#virtual currency

The Bangko Sentral ng Pilipinas has acknowledged the presence and increasing popularity of virtual currencies (VCs) or cryptocurrencies such as Bitcoin. With the arrival of virtual currencies like Bitcoin in the Philippines, the Bangko Sentral ng Pilipinas (BSP) has issued an advisory that warns the public about the risks involved in buying, holding or trading virtual currencies. BSP warns that exchanges using virtual currencies like Bitcoin are not regulated by the BSP or by any regulatory authority in the country at this time. "Thus, there are no existing regulations which would specifically protect consumers from financial losses if an organization that exchanges or holds virtual currencies fails or goes out of business. Moreover, there is no assurance that the value Bitcoin or any virtual currency would be stable. The BSP will be closely monitoring developments on these virtual currencies particularly on their possible use for money laundering and other illegal purposes, and will adopt appropriate measures as needed." The public is advised to research on the internet and other forms of media before getting involved in virtual currencies. Below is BSP's list of things to think about before buying, holding or trading virtual currencies: 1. You can lose your money through a virtual currency exchange – Exchange platforms are unregulated. Read more in our articles including "BSP issues advisory on Cryptocurrency use" and "Bangko Sentral ng Pilipinas warns public about Bitcoin".