https://www.youtube.com/watch?v=LkwCVGPhf6g width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allow fullscreen”>

Are you “bullish” or “bearish”? These are the responses to be expected from the six blockchain personalities who spoke at the “Bull or Bear: Philippine Web3 Debate” in November at the KMC Skydeck, Bonifacio Global City, Taguig.

The first of its kind discussion hosted by Bitskwela addressed the controversial issues that are prevalent in the Philippine digital currency space.

BlockchainSpace growth leader Jen Bilango, cryptocurrency investor and vlogger Chris Tan, Patty Tiu of Thompson Collective Inc, Hacktiv CEO and CTO of Bayanichain Paul Soliman, Mark Nunez of GCrypto Partnerships and Nelson Lumbres of Internet Computer Protocol Manila were on hand. present to share their views on the issues.

At the same time, @dushanesarza our #Sparkies Senior Marketing will be at the #BullorBear #Web3 event of @bitskwela co-presented by @gcashofficial. The event is another official side event of the @phweb3festival.

We are very excited to exchange thoughts later! ✨🤔💭 https://t.co/ylsWzFc9co

— SparkPoint ✨ (@sparkpointio) November 16, 2022

Bitcoin as legal tender in the Philippines

The first round already had enough pressure when moderator Kenji Tate asked if Bitcoin should be considered legal tender in the Philippines. During the show, participants in the debate are required to flip the green side of their positions if they agree or, as the digital currency world has dubbed it, “bullish” on the statement. While turning red means they disagree or are “bearish”.

Soliman and Tiu are bullish on making Bitcoin a legal tender in the Southeast Asian country. However, first they wanted it to have better and clearer regulation.

“Bullish for me, but not right now,” Tiu said.

“It is not a question of whether it will be a legal tender. Yes, I think it is, but we need more policy in terms of taxes on how you actually want to tax it,” Soliman said.

Meanwhile, Tan and Bilango were concerned that Bitcoin would ever be recognized as legal tender mainly due to its volatility.

“The only time I could conceive of Bitcoin becoming legal tender is possibly by the time it has matured to the point where volatility and spread have been minimized. [and] it can be transferred and the value can be maintained,” Tan said.

Bilango concluded the first round by explaining that the blockchain use case should be considered before having a conversation about the coin.

“’What would be the use cases of blockchain?’ And I think that’s something we should have more than the currency conversation,” he said.

Should private and confidential information be stored in NFTS like IDs?

Tate did not mince words in the second round, asking if private and sensitive information, such as medical bills or health records, should be stored in NFTs like IDs. As in the first round, the debaters were divided on this sentiment.

“In my opinion, NFTs should be used for medical purposes and other purposes, such as travel,” Núñez said. “It makes the process more efficient and I think it would definitely help a lot. [of] people,” he added.

Tiu clarified whether this includes local identity certificates, NBI or police clearance, as those documents are still difficult to process in the Philippines because there is still a lot of paperwork involved. He also mentioned that NFTs could solve this problem.

“If our concern is the sensitive information part, then I guess we can choose the things we can put if it’s going to be located,” Tiu said.

However, for Lumbres, this could be a bridge for ridicule since the blockchain is open to all. “Will people agree that a certain disease you have, knock on wood, AIDS, will be open to [the] public? Remember blockchain, we are talking about the technology being open to everyone,” he stated.

Watch: Philippine Blockchain Week Highlights: Positioning the Philippines as the Blockchain Capital of Asia

https://www.youtube.com/watch?v=hfEgbNTysxw width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allow fullscreen”>

New to Bitcoin? Check out CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin, as originally conceived by Satoshi Nakamoto, and blockchain.