The chief of the Philippines central bank has advised over the risks of growing cryptocurrency use in the country.
On Monday, The Philippine Star quoted Benjamin Diokno, Chief of the Bangko Sentral ng Pilipinas, as stating his institution would certainly continue to attend to making use of cryptocurrencies, specifically provided the tech’s possible use in the financing of terrorism.
The central bank’s deputy governor, Diwa Guinigundo, likewise spoke of cryptocurrency’s restrictions as an alternative for fiat money, as a medium of exchange and also a
As well as, while cryptos and also blockchain can be valuable for settlement, they properly allow customers to sidestep the financial system.
“For this reason, game theory dictates possible dysfunction when there is market breakdown, when everyone may distrust one another. There cannot be a total disregard for a central bank or a third party that provides lender of last resort facility.”