Philippine central bank governor: skeptical about digital currency, will continue to monitor cryptocurrencies such as Bitcoin

The Central Bank of the Philippines (BSP) is "skeptical" about launching its own digital currency and said it will continue to closely monitor digital currencies. A report by local news agency Phillstar Global details the decision made by the Central Bank of the Philippines, Benjamin Diokno, at the end of last month at a meeting of the Swiss Federal Bank for International Settlements (BIS) with international counterparts. Diokno also said that the central bank will monitor bitcoin and other cryptocurrencies because they may be used for illegal activities such as terrorist financing. In addition, the volatility of the digital currency has also cast doubt on its use in the real world. “We have to be open to innovation, but we have to be responsible for (consumers). Let’s wait another three to five years.” He also talked about the controversial Facebook encryption program and said that central banks around the world The digital currency that the social media giant is about to launch is divided. The goal of the currency is to reshape the lucrative remittance market.