Fun

Philippine Central Bank Governor Explains Crypto Policy — ‘I Don’t Want It Banned’

News Feed - 2022-07-26 11:07:18

Philippine Central Bank Governor Explains Crypto Policy — "I Don"t Want It Banned"


The governor of the central bank of the Philippines has shared his policy on cryptocurrency regulation. “I don’t want it banned,” he said, advising investors not to invest money they cannot afford to lose in crypto. Philippine Central Bank Governor on Crypto Regulation


Felipe Medalla, the governor of the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, shared his policy on cryptocurrency in an interview with Forkast, published Friday.


Medalla was asked: “What’s your take on cryptocurrency?” He replied: I don’t want it banned, but I don’t want to call it cryptocurrency.


The central bank governor explained that in his opinion cryptocurrency “has really very little use for actual payments, especially when the price is so volatile.” Emphasizing that currency cannot be very volatile, he suggested calling it “crypto assets.”


Medalla then slammed bitcoin’s environmental impact, stating that the crypto is “bad for the environment because the amount of electricity that the miners use is bigger than the electric consumption of some countries.”


Nonetheless, crypto “is a good thing” since “it’s an alternative to government” in countries “with so much financial and economic repression,” he conceded. “The other thing that it’s useful for is evading monitoring by government,” the central banker pointed out, adding: “The question is what social good does that achieve?”


Emphasizing that “In most countries where the government is not perfect but is largely contributing to the common good, you don’t necessarily want to weaken the government,” Medalla opined: So my view is its valuation may be too high because of all the things I said.


The Philippine central banker proceeded to talk about the crypto market downturn. “It’s already happened that the bubble has collapsed. Right? Some of the crypto assets have fallen by almost two-thirds in a very, very short period,” Medalla detailed, elaborating: So my advice always is if you go to buy this, don’t put in money that you cannot afford to lose.


Regarding the Philippine central bank’s crypto policy, Medalla stressed: “Our policy standpoint, it must not be used for evading anti-money laundering and know your customer rules.”


He concluded that for exchanges, “where you exchange crypto assets for bank deposits or physical currency,” it’s the central bank’s policy to enforce “all the rules that are needed to prevent money laundering, especially to finance crimes.” Tags in this story BSP, Felipe Medalla, Felipe Medalla cryptocurrency, philippine crypto, Philippine cryptocurrency, Philippine Philippines Central Bank


What do you think about the comments by the Philippine central bank governor? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US State Regulator Warns About Crypto Interest-Bearing Accounts Amid Market Downturn REGULATION | 21 hours ago Report: South Korean Prosecutors Raid Home of Terraform Labs Co-Founder REGULATION | 24 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin Previous articleTesla Reveals Bitcoin Holdings Worth $222 Million in Latest SEC Filing Next articleFBI Warns Crypto Owners Not to Fall for ‘Liquidity Mining Scam’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

David Attlee14 hours agoDemocratic Party of South Korea mandates parliamentary candidates disclose crypto holdingsThe disclosure will be a part of the party’s effort to show the “high moral standards” of its candid
Solana Will Target New ATHs Once It Breaks $160 Resistance – Analyst
Este artículo también está disponible en español. Solana (SOL) is trading above $150 after days of uncertainty and testing critical demand levels. The altcoin has surged
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000 Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during t
Bank of America: 90% of US Adults Surveyed Plan to Buy Crypto in 6 Months
Bank of America: 90% of US Adults Surveyed Plan to Buy Crypto in 6 Months A new Bank of America survey shows that out of more than 1,000 U.S. adults, 90% plan to buy crypto in the
Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared to Maintain Rate Hikes
Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared to Maintain Rate Hikes Ethereum closed in on the $1,700 level on Wednesday, as markets reacted to comments from
XRP Price Suppressed By ‘Dark Pools,’ Crypto Pundit Claims
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Vitalik Buterin wants rollups to hit stage 1 decentralization by year-end
Martin Young4 hours agoVitalik Buterin wants rollups to hit stage 1 decentralization by year-endEthereum network standards should increase when considering layer-2 scaling solutions, suggested Ethereum co-founder Vitalik
Investors in Collapsed South African Crypto Platform Reimbursed a Portion of Invested Funds
Investors in Collapsed South African Crypto Platform Reimbursed a Portion of Invested Funds Investors in Africrypt, the now-defunct South African crypto platform, were recently rei
Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million
Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million On August 31, 2021, Offchain Labs announced the official launch of Arbitrum One mainnet and further deta
Goldman Sachs Executes Bank’s First OTC Crypto Transaction Trading a Bitcoin Non-Deliverable Option
Goldman Sachs Executes Bank"s First OTC Crypto Transaction Trading a Bitcoin Non-Deliverable Option On Monday, the multinational investment bank and financial services company Gold
TòrÒnet a Blockchain Platform Built Specifically for Financial Inclusion Launches With Four Stablecoins
TòrÒnet a Blockchain Platform Built Specifically for Financial Inclusion Launches With Four Stablecoins press release PRESS RELEASE. TòròNet recently announced the launc
Deutsche Telekom joins Subsquid decentralized network
Josh O"Sullivan1 hour agoDeutsche Telekom joins Subsquid decentralized networkDeutsche Telekom’s latest partnership with Subsquid follows its recent announcement to expand into Bitcoin mining at BTC Prague.542 Total vi