The International Monetary Fund (IMF) encouraged the Central Bank of Philippines to explore the possibility of starting data collection on cross-border flows of crypto assets.
The IMF presented this recommendation in a technical assistance report published on 30 December 2019 and based on data from the Fund's mission for monetary and financial statistics in the country, which took place in July 2019.
According to the report, at the request of Bangko Sentral ng Pilipinas (BSP), the IMF mission to the Philippines delivered a lecture earlier this year on the treatment of crypto assets in macroeconomic statistics.
Given this growing number, the IMF mission encouraged the central bank to begin exploring the possibility of collecting data on this crypto exchange for macroeconomic analysis purposes, particularly with respect to international financial flows using cryptographic assets.
The mission proposed that the BSP request aggregated data on gross transactions on a quarterly basis from exchanges.
These data should indicate both the country of origin and destination of the funds involved in the transactions, which has been noted and would be most useful if they were split to disclose the parties involved in the transactions between individuals, financial and non-financial companies.
