BSP: Advisory on the Use of Virtual Currencies

[theinvestdude]

This Fair Warning from BSP, this greatly affect the mentality of the majority of the people that is planning to enter the BTC market.

Specially on today's news on both GMA7 and Ch.2 that BTC is being use as the payment of choice for pyramiding scams.

BSP should Teach how to take advantage of the use of BTC but instead they are spreading FUD and Negative News about Bitcoin.

If they really want to protect people from Pyramiding they should start from the root, "BANKS"

[Jenn09]

Sa totoo lang hinde naman masamang babala ito galing sa bsp bagkos ito ay magandamg babala para mawarningn tau at magingat sa mga scammer ngaun na gingamet ay bitcoins pra makapanlamang ng kapwa nila pilipino.

[Jlv]

Akala ko naman ipinagbawal na ng BSP ang Bitcoin. Hindi naman pala. Sa katunayan pa nga Good News ito para sa ating mga Virtual Currency Users dahil concern ang BSP sa atin kapakanan. At least may ginagawa sila para matulongan tayong maging secure ang ating mga accounts. Good Job BSP!

Hindi naman talaga pinagbabawal ng BSP ang kahit anong cryptocurrency dito sa Pilipinas. Pabor naman din sila dito. Kaya nga maganda na pinagiingat nila ang mga crypto users kasi dumadami talaga ang mga scammer pero ayos din yung balita nila ah, pati mga ICO ginagamit na rin para sa pyramiding scheme. Kaya dapat talaga doble ingat tayo sa pag-iinvest din sa mga ICO at pagsali sa mga bounty campaign kung ayaw nating sa bandang huli, masayang lang ang pinaghirapan.

Actually, Good news narin naman talaga eto dahil concern lang talaga ang BSP sa mga bitcoin users at nagbibigay sila ng paalala upang makapag ingat narin ang bawat isa sa mga mapagsamantalang scammers.

[DabsPoorVersion]

Sa totoo lang hinde naman masamang babala ito galing sa bsp bagkos ito ay magandamg babala para mawarningn tau at magingat sa mga scammer ngaun na gingamet ay bitcoins pra makapanlamang ng kapwa nila pilipino.

Kaya nga dahil marami ngayon ang naeengganyo sa pag iinvest sa bitcoin simula nung ipinalabas ito sa telebisyon at sinabing may potensyal talagang kumita rito at ganon na nga ang nangyare kaya ang bangko sentral ng pilipinas ay nagbigay babala lang naman sa mga kapwa natin pinoy.

[LynielZbl]

Ang BSP ay may ginagawang hakbang upang maging ligtas ang mga Crypto Users against sa mga Scammers online. Patunay ito na unti-unti nang tinatanggap ng ating gobyerno ang CryptoCurrency dito sa ating bansa

[tarabitcoin17]

Lumabas ng bagong statement ang Bangko Sentral ng Pilipinas regarding the Bitcoin and other cryptocurrencies.

With the recent price surge of VCs, such as Bitcoins, the BSP has observed that an increasing number of individuals or entities may be tempted to “invest” in VC pyramid schemes disguised as initial coin offerings (ICOs) or VC investment products.  The public is therefore advised to exercise caution regarding the acquisition, possession, trading of VCs or dealing with VC-related offers.  Unlike stocks or debt issues, VCs are not backed by any company or commodity and the price is purely dependent on market demand and supply.  As such, investing in VCs presents a highly speculative and risky undertaking which might result into huge financial losses. To minimize risks, the BSP highly encourages existing and prospective VC users to deal only with BSP-registered VC exchanges and maintain only a sufficient amount of VCs enough to address transaction requirements.  VC users should properly secure their VC holdings and observe security tips below to protect the confidentiality and integrity of personal information and transaction details.

Important security considerations for VC users:

• 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.
• 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.
• 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.
• 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.
• 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.
• 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.

Full article can be read on their site at http://www.bsp.gov.ph/publications/media.asp?id=4575&yr=2017

Yes, bsp is true that you can incur a grate financial loss when you're account is not secured and when you are not aware of what ICO transaction you are going in.

[lightning mcqueen]

Ang BSP ay may ginagawang hakbang upang maging ligtas ang mga Crypto Users against sa mga Scammers online. Patunay ito na unti-unti nang tinatanggap ng ating gobyerno ang CryptoCurrency dito sa ating bansa

nagkakaroon na din ng tiwala ang bsp sa bitcoin dahil sa gumagawa na sila ng hakbang para mahuli ang mga scammer na sumasakay sa popularidad ng bitcoin kaya for sure mas marami na ang makakaalam nito.

[Wind_Blade_27]

sinubukan ko mag open ng BDO savings account last month. nung tinanong ako kung ano source of income ang sabi ko bitcoin. hinahanapan nila ako ng transaction details tsaka kung san galing ang bitcoin ko. ayun di nalang ako nag apply. hassle masyado.

