IMF Assistance to The Philippines Pushes towards A Visible Crypto Market

News / 04.01.2020

The Philippines’ region accepts assistance from the International Monetary Fund (IMF) based on the digital currencies’ cryptocurrency technicalities. It followed the IMF’s beliefs in the possibility that the region will exhibit a large market for cryptocurrencies. The organization has assisted the BSP, the central bank of the region, in recommendations that reflect on the regulation of cryptocurrencies; this is explained from data collected based on cryptocurrency exchanges approved quarterly. 

IMF Report

The thirty-four pages report presented by the International Monetary Fund on the Philippines region includes various suggestions and recommendations about the IMF’s assessment done last year. The report suggests technical advice that can be employed in the Philippine government in light of the IMF assessment and technical assistance requests. The IMF also shows interest in supporting the BSP in particular areas on the general monetary quality improvement and the bank’s financial statistics.

Concerning this, some of the IMF’s advice and assistance reflect on the lecture delivered that illustrates the macroeconomic statistical treatments of the digital currency assets. As such, the IMF confirms that the Philippines region stands out as a notable cryptocurrency market that is seen through the increase in digital currency exchange that was approved by the country’s central bank. 

Part of the IMF’s recommendations reflected on the urgency of creating data collected quarterly following the gross transactions, as they illustrate the entire map of where the funds originated and to where they were transferred. It also expounded on the urgency of breaking down the involved parties in cryptocurrency exchange between the individuals, non-financial, and financial corporations. 

BSP Circular 

Based on the reports in 2017, the central bank was responsible for adopting official cryptocurrency regulatory frameworks from Circular No. 944. It required the businesses with a hand in digital currency exchange to register themselves concerning the county’s fiat money. A clear review of this was based on the firms’ registration to the BSP as transfer and remittance firms. The BSP’s current list shows the number of firms registered in Circular No. 944, and a total of about thirteen approved digital currency exchanges all over the Philippines region.

Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.