The International Monetary Fund (IMF) has revealed that it sees the South East Asian nation as one of the most important markets for the growth of cryptocurrencies and other digital assets. In a technical assistance report on financial and monetary data for the country, the IMF stated that the Philippines may become an important market for crypto assets.
Hence, it has urged the relevant authorities in the country to make the process of collecting transaction data more efficient. In the report, that assesses the period ending in July 2019, the IMF revealed that three more virtual currencies have been authorized by the Bangko Sentral ng Pilipinas (BSP).
The report was released on December 30, 2019, and it is going to be read closely by the crypto industry in the Philippines. The IMF stated,
The mission encourages the BSP to start exploring the possibility of collecting data on these exchanges for macroeconomic analysis, in particular, international financial flows using crypto assets.
The report stated aggregated data on gross transactions should be collected quarterly. Additionally, the origin and destination of the funds should also be tracked.