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BSP issues advisory on Cryptocurrency use

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The Bangko Sentral ng Pilipinas has acknowledged the presence and increasing popularity of virtual currencies (VCs) or cryptocurrencies such as Bitcoin. In line with this, they’ve issued an advisory for those who wish to partake in the market or use VCs.

Bangko Sentral Ng Pilipinas Bsp.svg • Bsp Issues Advisory On Cryptocurrency Use

With the issuance of Circular No. 944 dated 6 February 2017, any VC exchanges or businesses engaged in VC trading are required to register with the BSP as remittance and transfer companies. Other than that, they are also requiring these exchanges to have security measures and safeguards to address the risks that come with VC trade. VCs, though, are still not endorsed by the BSP as legal tender, store of value or investment vehicles.

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Bitcoin • Bsp Issues Advisory On Cryptocurrency Use

Realme Philippines

The BSP is advising everyone who are tempted to invest in VC to be wary of pyramid schemes disguised as initial coin offerings (ICO) or VC investments and to be cautious when dealing with transactions related to it. Apart from that, they are encouraging to only deal with BSP-registered VC exchanges to minimize risk.

Below is a list of security considerations from the BSP:

  1. Set-up and use a dedicated email account.  Avoid using the same email accounts or username that you have used in public platforms such as social media.
  2. Keep your VC-related email account to yourself.  In any VC transaction, users need their email account and password.  Thus, it is important to secure not only your password but also your email account.
  3. Set a strong password.  Use complex and hard-to-guess passwords (i.e. alphanumeric including symbols, lower and upper cases).  Avoid re-using the same password for more than one service.
  4. Observe basic internet security.  Exercise caution in accessing your VC wallet especially when using wi-fi connections.  Avoid installing software, browser plugins or downloading attachments from unknown or suspicious websites and emails.  At the same time, do not leave your device unattended.
  5. Subscribe to multi-factor authentication (MFA) provided by the VC wallet provider.  VC users should enable, whenever available, MFA options to their VC accounts.  Adding another layer of authentication can provide increased security to your VC account and transactions.
  6. Separate your funds and use cold storage.  VC funds should be separated in two or more digital wallets for transactional purposes.  The main wallet used to store VC funds for future use should be kept offline or popularly known as cold storage wallet to minimize vulnerability to theft, hacking or fraud.
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You can check their full statement here.

source: Bangko Sentral ng Pilipinas

Avatar Of Zen Estacio

Zen Estacio is a Multimedia Producer for YugaTech. He is the team's laptop guru and one of their resident gamers. He has a monthly column compiling the latest and greatest the Nintendo Switch has to offer. Aside from that, he regularly writes gaming news, reviews, and impressions. You can hit him up at @papanZEN

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Jun
Jun
4 years ago

Mali yata ako ng napasukang kwarto.
Di ko sila maintindihan.

Mary Ann
Mary Ann
4 years ago

Please update me…

Jude
Jude
4 years ago

Puro na lang problema koneksyon ko. Dami ko tuloy comments. Akala ko hindi nag upload. Kainis…

Jude
Jude
4 years ago

My reply did not made it thru so, 1 question: Do VC’s have gold deposits just like the rest of currencies of the countries?

Clark
Clark
Reply to  Jude
4 years ago

plain and simple. you don’t understand cryptocurrencies.

Jude
Jude
4 years ago

One question. Which bank or banks insure VC’s? When i say insured, it means if ever VC’s went bankrupt or close down for any reason, the bank or banks will pay you out all of your investments made. Is there any bank? To my knowledge, NONE. If there is, prove me wrong.

And i know, VC’s don’t have gold deposits anywhere that’s why it’s a risky investment.

Christian
Christian
4 years ago

You’re almost a year late in reporting this, don’t you think?

Louie Diangson
Reply to  Christian
4 years ago

This is a new advisory published by the BSP on December 29, 2017.

Shin Takata
4 years ago

@Jude how can you say that vc has no security? VC is a opensource meaning everyone can use VC. for example coins.ph is a VC coinbase is also a VC. everyone can use it to mine VC and they can edit on how to enhance security on VC.

did you know that almost all banks in the world are in the rothschild property and rockerfeller?

watch this video before you react on BSP issued advisory.

https://youtu.be/7KSgs8oUu2Y

Jude
Jude
Reply to  Shin Takata
4 years ago

Read my comments below. You will find there the reason why I said VC’s are not secured. It’s an open source, as you say. So VC’s are dependent on the # of people making the investments and amount they invest. Is that correct?
If yes, i rest my case.

Jude
Jude
4 years ago

VC’s, in essence, has no security deposits and speculative. It is understandable why BSP issued this advisory. So, invest at your own risk and be cautious.

I don’t like to take this kind of risk.

Cardo
4 years ago

Bitcoin is not pyramiding scheme, lol
lot of people use to invite into a company that involve bitcoin, then claim that they will be bigtime earners hahaha

https://depedlibrary.blogspot.com

noneym86
noneym86
Reply to  Cardo
4 years ago

It says VC, not bitcoin specifically.

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