The Central Bank of the Philippines warned against crypto currencies.
The Central Bank of the Philippines warned citizens and residents of the country against the use of crypto currencies .
Philippines Crypto Resists Anti-Money
In a recent statement , Benjamin Diokno , Governor of the Central Bank of the Philippines, stressed that crypto currencies are used to fund malicious institutions and terrorist activities. Diokno also said that crypto currencies are not capable of storing any value and are a ‘bad alternative to nominal money’. Diokno also added that digital assets offer people the opportunity to ”criticize the banking industry:
For these reasons, digital currencies indicate a possible malfunction while there is a market collapse and everyone is distrustful of other people. ”
In fact, Diokno’s statements are not new or original. To date, many Central Bank Governor or financial regulators have made similar statements about crypto currencies and said they will bring an end to the banking sector. Although the banking industry may seem to exist with crypto currencies, the leaders of the traditional financial sector do not seem to accept it.
In fact, the Philippines is drawing a different picture about crypto currencies. The Central Bank of the Philippines recently approved 3 other Bitcoin exchanges. With this move, the Bank secured a total of 10 licensed Bitcoin and crypto money exchanges in the country.