Philippine Central Bank warns of increased risk of cryptocurrency use

According to Coindesk, Diwa Guinigundo, deputy governor of the Philippine central bank, warned of the increased risk of cryptocurrency use in the country. Diwa Guinigundo talked about the limitations of cryptocurrency as a fiat currency alternative, as a medium of exchange and in real value. In addition, although cryptocurrency and blockchain can be used for settlement, they actually allow users to bypass the banking system. Guinigundo said that in order to balance innovation and reduce risk, the central bank is more inclined to use the regulatory sandbox to maintain supervision of such new technologies. As the Philippine central bank executives issued the above warning, the use of cryptocurrency in the country continued to rise.