The Philippines is just the start: Dr. Craig Wright talks remittances and CBDCs on CoinGeek Backstage

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Dr. Craig Wright has an ambitious goal—to onboard 5 billion people to Bitcoin technology before he retires. The Philippines is a critical first target, and as he tells CoinGeek Backstage, he believes that Bitcoin can transform the lives of millions of Filipinos.

In The Bitcoin Masterclasses #6, the nChain chief scientist delved into how Bitcoin-powered micropayment systems can empower migrant workers; the theme ties in with nChain’s projects in the Philippines, a country considered the global powerhouse in overseas workers. In 2022, only India, China, and Mexico received higher remittances than the Philippines’ $38 billion.

“We’re going to be presenting solutions to the Philippines government soon. Having everyone understand the nature of how CBDCs work is important,” Dr. Wright told CoinGeek Backstage reporter Becky Liggero in London.

Dr. Wright believes in innovating within the legal and regulatory confines and has repeatedly stated that he created Bitcoin to comply with global laws. The only way Bitcoin can achieve widespread adoption is to develop solutions that work within existing legal systems, he told CoinGeek Backstage.

Over the past decade, ‘crypto bros’ have pushed the “Bitcoin is anti-establishment” narrative, touting Bitcoin as an easy way to circumvent financial, technology, and data laws. However, Dr. Wright says that this misguided approach is why blockchain technology has faced so much resistance from governments.

“A sovereign government like the Philippines, democratically elected by the people, should dictate the rules in the Philippines. A bunch of guys at Silicon Valley shouldn’t have the right to say it’s going to be otherwise,” he expressed.

The Philippines has become a hub for digital currency and blockchain adoption, with the government tapping the technology for its digitalization drive. nChain has been working with the national government to integrate blockchain into its services, as well as provincial governments like Bataan.

Dr. Wright believes that the Southeast Asian country is a perfect start to implementing his vision of 5 billion global Bitcoin users.

Bitcoin and taxes have taken the spotlight recently as the IRS in the U.S. and other tax agencies globally pursue digital asset owners. Satoshi believes that Bitcoin can ease the burden and costs that come with tax payments.

“With Bitcoin, you have instant micropayments that would convert [your payments] to the U.S. dollar and the spatial geography issues would not apply anymore. You can send [your taxes] to them from anywhere in the world,” he noted.

Watch: Bataan digitalization efforts