For your own protection lang din ung ginagawa nila at need to know basis kung malinis ba ung kita sa bitcoin at  hindi galing sa illegal transcations using bitcoin.

[micko09]

Isa itong paalala o reminders sa mga cryptocurrency users dito sa pilipinas, hindi naman totaly pinagbabawal ng Banko Sentral ng Pilipinas ang Cryptocurrency sa halip pinag iingat tayo dahil madaming scammer ang lalabas at gagamiting pang front ang Bitcoin, malinaw naman sa sinabi ng BSP na ingat tayo pag iinvest dahil alam naman natin na high risk talaga ang cryptocurrency.

[gioquechi.13]

At least may suporta at pinagiingat tayo ng gobyerno lalo na ang Bangko Sentral sa paggamit ng cryptocurrency.
 Gumawa pa sila ng guidlines para mas secure yung mga accounts natin at mga virtual currency na hawak natin.
Tumutulong din sila sa pagtuligsa sa mga scammer na nagpapababa sa imahe ng bitcoins.
 Bilib ako sa gobyerno natin dahil sabay tayo sa teknolohiya di tulad sa ibang bansa kagaya ng Bangladesh, na itinuturing na ilegal at huhulihin ka kapag napatunayang gumagamit ka ng cryptocurrency.
...

[moonchaser_babylove28]

Mabuti naman at hindi taxation ang nakasaad sa inilabas ng bsp. maraming Pinoy na kasi ang ang umaasa sa bitcoin nagayon lalo na at malaki na ang palitan nito sa ating bansa. May puntong 1 milyon na ang presyo nito, hindi malabong mas higitan pa nito ang 1 milyon. Ingat lang taayo baka bigla tayo balikan ng gobyerno when it comes sa tax. Thankful pa rin sa BSp kasi they are doing their job very well.

[Jpower4]

akala ko ibabawal na nag gobyerno ang pag bibitcoin, akala ko papatawan na nag tax ang bitcoin, mabuti naman ay hindi. ang maganda nito ay kinikilala ng bsp at gobyerno ang negosyo na bitcoin, kung tutuusin nga lalago din ang ekonomiya natin kasi palitan ng value ang bitcoin mula sa ibat ibang lugar lalo na sa america. sa uulitin kailangan lang lagi tayong mag ingat sa mga scammers na nagkalat sa buong bansa at sa ibang bansa.

[Ferdinand011]

Good news to sa lahat ng mga bitcoin user. Na umaasa din sa bitcoin lang.

[watchurstep45]

Lumabas ng bagong statement ang Bangko Sentral ng Pilipinas regarding the Bitcoin and other cryptocurrencies.

With the recent price surge of VCs, such as Bitcoins, the BSP has observed that an increasing number of individuals or entities may be tempted to “invest” in VC pyramid schemes disguised as initial coin offerings (ICOs) or VC investment products.  The public is therefore advised to exercise caution regarding the acquisition, possession, trading of VCs or dealing with VC-related offers.  Unlike stocks or debt issues, VCs are not backed by any company or commodity and the price is purely dependent on market demand and supply.  As such, investing in VCs presents a highly speculative and risky undertaking which might result into huge financial losses. To minimize risks, the BSP highly encourages existing and prospective VC users to deal only with BSP-registered VC exchanges and maintain only a sufficient amount of VCs enough to address transaction requirements.  VC users should properly secure their VC holdings and observe security tips below to protect the confidentiality and integrity of personal information and transaction details.

Important security considerations for VC users:

• 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.
• 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.
• 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.
• 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.
• 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.
• 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.

Full article can be read on their site at http://www.bsp.gov.ph/publications/media.asp?id=4575&yr=2017

advantage sa atin as we use crypto currencies sana maging legal na nga talga ang crypto currency and bitcoin

[emig]

Dapat lang talaga na ganito para maging maingat ang public sa pag dive sa bitcoin world or any cryptocurrency.  May habit kasi tayong mga pinoy na mag take rist basta may nakikita tayong pruweba na may kumikita sa isang produkto.  Kaya nga ang daming mga past story about pyramid scam kasi marami sa atin ang madaling mapaniwala at mahikayat dahil na rin sa kagustuhan natin ng easy money.

Mabuti ang ginagawa ng BSP na pagbibigay ng babala at sana makipagtulungan sila sa medya para mapabilis ang pagpapakalat ng impormasyong makakatulong sa mga baguhan pa lang sa bitcoin para naman maiwasan na maloko ng mga mapagsamantala.

