Developing countries may need financial aids and assistance from International
institutions for their survival or to fulfill their needs. That helps them to run the country and complete their different economic projects. One of those institutions is the IMF or International Monetary Fund. IMF a well renowned for giving funds as loans and assist countries to get themselves out from the critical economic situations.
According to the Updates, IMF suggested the Philippines work on crypto-assets IMF published a report on its website for the Philippines to work on crypto or digital asset. In the report, they said that:
“At BSP request, the mission also delivered a lecture on the treatment of crypto-assets in macroeconomic statistics, based on the latest methodology released by STA. The Philippines may become an important market for crypto-assets, as the BSP recently authorized operations for three more virtual currency exchanges (VCE), bringing the total number of approved VCE to 10.
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 mission suggests requesting aggregated data, on a quarterly basis, on gross transactions, indicating the country of origin and destination of the funds transacted. In addition, it would be useful to breakdown the parties involved in the transactions between individuals, financial corporations, and nonfinancial corporations.”
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