Blockchain experts and industry leaders from around the world are converging in Manila on January 25 for the inaugural Blockchain & Bitcoin Conference Philippines, an event dedicated to cryptocurrency, blockchain and initial coin offerings (ICOs).

The Philippines is the first country in Asia to address the growing interest in the cryptocurrency sector. In February 2017, the Bangko Sentral ng Pilipinas (BSP) rolled out Circular No. 944, which “recognizes that virtual currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.”

That pioneering regulation placed the country on the map alongside countries—like Japan, which allowed the use of virtual currencies as method of payment—that are not terrified of “harnessing innovation,” according to the central bank.

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