On the Money Reimagined Podcast, Emfarsis Director Leah Callon-Butler explored the digital evolution of money with hosts Michael Casey and Sheila Warren and Ignite Impact Fund founder, Maoi Arroyo. They navigated the nexus of finance, culture and digital experience while exploring the Philippines’ unique readiness for crypto adoption via Axie Infinity and other global crypto opportunities. .
As a country among those with the largest and most widely spread diaspora in the world, the Philippines receives remittances that account for almost 10% of its total GDP. Michael stressed that Overseas Filipino Workers (OFWs) are deeply integrated into the broader Philippine economy and its extended community. He believes that cross-border payments are critical to the crypto community, and it applies to all sorts of manifestations, whether expats from wealthier countries like Australia or the same expats from developing countries like the Philippines.
On the other hand, Leah pointed out that the Philippines boasts a young, tech-savvy population heavily digitalized by social media. Yet, 80% of the population remains unbanked, relying on a cash-based society — contrary to the country’s digitalization rate. Due to that, Leah is excited at the thought that the Philippines might be the perfect case study for crypto adoption. The unique societal situation and the trend surrounding Axie Infinity and play-to-earn set the foundation for it.
Remittances are extremely important. So if you’re receiving money, you’ve got to cash out somewhere. It was super interesting to kind of be within this space that had built quite a sophisticated and complex network of being able to move money around without needing banks. And I thought, that’s kind of a perfect pressure cooker for crypto adoption, where the rest of the world is struggling to make it happen.
— Leah Callon-Butler
Listen to the full episode here:
“Why Axie Infinity Caught Fire in the Philippines” by Michael Casey and Sheila Warren
Published November 15, 2021, on CoinDesk