[ruthbabe]

Good news, they're protecting users from getting scammed by syndicates operating in social media platforms and taking advantage of Bitcoin popularity. The only thing I've noticed is that BSP keeps on regarding bitcoin and cryptocurrency as virtual currency which is incorrect and totally wrong. Well, I don't blame them because (I guess) a great majority of bank people do not know what bitcoin is all about, and much more, the over 1000 coins (still counting) in circulation.

There are lots of differences between virtual currency and cryptocurrency, although the two are both unregulated, virtual currency is centralized and mostly used, accepted among the members of a specific virtual community... in contrast, cryptocurrency is not, it's decentralized and it's used in P2P transactions worldwide. Also, you can't own any virtual currency, while in cryptocurrency like bitcoin, you hold your private key and you are the owner. There are too many actually and the above were just a few.

[Chyzy101]

Good news, they're protecting users from getting scammed by syndicates operating in social media platforms and taking advantage of Bitcoin popularity. The only thing I've noticed is that BSP keeps on regarding bitcoin and cryptocurrency as virtual currency which is incorrect and totally wrong. Well, I don't blame them because (I guess) a great majority of bank people do not know what bitcoin is all about, and much more, the over 1000 coins (still counting) in circulation.

There are lots of differences between virtual currency and cryptocurrency, although the two are both unregulated, virtual currency is centralized and mostly used, accepted among the members of a specific virtual community... in contrast, cryptocurrency is not, it's decentralized and it's used in P2P transactions worldwide. Also, you can't own any virtual currency, while in cryptocurrency like bitcoin, you hold your private key and you are the owner. There are too many actually and the above were just a few.

maramng salamat sa info mo kaibigan ngayon alam ko na kng ano ang pinagkaiba ng dalawa. . my tanong lang ako kasi ang bitcoin at iba pang coin e decentralized ano poh ba ang sample ng mga centralized na virtual currency? nka blockchain din poh ba ito?

[edhp]

sinubukan ko mag open ng BDO savings account last month. nung tinanong ako kung ano source of income ang sabi ko bitcoin. hinahanapan nila ako ng transaction details tsaka kung san galing ang bitcoin ko. ayun di nalang ako nag apply. hassle masyado.

Well dimo masisi bro kasi Syempre di pa naman totally na Legal ang bitcoin although may support na sa government pero dipa talaga sya tanggap sa lipunan as long na di legal mag hahanap at mag hahanap sila ng requirements any bank kasi ang mga banko ang pinaka may ayaw at nag iingat sa bitcoin.

hindi kasi nirerecognize ng bangko particularly ng bdo ang bitcoin as a source of income ng mga pinoy, hindi sila aware sa bitcoin cryptocurrency kaya hindi talaga sila papayag pag ito ang nilagay mo sa form as a source of income, hahanapan ka pa din talaga ng ibang requirements.

kinausap ako ng bdo branch manager last week nung kinuha ko ung bagong emv card. tinatanong ako sa mga overseas remittance ko from cex. sabi ko sa bitcoin un. naghihigpit daw sila sa mga overseas remittances lalo na pag hindi remittance card ang gamit dahil daw sa money laundering, ung sa rcbc ata un ung more than 50M usd. akala ko nga hindi ibibigay ung bagong atm ko kasi daming tanong nung branch manager. sinabi ko na a lng hindi ko na gagamitin for remittance at mag oopen ako ng kabayan account ata nila na specific for remittances.

[amadorj76]

Sa totoo lang hinde naman masamang babala ito galing sa bsp bagkos ito ay magandamg babala para mawarningn tau at magingat sa mga scammer ngaun na gingamet ay bitcoins pra makapanlamang ng kapwa nila pilipino.

Kaya nga dahil marami ngayon ang naeengganyo sa pag iinvest sa bitcoin simula nung ipinalabas ito sa telebisyon at sinabing may potensyal talagang kumita rito at ganon na nga ang nangyare kaya ang bangko sentral ng pilipinas ay nagbigay babala lang naman sa mga kapwa natin pinoy.

sinasabi ng bangko sentral na pinag iingat nila ang pilipino sa pag iinvest sa cryptocurrency like bitcoin dahil scam daw ito, pero may mga financial analyst na nagpa interview na meron silang investment sa bitcoin, ibig sabihin lang nun na naniniwala din sila na hindi nga scam ang bitcoin dahil naglagay sila ng investment eh.

[supergorg27]

Akala ko naman ipinagbawal na ng BSP ang Bitcoin. Hindi naman pala. Sa katunayan pa nga Good News ito para sa ating mga Virtual Currency Users dahil concern ang BSP sa atin kapakanan. At least may ginagawa sila para matulongan tayong maging secure ang ating mga accounts. Good Job BSP!

Dapat tayong magpasalamat sa BSP sa concern nila sa ating mga bitcoin users at salamat din sa paalala upang lalo tayong maging maingat at hindi tayo ma scam ng mga mapagsamantalang tao na walang ginawa kundi manglamang ng kapwa.