Asia Business Channel

Philippine Residents paid in crypto-currency for cleaning up polluted beaches

Residents of Manila in the Philippines who participate in cleaning up the country’s heavily polluted beaches will receive payment in crypto-currency, Ethereum (ETH), as payment for their service. According to Joseph Lupin, Co-founder of Ethereum and CEO of ConsenSys (Philippines) the payment will be done through an ETH-based decentralized application (dApp).

ConsenSys Impact, a branch of the New York-based ConsenSys has introduced a non-profit initiative called “Bounties for the Oceans.” It asks people everywhere to submit verifiable proof of their direct plastic cleanup contributions.

Bounty has been pointed out as a good application of blockchain technology, allowing participants to be compensated transparently with the use of a blockchain public ledger.

The Philippines recently reopened Boracay after the island suffered from heavy pollution. The Philippines is seen as an ideal country for a nonprofit blockchain-based initiative, given that the island nation has accepted cryptocurrencies like Bitcoin as legal tender and the central bank has also officially recognized Bitcoin as a remittance method.

The use of Bitcoin and other cryptocurrencies like Ethereum in the Philippines is on the rise, partly due to local platforms such as Coins.ph, the biggest cryptocurrency platform in Southeast Asia which claims more than 5 million active users.

In the Philippines, Coins.ph has provided important liquidity to local users through partnerships with top commercial banks and remittance outlets. It has also made it possible for cryptocurrency users to deposit and withdraw digital assets from tens of thousands of physical locations.

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