Bitcoin Forum

Does this mean that the IMF want to monitor crypto transaction all over the world?

With this request from them, they wanted to add our information to their database so they can monitor the crypto users that are using registered exchanges at the same time.

Now, here's my question, do you think this would be helpful to reduce the scams in the space and to help the crypto grow in the long run?

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source

https://cointelegraph.com/news/imf-urges-philippines-central-bank-to-collect-crypto-exchange-data

Will crypto exchanges release those information of trading of each users? I think that is a breached of privacy on the part of the traders. I know the IMF objective is to reduce scams but this info is very private for any users which could result to leak of information. Especially this information is sensitve we dont know if someone on the Central Bank or aka BSP have some hidden agenda.

I guess for now we should wait for a certain draft regarding the process of this, and give crypto community a public explanation on how this "suggestion works" and see if both parties will benefit and will be good for crypto business here in the Philippines.

I don't know if there is a breach of privacy, BSP can direct the exchange to release information they need and its the IMF that might request the BSP to certain information too, don't know how exactly it would work but in a centralized system, there are trees and branches.

Makakatulong yan kasi mamomonitor nila kaso mabebreak niyan ang purpose ang crypto. Mababawasan ang mga scam pero hindi pa rin titigil yung mga ganung uri ng aktibidad. Kahit saan talaga ang data nating mga users ang nagiging bentahe nitong mga to.

Siguro naman e hindi na kasama yung mga personal data nung mga users ang kanilang kukunin diyan sa mga exhanges bka para lang yan sa statistics para may record sila for example kung ilan ang mga users na gumagamit ng digital currency dito sa bansa natin.

Some scammers may be frightened by the news, pero hindi parin enough to stop them from doing it. May advantage and disadvantage tong proposal na to since mawawala yung secresy and purpose ng crypto to be anonymous in every transaction. If may KYC na gagawin sa mga exchanges then can really get our details.

Wala namang pakialam ang IMF kung ano ang purpose ng crypto.  Ang sa kanila ay mamonitor ang mga data kahit sa anong pamamaraan.  Hindi rin mababawasan ang scam dahil may mga mixer na serbisyo na pwedeng gamitin para malinis ang history ng pinanggalingan ng Bitcoin, tapos pwede ring gumamit ng mga identity ng mga kakilala nila ang isang scammer para mapaghiwa-hiwalay ang mga nalikom na salapi para hindi masakit sa mata at pwede rin sa magkakahiwalay na exchanges padaanin.  Marami pa rin lusot para sa mga scammer.  Ang pinapakita lang ng IMF ay ang kanilang impluwensiya pero sa tingin ko hindi sapat ito para imonitor at pahintuin ang mga scam na nangyayari sa crypto industry.

Ayun nga ang sinasabi ko para sa ating mga enthusiasts no choice tayo kundi magcomply lang kung ano ang sasabihin ng gobyerno natin. At kung sumunod man sila sa dikta ng IMF, nasa sa kanila na iyon. Sa tingin ko mababawasan pa rin ang mga scam kahit papano ang kaso, mas magiging matalino ang mga scammer at hindi na sila gagamit ng mga service na dumadaan sa mga exchanges at hindi na nila papadaanin pa yung transaction nila doon. Hindi mapapahinto pero kahit papano maslow down at mababawasan.

Have you heard or read anything about the Financial Action Task Force (FATF) formed by the IMF? It's main objective is to trace transactions and determine who was sending funds and where the the funds is being sent to. Recently, the group came up with the "Travel Rule" which recommends crypto exchanges to collect data from their users. I wrote about it a few months ago

Philippines is not yet a member of the FATF but IMF is also suggesting the BSP to follow the Travel Rule. For now, the recommendation looks like "for research" purposes but I think we know where this is going to.


Well, it will help curb scams and money laundering. Will it be beneficial in the long run? I guess so. We can only speculate on that. What is certain now is that it won't eradicate scams completely. Compared to other forms of currency, crypto is easier and faster to move privately & anonymously and there are many ways to do that

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A court order to release even the most confidential information will do the trick I think.

Sa tingin ko hindi dahil ang pinaka effective parin to deter scam is pag igtingin ang batas ukol dito at sa tingin ko ang purpose lang ng IMF dito ay magkaroon sila ng idea kung gaano kalaki ang figures na pumapasok at lumalabas sa ating bansa para mamonitor ang financial flow for sure ginagawa rin nila ito sa iba pang bansa.