U.S.-based Monsoon Blockchain inks MOA with two Philippines government agencies DTI, DICT

U.S.-based Monsoon Blockchain Storage has inked separate deals with the Philippines’ Department of Information and Communications Technology (DICT) and Department of Trade Industry (DTI) to promote the use of blockchain technology in the country.

As per an announcement, the signed memoranda of agreement will see Monsoon provide complimentary consultations, advice, cost-benefit, and socio-economic analysis on the use of blockchain technology in the country and its influence on trade, regulations, and service delivery. They also aim to enhance capacity building and institutional development on the effective use of blockchain technology.

Monsoon will carry out needs assessment and recommend proposals on how the agencies can effectively utilize blockchain technology in its programs and projects. The end goal is to ensure transparency in doing business and address cybersecurity issues.

“This partnership will directly benefit our continuous effort to address the country’s issues on ease of doing business and cybersecurity,” DICT Acting Secretary Eliseo Rio Jr. said as quoted by GMA News.

Both DICT and DTI committed to assist the company on the dissemination of information about blockchain technology and help facilitate capacity-building activities.

“President Rodrigo Duterte’s administration is committed to seek for more ways in facilitating ease of doing business in the country, to encourage more investors as well as micro entrepreneurs to grow and expand, and become our partners in providing more jobs and opportunities to all Filipinos. Through this partnership, the government will be more equipped with information on the potentials and impact of blockchain technology in doing business in the Philippines,” DTI Secretary Ramon Lopez said.

Meanwhile, Monsoon CEO and co-founder Donald Basile said the company decided to partner with the Philippines after seeing the government’s readiness to adopt the technology.

“The government here has chosen to embrace the fourth industrial revolution. So you want people who want to take that technological leap,” Basile said as quoted by Business World.

As previously reported, the governor of Philippines’ central bank has warned over the risks of the increasing use of cryptocurrency in the country, saying the agency will continue to monitor its use, especially since it can be utilized for terrorism financing.