BSP Governor: No Plans to Ban Crypto But What Social Good Does It Achieve?

Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said that he is not keen in banning cryptocurrency, following reports of his statements previously about not being keen on regulating it. However, the governor said he does not want to call it “cryptocurrency” as well.

“Because it has very little use for actual payments, especially when the price is so volatile.”

Medalla also spoke lengthily of Bitcoin, criticizing its environmental impact due to consuming energy estimated to be bigger than some countries.

“So what is its saving grace?” Medalla asked. He also questioned “what social good” does Bitcoin achieve when it’s used to evade the government. However, he acknowledged that “if you are in a country where the government itself is the problem, maybe it does.”

The entire interview is available at Forkast where the Governor talked at great length about crypto, Bitcoin, and even central bank digital currencies (CBDC).

The Philippines is at the forefront of many developments in and out of crypto and the wider blockchain, NFT, and web 3 industries.

The country is 3rd in the world with the most number of MetaMask users, with most activities being used for NFT and gaming. “Historically, we’ve had a lot of Filipino users even pre-dating the gaming boom. We’ve seen people using MetaMask for decentralized finance services in the Philippines. All of those different usecases have brought more people into the decentralized web.”

In 2020 and 2021, many Filipinos were also able to earn a living in the middle of the pandemic and loss of jos due to play-to-earn.

A number of artists, including those interviewed by BitPinas have earned a living, were able to pay for their medical bills because of NFTs.

The biggest crypto exchange in the world, Binance, is also eyeing to secure a virtual asset provider (VASP) license in the country. Although a think tank – Infrawatch – is trying to block this from happening, with the group even penning a letter to the BSP and the Department of Trade and Industry (DTI) to ban the exchange from operating.

This article is published on BitPinas: BSP Governor: No Plans to Ban Crypto But What Social Good Does It Achieve?

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.