- The International Monetary Fund has recently released a report on the crypto situation in the Philippines, urging the country to start collecting crypto transaction data.
- The country has 13 working exchanges at this time, and the IMF thinks that it is important to learn who is making transactions through them.
- The country holds great potential for the adoption of cryptocurrency, claims the report, and it needs to prepare for the emergence of additional crypto players.
According to recent reports, the International Monetary Fund (IMF) recently encouraged the Philippines to work on the way the country collects transaction information regarding digital currencies. The IMF seems to believe that the country holds huge potential for cryptocurrency use and that it is attracting more and more players to the crypto sector.
The IMF’s recent report regarding monetary and financial data missions to the Philippines states that the country could become an important market for digital assets. The report points out that the Bangko Sentral ng Pilipinas (BSP) had authorized several new crypto exchanges, which brings the total number of exchanges within the country to 13, as of late October 2019.
Crypto exchange data should be collected and analyzed, says IMF
So far, Virtual Currency Exchange (VCE) service providers that hold BSP licenses include Rebittance Inc., Betur Inc., Bloomsolutions Inc., Bexpress Inc., Telcoin Corp., Virtual Currency Philippines Inc., Zybi Tech Inc., Etranss Remittance International Corp., Coinville Philippines Inc., Fyntegrate Inc., Aba Global Philippines Inc., Atomtrans Tech Corp., and Bitan Moneytech Co.Ltd. Inc,
The IMF’s report further encouraged BSP to explore the possibility of gathering the data from these exchanges and use it for macroeconomic analysis. The report also suggests that the data is collected on a quarterly basis and that the collected data includes gross transactions, with a special focus on the countries of the funds’ origin and destination.
Also, the IMF believes that it is important to determine whether the parties involved in transactions are individual, financial corporations, or non-financial businesses.
As for the citizens of the Philippines, most of them are aware of digital currencies, while many even possess them in some quantity, although that does not include the majority of the population. While Filipinos know about crypto, the risks believed to be associated with the digital currency industry are perceived as quite high by the majority of the population.