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The world’s largest cryptocurrency exchange by trading volume, Binance, is joining hands with universities in the Philippines to offer free courses on Bitcoin and other cryptocurrencies.
The crypto exchange joined a recent Senate hearing in the country where industry stakeholders sat with government institutions and regulators to discuss the future of digital assets and the development of guidelines.
As reported in leading local newspaper the Inquirer, Binance and digital asset advocacy group Fintech Alliance Philippines attended the Senate hearing along with three government bodies: the central bank of the Philippines, Bangko Sentral Pilipinas, the Security and Exchange Commission (SEC) and the Cagayan Economic Zone Authority (CEZA). CEZA has a vision of making the Cagayan area the most competitive Fintech ecosystem in the Asia Pacific Region, according to its website.
One of the key the topics discussed were centered on customer safety. Binance presented its user protection and security policies, which are one of the strictest in the fintech industry. It stressed the importance of implementation of these policies at all stages of a customer’s experience, which includes a thorough know-your-customer (KYC) process, cooperation with global law enforcement and banking authorities, and a strict evaluation process for digital assets offered.
In the discussion where all participants agreed that educating the public about the pros and cons of investing in crypto assets, Binance revealed it has partnered with universities and professional groups in the Philippines to offer free courses in blockchain technology, cryptocurrencies, Web3, trading, Metaverse, and Decentralized Finance (DeFi).
“78% of Filipinos remain unbanked, but crypto can help decrease that number as crypto asset holders will soon surpass the number of credit card holders in the country,” Kenneth Stern, Binance General Manager for the Philippines, said in the hearing.
Stern continued:
“We strongly believe that the crypto industry can greatly benefit the Filipino people through addressing the necessity of financial inclusion through digitalization.”
All of the participants expressed support for the development of a framework that will identify and regulate digital assets like cryptocurrency.
In June, the Philippine Department of Science and Technology (DOST) started a training program for blockchain technology, acknowledging the significance of this growing technology and how it can drive nation-building.