The Philippines has no plans to prohibit cryptocurrencies, the country’s new central bank governor told Forkast.
Felipe Medalla, who became governor of the Bangko Sentral ng Pilipinas on July 1, said that he prefers using the term “crypto assets” because any form of currency “cannot be very, very volatile.”
Medalla’s liberal yet cautious outlook comes as Asian countries are seeking better ways to manage cryptocurrencies. For instance, India is moving closer to banning cryptocurrencies altogether while countries like Singapore are looking to regulate them.
“Some of the crypto assets have fallen by almost two-thirds in a very, very short period. So my advice always is if you go to buy this, don’t put in money that you cannot afford to lose,” Medalla said.
Cryptocurrencies are fairly popular in the Philippines. It was ranked the fifth-biggest crypto market in the world in a recent report from US-based research firm Finder.
See also: Why crypto insurance could take off
Editing by Miguel Cordon and Joy Tirkey
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
