A play-to-earn games account is better than a bank account, according to panelists at a blockchain game discussion in Southeast Asia. Cryptocurrency-based games like Axie Infinity (AXS) are paving the way for bankless people in some Southeast Asian countries to skip dealing with banks altogether and instead rely on their gaming accounts to earn money.
Southeast Asia: account Play-to-earn games better than a bank account
“To have a bank account, get good interest rates and a loan, you need a job, you need an income.“Said Beryl Li, co-founder of the gaming guild Yield Guild Games, in a virtual discussion hosted by cryptocurrency tracking website CoinGecko on Thursday.
She went on to explain that in her home country, the Philippines, there are many people who do not have a bank account, either because they do not qualify or because they believe they do not need a bank account.
For these people, Li said, gambling for money is one of the few avenues to financial inclusion because it is possible to start with nothing and earn tokens.
“With an account to play for money, you don’t need anything”said Li, adding that once people start making money by gambling, they can open a bank account on better terms.
It was this understanding that led Li to say on previous occasions that for many people in the Philippines, “gambling to make money is better than having a bank account.”
Ben Fairbank, CEO and co-founder of supermarket-focused venture RedFOX Labs, shares a similar view. He said that crypto accounts and play-for-money accounts can really help the people of the area skip opening a bank account altogether.
“I think what you are about to see is a great workaround for the need to have a traditional bank account. A lot of the people I know haven’t used credit cards in years, they just don’t use them. “said Fairbank.
The money-making game is also very useful because it teaches young people how to earn, save and invest like no bank, which will become an important skill for them in the future.
Account Play-to-earn games better than a bank account but from a management perspective, it’s still pretty difficult for players
While cryptocurrencies and wallets for money could at some point be taken over by the banks, the panelists agreed that the use of the earned gaming tokens for everyday life outside of the game will be very difficult, especially in some countries. Among them, China and Vietnam are cited as being particularly difficult from a management point of view.
However, Fairbank questioned how long such restrictive policies will actually last, arguing that the development of cryptocurrencies and money-making games in the region will be adjusted.
“What will countries like Vietnam and China do if the opportunity is given up?” asked a Vietnamese businessman.
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