A Philippine government agency dedicated to advancing science and technology research and development is actively engaging the youth in hands-on experiences with cryptocurrencies, blockchain technology, and non-fungible tokens (NFTs).
On September 20, the Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) hosted a technology forum aimed at encouraging young individuals to delve into the possibilities offered by blockchain technology.
The agency highlighted that emerging technologies—such as artificial intelligence, blockchain, and cybersecurity—are transforming the operations of both public and private institutions.
### Showcasing Diverse Blockchain Applications
“This forum was designed to inspire young minds about the potential of blockchain, motivating them to pursue science, technology, and innovation as essential tools for fostering a better and more sustainable future,” the agency stated.
The Blockchain for Youth Innovators event in the Philippines. Source: Facebook (via Archers Network)
Students in attendance were first introduced to the foundational concepts of blockchain technology. Roxanne S. Aviñante, a senior science research specialist at DOST-ASTI, emphasized blockchain as an emerging technology with significant job prospects.
Another specialist from DOST-ASTI, Marc Jerome T. Tulali, elaborated on NFTs and practical applications of blockchain, including voting systems and secure data storage. He also disclosed that the Philippines is in the process of developing a blockchain-based system for managing intellectual property called Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes (SIERRA).
The students also discovered how blockchain technology is being integrated into various sectors, such as gaming and entertainment, healthcare, government services, central bank digital currencies (CBDCs), decentralized finance (DeFi), identity verification, and physical infrastructure.
### Related Developments
In addition to equipping the youth for a future influenced by blockchain technology, the Philippines is also exploring stablecoins at a national level.
### Developing a National Stablecoin
In May, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, announced the initiation of controlled trials for a national stablecoin pegged 1:1 to the Philippine peso.
Source: Coins.ph
The BSP has partnered with Coins.ph to ensure that cash reserves in pesos match the circulating supply of the PHPC stablecoin within a controlled environment. This sandbox testing aims to evaluate the practical performance of the PHPC stablecoin and its effects on the local fiat currency ecosystem.
“Our objective is to ensure that PHPC enhances digital asset trading and improves remittances—a sector in which the Philippines ranks fourth globally in inflows,” Coins.ph CEO Wei Zhou shared in an interview with Cointelegraph.
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