IMF sees huge potential for crypto adoption in the Philippines market

According to recent reports, the International Monetary Fund (IMF) recently encouraged the Philippines to work on the way the country collects transaction information regarding digital currencies. The IMF seems to believe that the country holds huge potential for cryptocurrency use and that it is attracting more and more players to the crypto sector.

The IMF’s recent report regarding monetary and
financial data missions to the Philippines states that the country could become
an important market for digital assets. The report points out that the Bangko
Sentral ng Pilipinas (BSP) had authorized several new crypto exchanges, which
brings the total number of exchanges within the country to 13, as of late
October 2019.

Crypto exchange data should be
collected and analyzed, says IMF

So far, Virtual Currency Exchange (VCE)
service providers that hold BSP licenses include Rebittance Inc., Betur Inc.,
Bloomsolutions Inc., Bexpress Inc., Telcoin Corp., Virtual Currency…