{"id":13368,"date":"2022-07-26T11:55:53","date_gmt":"2022-07-26T11:55:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/philippine-central-bank-says-crypto-can-be-good-as-alternative-to-government\/"},"modified":"2022-07-26T11:55:53","modified_gmt":"2022-07-26T11:55:53","slug":"philippine-central-bank-says-crypto-can-be-good-as-alternative-to-government","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/philippine-central-bank-says-crypto-can-be-good-as-alternative-to-government\/","title":{"rendered":"Philippine Central Bank Says Crypto ‘Can Be Good’ as ‘Alternative to Government’"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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In an interview published on Friday on Forkast, the governor of Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, Felipe Medalla, shared his views on crypto.<\/p>\n

One of the questions Medalla was asked was what he thought about cryptocurrencies to which he replied:<\/p>\n

\u201cI don\u2019t want it to be banned, but I don\u2019t want to call it cryptocurrency.\u201d<\/em><\/p>\n

The central bank governor added that, in his view, cryptocurrencies are practically of little use for real payments, especially when prices are so volatile as of late. He emphasized that currencies should not be volatile, therefore suggesting cryptocurrencies rather be called \u201cCrypto Assets\u201d.<\/p>\n

Medalla then criticized Bitcoin\u2019s environmental impact, saying the cryptocurrency is bad for the environment because miners consume more electricity<\/a> than some countries use.<\/p>\n

Is Crypto good for the Philippines?<\/h2>\n

Still, he conceded that in certain countries subject to much financial and economic repression, crypto can be \u201ca good thing\u201d because \u201cit\u2019s an alternative to government.\u201d Another thing it is useful for is evading government oversight, the central banker stressed while nevertheless questioning the social benefits that come along.<\/p>\n

Medalla emphasized that \u201cin most countries where the government is not perfect but is largely contributing to the common good, you don\u2019t necessarily want to weaken the government,\u201d while remarking:<\/p>\n

\u201c<\/em>So my view is its valuation may be too high because of all the things I said.<\/em>\u201d<\/em><\/p>\n

The governor of the Philippine central bank continued to talk about the downturn in the crypto market, noting that the bubble already burst. He detailed:<\/p>\n

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\u201cMy advice always is if you go to buy this, don\u2019t put in money that you cannot afford to lose.\u201d<\/p>\n<\/blockquote>\n

Referring to the Philippine central bank\u2019s cryptocurrency policy, Medalla clarified:<\/p>\n

\u201cOur policy standpoint, it must not be used for evading anti-money laundering and know your customer rules.\u201d<\/em><\/p>\n

He concluded that for crypto exchanges in the country<\/a>, the central bank\u2019s policy is to enforce all necessary rules to prevent money laundering, especially the financing of criminal activities.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) In an interview published on Friday on Forkast, the governor of Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, Felipe Medalla, shared his views on crypto. One of the questions Medalla was asked was what he thought about cryptocurrencies to which he replied: […]<\/p>\n","protected":false},"author":5,"featured_media":13369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13368"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13368"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13369"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}