Investors in the Philippines want the government to ease concerns on cryptocurrencies
The exponential growth of Bitcoin and the cryptocurrency space, in general, have struck a chord amongst Philippine investors that they are asking the government monetary policymakers to address the concern about the blockchain technology.
Francis Arjonillo, the President of the First Metro Investment Corp. (FMIC) has asked the Bangko Sentral ng Pilipinas (BSP), the government’s central bank, to have a policy that address’ the surge in cryptocurrency investing.
Pushing for more assurance of cryptocurrency, Francis Arjonillo has said that it is a huge threat to the money system and the ability for banks to control money. He is also concerned about security and hacking of crypto wallets and woants these issues addressed before banks start to embrace the technology.
The BSP said it is working with the Securities and Exchange Commission to draft a new rule on cryptocurrencies like when used to investment. So far the BSP has approved two currency exchanges to operate in the country, Rebittance and Betur, also known as coins.ph.