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Philippines online gamers remain undeterred by crypto risks

The Economist Intelligence Unit said that play-to-earn gamers in the Philippines have remained “largely undeterred” despite regulators issuing warnings on risks related to cryptocurrencies. Swarup Gupta, an industry manager at the EIU, said the interest in play-to-earn games rose as Filipinos sought new sources of income amid the pandemic. Gupta said that authorities should reach out to gaming guilds in the country and coordinate with them to provide education about the risks inherent with play-to-earn gaming activity. He said that they should also consider imposing restrictions on the transactions of gamers. Sky Mavis, which operates Axie Infinity, earlier said that about 35% of the game’s traffic comes from the Philippines. The company said it raised USD150m in funds that will be used to reimburse players that were affected by the recent cyberheist.


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