrowin stealin doin anything. Yet, they continue to grapple with how to keep food on the table, as it’s stacked against them. And that's where crypto comes in.
Crypto, and especially through Decentralized Finance (DeFi), has become an escape hatch. DeFi platforms can provide access to loans, savings accounts, and investment opportunities without the need for traditional banks or intermediaries. Now imagine a farmer in Mindanao, Philippines who can instantaneously get a microloan via a DeFi platform. With a reasonable interest rate, he avoids the bureaucracy and exorbitant costs that banks tend to pass on. For example, an OFW could send money home directly to their family’s crypto wallet. This approach allows them to save on the large amounts lost through remittance companies. This is no pipe dream, it’s a quite realistic prospect.
From Mistrust to Trust Through Regulation
Okay, I get it. Crypto has a reputation. Scams, volatility, and confusing jargon abound. While 96% of Filipinos are familiar with crypto, only 46% understand the concept. That’s an enormous information vacuum and it’s stoking distrust. Regulation can fix that.
We therefore urge the Philippine government to take the lead and come up with a transparent, flexible, regulatory, and legal framework for crypto. So let’s take a page from countries like the US, Singapore and Japan. Finally, we can adopt appropriate security and anti-fraud measures that will better safeguard consumers’ sensitive information from criminals. This is not to discourage innovation, it is to create the safe and secure conditions where crypto can truly be adopted.
More regulated cryptocurrency investment options are on the way. With trusted Philippine financial institutions recently launching spot Bitcoin ETFs, it’s a promising next step in the right direction. Get ready for this – you can buy Bitcoin directly from your bank account. Additionally, your investment is protected by stringent regulatory oversight. This will greatly accelerate adoption. Second, it will tackle the information gap by connecting people directly to credible information and assistance.
Blockchain: Transparency as an Antidote
Let's talk about transparency. Have you ever wondered why your bank or financial institution has left you in the dark? It’s a demeaning thing to have to think, isn’t it? Hidden fees, complicated terms and conditions, and a complete absence of accountability reign supreme.
Blockchain technology, almost by definition, is a transparent tool. And because every single transaction is recorded on a public ledger, it removes the need for intermediaries and makes corruption nearly impossible. This newfound transparency boasts great promise within government procurement. It protects against fraud and misuse, and protects the public’s investment by making sure public dollars are used for their intended purposes.
Imagine what could be achieved with blockchain-powered land titling. In the Philippines today, land ownership disputes have become one of the country’s leading drivers of conflict and unrest. Storing land titles on a blockchain decentralizes the records and thus provides a secure and transparent ownership history. This risky behavior opens the door to fraud and corruption, undermining the entire system’s reliability.
Ignorance? Education is the Key
The biggest hurdle? Education. What we need to do is equip our fellow Filipinos with the proper knowledge and tools they would need to wisely engage in the fast-paced cryptocurrency space. This means investing in digital literacy programs, partnering with crypto companies to develop educational resources, and promoting financial literacy in schools.
This is not simply an issue of understanding the technology at hand, but rather understanding the potential. It’s about demonstrating to everyday Americans how crypto can empower them to create a better life for themselves and their families. It’s about democratizing access to financial services, empowering people to take control of their financial lives.
Crypto: A Social Justice Tool
Crypto isn't just about making money. It's about empowerment. It isn’t just about saving the government money—it’s about providing these historically marginalized communities a fighting chance. Ultimately, it’s about creating a more just and equitable financial system for all Filipinos.
Let’s stop treating crypto like it is some fringe technology. Instead, let’s unlock its potential to be a powerful force for social justice. Here’s why the Philippine government needs to fully adopt crypto today. Through a careful regulatory approach, they can encourage innovation and protect consumers without stifling new ideas. Now it’s up to us, as a community, to learn more about crypto and discover how it can best be used to make our lives better.
With the proper supportive tech policy, the future of finance will be decentralized, transparent, and inclusive. And that future starts now. Looking to join the movement? Look no further.
