Bangko Sentral, SEC to educate public on cryptocurrencies

[Cordillerabit]

MANILA - Bangko Sentral ng Pilipinas Governor Nestor Espenilla said Monday regulators would launch a nationwide campaign to educate the public on digital currencies.

Virtual currencies like bitcoin are not considered legal tender in the Philippines since these are not backed by a central bank, Espenilla said.

"There is value in the power of cryptocurrencies to speed up transactions and reach more people though technology. It has its uses," he said.

However, anonymous cryptocurrency transactions make these susceptible to illegal use, he said.

The BSP will partner with the Securities and Exchange Commission for the information drive, Espenilla said.

Gov Espenilla: There is a more serious investigation ongoing for Central Banks to issue their own cryptocurrency. This is different from private coins. Research is ongoing in China and Europe. This is still far off. We need to establish trust in cryptocurrencies first.

Reported by Warren De guzman

Gov Espenilla: There is a more serious investigation ongoing for Central Banks to issue their own cryptocurrency. This is different from private coins. Research is ongoing in China and Europe. This is still far off. We need to establish trust in cryptocurrencies first.

Source

[RianDrops]

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