Philippine central bank has no plan to ban crypto

Asia’s central banks have been very clear about where they stand on cryptocurrencies. Some people want it outlawed, while others welcome it as an emerging technology.

Earlier this year, the Reserve Bank of India suggested outright banning cryptocurrencies. The Monetary Authority of Singapore, on the other hand, intends to tighten up its rules on cryptocurrencies despite the fact that it has said that they have “no fundamental value.”

According to Felipe Medalla, the incoming governor of the Bangko Sentral ng Pilipinas (BSP), outlawing cryptocurrencies is not an option. That’s fantastic news for cryptocurrency users in the Philippines, which, according to polling and survey website Finder, is the fifth-largest crypto market in the world.

Jenny Ortiz of Forkast had a one-on-one conversation with Medalla on his views on cryptocurrencies, the BSP’s proposal for a central bank digital currency (CBDC), and the country’s future in terms of digital banking.

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