Central Bank of Philippines is Against Crypto Ban

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The governor of the Central Bank of the Philippines (BSP) has said the regulator has no plans to ban digital assets.

According to him, now there is little use in cryptocurrencies for real payments due to high volatility. In addition, he has also noted the harm of Bitcoin to the environment.

“A useful use case for cryptocurrencies is evading government monitoring. The question is, what social benefit does it bring?”

He believes in most states the government is not ideal, but contributes to the common good, so that “there is no need to weaken the government.” He has explained:

“Some crypto assets have lost almost two-thirds of their value in a very short period. So my advice is: if you are going to buy this, do not invest money that you cannot lose.”