Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla has said that banning cryptocurrency in the Philippines is out of the question after advising people not to invest in anything that they cannot afford to lose.
“I don’t want it banned, but I don’t want to call it cryptocurrency. Because it has really very little use for actual payments, especially when the price is so volatile. Because if the price is rising very fast, the people who own it will naturally not want to use it. But, if you use it to buy something and its value rises, you’ll regret it,” Medalla said.
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The Philippine Central Bank Governor, when recently asked about his views on cryptocurrency in an interview by Forkast, advised that crypto prices are highly volatile which should not be the case for currencies.
“On the other hand, for the person selling, if the price is going down, you don’t want to receive it, right? Because you will, by the time you change the money to actual cash, the value will be much lower. So to me, currency [is] something [that] cannot be very, very volatile. So in that sense, maybe you can call it crypto assets,” he added.
