Philippine Senator Bam Aquino introduced his intention to suggest a invoice that may result in the nation’s nationwide finances being saved on a blockchain.
In keeping with a Fb post by native information publication BusinessWorld, Aquino plans to file the invoice “within the subsequent couple of weeks.” The measures would “combine the federal government’s finances and transactions right into a blockchain platform for higher transparency.”
In a devoted Fb publish, Aquino recounted that he talked about how know-how can “strengthen accountability in governance” throughout the Manila Tech Summit 2025. He additionally mentioned that he spoke about blockchain know-how particularly:
“I additionally talked about improvements like blockchain-based budgeting to make each peso clear and accountable. Through the use of blockchain for our finances, we are able to guarantee individuals know the place each peso goes.“
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The Philippines’ rising blockchain adoption
This isn’t the primary such initiative within the Philippines. On the finish of July, the Philippine authorities launched a blockchain-based document validation system on Polygon, regardless of the community struggling a partial outage on the identical day.
The developments adopted the native nonprofit Blockchain Council of the Philippines (BCP), which partnered with the Department of Information and Communications Technology to steer native blockchain adoption by a state partnership in 2023. In an interview with Cointelegraph held that summer season, BCP founder Donald Lim claimed that the Philippines was prone to undertake blockchain:
“We really feel very strongly that we will be the blockchain capital of Asia.”
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Blockchain adoption by governments retains rising
Authorities adoption of blockchain, primarily geared toward making certain transparency by offering always-available and immutable data, is gaining traction. Earlier this month, US Commerce Secretary Howard Lutnick mentioned the Division of Commerce will begin publishing economic statistics, including gross domestic product data, onchain.
The initiative follows previous US state initiatives, akin to a New Jersey county tokenizing $240 billion worth of property deeds or a New York Meeting member proposing to evaluate how blockchain could help protect voter records and election outcomes. The same initiative to that in New York was additionally seen in India, the place the administration of a city digitized all land data relationship again to the Nineteen Fifties and stored them on the Avalanche blockchain.
One other latest instance is Vietnam’s launch of a national blockchain platform designed to confirm digital transactions and data throughout numerous sectors final month.
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