Cryptocurrency requires an ‘enabling environment’: Philippines Central Bank

During the soaring crypto adoption in the Philippines, the nation’s central bank is looking for ways to better safeguard investors by increasing local cryptocurrency awareness.

Shed some more light on it

Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, wishes to encourage cryptocurrency education as the authority sees a plethora of benefits related to blockchain and cryptocurrency.

What does BSP wish to do?

According to the BSP, their focus is on digital assets’ capacity to enhance the delivery of financial services, especially remittances and payments services, as it has the capability to offer the economical and faster transfer of funds, both for an international and domestic setting.

What does BSP has to say about it?

BSP believes that cryptocurrency adoption in the Philippines has grown over the past few years because of the novel coronavirus pandemic. As such, Bitcoin trading volumes in the Philippines were hitting new highs on some peer-to-peer cryptocurrency exchanges in July 2021.

Elaborate a bit more

Responding to the increasing adoption, the central bank said that the Philippine central bank does not plan to adopt any important limits on cryptocurrency trading or investments at this point. Rather, the BSP is planning to implement a regulatory approach targeting offering an ‘enabling environment’ via ‘risk-based and proportionate regulations’.     

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