Philippine Senator Bam Aquino introduced his intention to suggest a invoice that will result in the nation’s nationwide finances being saved on a blockchain.
According to a Facebook submit 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 Facebook submit, Aquino recounted that he talked about how know-how can “strengthen accountability in governance” in the course of 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. By utilizing blockchain for our finances, we are able to guarantee folks know the place each peso goes.“
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The Philippines’ rising blockchain adoption
This shouldn’t be the primary such initiative within the Philippines. At the top of July, the Philippine authorities launched a blockchain-based doc 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 way of a state partnership in 2023. In an interview with Cointelegraph held that summer season, BCP founder Donald Lim claimed that the Philippines was more likely 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
Government adoption of blockchain, primarily geared toward making certain transparency by offering always-available and immutable information, is gaining traction. Earlier this month, US Commerce Secretary Howard Lutnick mentioned the Department of Commerce will start publishing financial statistics, together with gross home product knowledge, onchain.
The initiative follows previous US state initiatives, similar to a New Jersey county tokenizing $240 billion price of property deeds or a New York Assembly member proposing to guage how blockchain might assist defend voter information 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 information courting again to the Fifties and saved them on the Avalanche blockchain.
Another latest instance is Vietnam’s launch of a nationwide blockchain platform designed to confirm digital transactions and information throughout varied sectors final month.
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