Incoming Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla is not keen on regulating cryptocurrency, dismissing the virtual asset as based on the “greater fool theory.” READ:
“Every Bitcoin buyer that I know does not use for anything… The only reason you’re using this is you think somebody else will buy it from you at a higher price. That’s a very scary investment,” Mr. Medalla said during a virtual roundtable discussion withMr. Medalla, currently a member of the Monetary Board, said cryptocurrency is based on the “greater fool theory.
“The value of crypto is what some other person decides someone else will pay for it, so not adding to society like other investments,” Mr. Gates was quoted as saying. “This is a new tool that adds to the ability to do that. There are plenty of people who want to hide their money from the government,” he said.
KYC refers to the process that institutions use to verify identities of their clients and ascertain fraud risks they may pose. This can keep money laundering, terrorismBSP data showed transactions in virtual currency, including cryptocurrency, surged by 71% to P105.93 billion in theThe cryptocurrency industry has suffered significant losses in recent weeks amid problems with stablecoins such as TerraUSD and cryptocurrency lending company Celsius Network.
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