IMF Encourages Philippines Central Bank To Monitor Cross-Border Crypto Transactions

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IMF Encourages Philippines Central Bank To
Monitor Cross-Border Crypto Transactions
The International Monetary Fund (IMF)  in its
Technical Assistance Report paper has urged
Phillippines's Central Bank to monitor the flow
of crypto transactions moving outside the
country. The paper published by IMF was a part of
their Monetary mission in Phillippines started
back in July 2019. Under this mission, the IMF
also delivered a lecture which looked into the
role of crypto assets in macroeconomics whose
summary was mentioned in the report as well.  The
summary read
"The Philippines may become an important market
for crypto-assets, as the BSP recently authorized
operations for three more virtual currency
exchanges (VCE), bringing the total number of
approved VCE to 10.
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The IMF report noted that the Philippines had
seen significant progress in terms of crypto
adoption and regulations where the country's
regulatory body The Bangko Sentral ng Pilipinas
(BSP) has permitted three more crypto exchanges,
taking the total number of operational crypto
exchanges to 10. The IMF also recommended the
central bank to work with these exchanges and
start collecting data on the flow of
cryptocurrencies outside the country. The paper
suggested that analyzing these data every quarter
would help monitor the impact of these
crypto-assets on the macroeconomics of the
country. The report also detailed the structure
of data collection and suggested that the central
bank should divide the data by the origin country
of the transaction and the destination country of
the transaction. It further recommended
collecting data on the parties involved in the
transactions as well. 
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IMF Recommends Close Monitoring of
Crypto Transactions
The Bangko Sentral ng Pilipinas(BSP), the
regulatory body of Philippines registers crypto
service providers as a cross-border remittance
and transfer company which must adhere by
Anti-Money Laundering laws, Countering the
Financing of Terrorism, and risk management. 
Although BSP currently has a positive outlook
towards crypto assets given their regulatory
assistance towards crypto exchanges, the governor
of the BSP has warned how these virtual
currencies could aid criminals in carrying out
illicit activities. The recent IMF report
highlighted the need for central banks to monitor
these crypto transactions especially the once
moving out of the country to keep a track if
these virtual assets are ever used for illicit
activities by criminals. While many are divided
on the state of regulations for cryptocurrencies
as well as the level of regulations, but given
the controversies surrounding the decentralized
space, regulatory precautions are the best
measures available to avoid illicit use of these
digital assets.
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f-encourages-philippines-central-bank-to-monitor-c
ross-border-crypto-transactions
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