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BSP Governor: Cash is Still King in the Philippines

Photo for the Article - BSP Governor: Cash is Still King in the Philippines

For Bangko Sentral ng Pilipinas (BSP) Governor Mr. Nestor Espenilla,  “Cash is still King” in the Philippines. This is amidst the increasing popularity of virtual currencies, such as bitcoin, in the country.

Mr. Espenilla said that digitizing the currency is not in the “first order of concern” as the country is still a cash-based society. He mentioned this during the 51st Asian Development Bank (ADB) Board of Governors’ meeting held in Manila.

Even when faced with an interesting technology such as blockchain and cryptocurrency, Mr. Espenilla said that the country has to face the reality of not having stable internet connection outside the metro. The internet is still a key factor for digital payments, digital currencies, and virtual currencies.

Even so, the number of companies applying for a virtual currency exchange license has increased in the Philippines.

“As the population becomes more familiar with this world, then we can look into possibility of digital currency,” – Mr. Nestor Espenilla, Bangko Sentral ng Pilipinas Governor

Bangko Sentral ng Pilipinas never ceases to remind the Filipino people about cryptocurrency’s high volatility. The regulator has partnered with SEC to launch a Nationwide Bitcoin Education Campaign

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Source: ABS-CBN