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  • The Philippines central bank pus its crypto plans on hold for the next three to five years.
  • The central bank to monitor Bitcoin and other cryptocurrencies.

The central bank in the Philippines is rethinking issuing its own cryptocurrency in the current market. The bank is, however, choosing to monitor the cryptocurrency space according to a report released on June 5 by Phillstar Global, a local news agency.

The report details the Bangko Sentral ng Pilipinas (BSP governor Benjamin Diokno arrive at the decision after attending a recent meeting with other governors at the Bank for International Settlements (BIS) in Switzerland towards the end of June.

 Diokno said that the central bank was going to take up monitoring roles to ensure that Bitcoin and other digital assets are not used to fiancé illegal activities.

The governor stated:

“We have to be open to innovation except that we also have a responsibility to [the]consumer. Let’s give it another three to five years.”