Philippines Central Bank Warns on Risks of Growing Cryptocurrency Use
The chief of the Philippines central bank has warned over the risks of growing cryptocurrency use in the country. On Monday, The Philippine Star quoted Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas, as saying his institution would continue to address the use of cryptocurrencies, especially given the tech’s potential use in the funding of terrorism. The central bank’s deputy governor, Diwa Guinigundo, also spoke of cryptocurrency’s limitations as a substitute for fiat money, as a medium of exchange and actual value. And, while cryptos and blockchain can be useful for settlement, they effectively allow users to sidestep the banking system.