The Bangko Sentral Sentral ng Pilipinas said Tuesday it is not prohibiting the use of cryptocurrency in the financial system, but it remains cautious on the possibility that it may be used for money laundering. Bangko Sentral Governor Nestor Espenilla Jr. said at the sidelines of the 12th Philippine Forum of The Asset at Conrad Hotel in Pasay City that the use of cryptocurrency could promote the efficient money transfer services. Espenilla said rather than prohibiting the use of cryptocurrency would be very difficult, the Bangko Sentral chose to engage the industry. As for the Bangko Sentral itself considering cryptocurrency? So in a way, it’s cautious but it’s also not prohibiting,” Espenilla said.

Source: The Standard October 24, 2017 14:03 UTC