To begin the year 2020, we find ourselves with an unexpected news for the readers of 2018, with an IMF pro crypto. Stressing that on this occasion it was not that he spoke well of Bitcoin or similar. The institution recommended by the Central Bank of the Philippines used as alternative means to the crypto.
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Context of the IMF
To understand the magnitude of this news we have to jump through 2018, the time that happened the boom of the cryptocurrencies. At that time the crypto begun to gain importance beyond platforms on the Internet. Therefore, various institutions began to include in their speeches the issue of the cryptocurrencies. It was at this time that the government laid the foundation for its policies and regulate the cryptocurrencies, as the cases of the united States, and the SEC or Malta and paradise crypto. In addition, international institutions began to comment about it, as did the World Bank and the IMF. For that time his position was mixed, with a majority ruling of refusal form before the crypto. However, in the same way there was a branch that promulgated the cryptocurrencies, but as a financial asset, not as money. However, with the passing of time the branch who was a minority was growing, to such an extent that the thinking in the IMF’s general position was positive to the crypto. Although it should be noted that in no time you recommended that a country use the cryptocurrencies as part of their economic policies.
Case of the Philippines
As we mentioned at the beginning of the article, your last report is a Report of Technical Assistance to the nations in the world, there is a section that raises the idea of accumulating crypto by the Central Bank of the Philippines. According to the report, the mission of the Philippines to the IMF delivered a lecture on the treatment of crypto in the macroeconomic statistics. Summarizing the conference of the mission, the report notes that: “the Philippines can become an important market for the crypto assets, as the Central Bank recently authorized operations for the three exchanges of virtual currency (VCE), bringing the total number of VCE approved 10”. Given this growing number, the IMF mission encouraged the central bank to begin to explore the possibility of collecting data on these exchanges for macroeconomic analysis, particularly in regard to international financial flows that use crypto assets. The mission proposed that the BSP is requested aggregate data about transactions gross exchanges on a quarterly basis. The data must indicate both the country of origin and the destination of the traded funds. In addition, details of the parties involved in transactions between individuals, corporations, financial and non-financial. In this way you can make a better analysis of the impact of the crypto in the territory. The following two tabs change content below. I am a student of economics, interested in innovation and technological development, always faithful to that tomorrow will be a better day.