Philippines Says Crypto Is Used for Wrongful Purposes

The Central Bank of the Philippines is warning residents and citizens of the country against the use of crypto.The Philippines Claims Crypto Is Used for Illicit PurposesIn a recent statement, bank governor Benjamin Diokno explained that cryptocurrencies are widely used to fund terrorist activities and other organizations with malicious intent. In addition, he also stated that cryptocurrencies bear no store of value and are a poor “substitute for fiat money.” He lastly explained that digital assets give people an opportunity to “sideswipe” the banking industry.He says:For these reasons, game theory dictates possible disfunction when there is market breakdown, when everyone may distrust one another. There cannot be a total disregard for a central bank or a third party that provides lenders of last resort facility.The big question here is an obvious one: why are people, predominantly financial regulators, still using these age-old, no longer relevant arguments to go against crypto?Diokno…

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