Kelvin Lester Lee announced that the government has formulated a plan to introduce the latest technologies with the goal of rapidly digitizing the nation. The focus is on catering to the evolving needs of diverse groups of Filipinos, and blockchain has been identified as a catalyst for economic growth and societal improvement.
“The SEC is receptive to innovation, particularly blockchain technology. We are well aware of its benefits and its effectiveness. We are currently exploring its application in a new government initiative,” disclosed the SEC commissioner, refraining from divulging specific project details.
Lee attempted to dispel the notion that the public sector lacks a drive for innovation, highlighting the support within the government for blockchain implementation. The authorities are cognizant that hindering blockchain development would risk falling behind on innovative advancements. However, selecting the appropriate blockchain technology is crucial.
“When selecting a blockchain, it is essential to ensure its credibility, examine its track record, and, of course, verify that it is not a scam,” clarified Kelmyvn Lester Lee.
The official shared that the SEC is in the process of formulating regulations to oversee the cryptocurrency space, which will apply to exchanges and mobile lending applications. In June, the commission clarified that the introduction of regulatory rules would be postponed until the end of 2023 to allow for thorough deliberation.