MANILA, July 24 (Bloomberg): The Philippine central bank has suspended the use of tokens offered by social media platform Lyka as a method of payments in the country, in a sign of tighter enforcement of rules on financial technology.
The Hong Kong-based company allows its users to purchase, exchange and use so-called "gems” as payment for goods and services and must be registered as a payment system operator, Governor Benjamin Diokno said in a briefing on Friday (July 23), citing regulation.
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