BSP: Advisory on the Use of Virtual Currencies

[ro2sf]

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

[LynielZbl]

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!

[hkdfgkdf]

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.

[quierx16]

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.

[JennetCK]

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.

[Mevz]

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.

Natural talaga mahahastle ka ganun talaga kahit banko daming alam, malaki pa ang possibilidad na ma hold ang pera mo. Ignorante din kasi minsan ang mga nagwowork sa banko walang alam sa cryptocurrency. Kaya dapat doble ingat sa pag deposit ng pera questionable parin sa kanila kung ano ba talaga si bitcoin.

[kaizie]

Pinagiingat lang po tayo ng bangko sentral ng pilipinas sa paggamit at pagtangkilik sa mga virtual currencies. Madami na din kasi mga mapanlamang ngayon na ginagamit nila ito sa maling gawain kagaya ng money laundering, pyramid scheme pati sa financing na  mga terorista na sadyang mapanganib. At nagbigay pa gobyerno natin ng guidelines para sa mga gumagamit ng virtual currencies. Para masigurado ligtas ang kanila mga account at digital wallet.

[benalexis12]

Actually good news sya lalo sa mundo nain mga crypto users pero negative feedback neto sa mga taong walang alam.. pinagiingat lang talaga tayo syempre kapag marunong ka na sa larangan ng ICO,Trading all of the sudden magincrease lahat ng gains mo basta wag mo lahat withdraw para hndi ka ma AML. malaki talaga kikitain natin dito. salamat naman at nakikisama BSP sa atin tsaka malaking hakbang to para makatulong sa ekonomiya ng bansa..

[elsie34]

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

oo ngah po pansin ko din po yan ehh dami ng scammer na sinasabayan ang pag unlad ng bitcoin o VC  dami mga sira ulu kong saan ehh... kahit nga sa isang simpling computer shop hnd ko pansin na may scammer pala dun huli na nung na limas na ang COINS.ph ng kasama ko... 13kPHP ang nakoha... napaka hitec ng mga kawatan ngayun...

[YouShallNotPass]

Good to know open-minded ang Bangko Sentral about virtual currencies at hindi nagbibigay ng restrictions tungkol dito.

[nhingjhun]

Thanks sa pag share nyan sir, para ma aware din kami na di lang ganun ka easy ang pag transact ng mga virtual currencies. Dapat aware tayo same mga hacker at scammer.

[ranman09]

May nakita akong balita sa FB regards din dito sa BSP. Hindi ko alam yung eksaktong pangyayare pero na-force close yung account nya dahil daw may na-trace na transactions from bitcoin or virtual currencies/cryptocurrecies. Try kong hanapen yung facebook post.

[kyanscadiel]

Sa tingin ko isa itong mgandang balita para sa ating mga bitcoin users dito sa bansa dahil nagkakaroon na ng idea ang ibang tao dito sa atin para maging maingat sa mga gumgamit ng bitcoin para lamang makapanloko mg kapwa. Maganda rin ito dahil nagkakaroon mayroon nang ginagawang move ang BSP regarding bitcoin.

[FostTheGreat]

Atleast ginagawa nila part nila, pinapaalala lang nila yung safety.

Kaya rin naman talaga marami na sscam kasi nga akala nila sobrang easy money sa crypto.. dapat talaga mag research muna and mag setup ng maayos para safe din tayo..

[bundjoie02]

Good to know open-minded ang Bangko Sentral about virtual currencies at hindi nagbibigay ng restrictions tungkol dito.

nagbibigay lang sila ng babala dahil madami kasing scammer na sumasakay sa kasikatan ni bitcoin ngayon kaya tuloy nasisira ang legalidad ni bitcoin sa mga ibang tao, kailangan natin maging mapanuri lang talaga.

[Gabz999]

If that so, looks like they are now supporting this cryptocurrencies Ang nilabas nila na article tacles about the risk in investing in pyramid scheme scam, marami kasi satin dito na gusto ay one time big time. Di muna nag reresearch ng mabuti kung bang pag-iinvestan nila is legit and not like the others na mauuwi lang sa wala ang perang ininvest nila.

[cryptuko]

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

Magkaiba po ang Cryptocurrency sa Virtual Currency. Ang crypto po ay anonymous but transparent and decentralized usually. Virtual are electronic fiats po. Hope these helps. Sana maliwanagan din ang BSP sa pagtagged kay BTC as VC.

[danim1130]

Edi sobrang concern na sila ngayon sa mga bitcoin at crypto users dahil nga karamihan talaga sa mga tao ngayon sa pilipinas mga risk takers na. sobrang dami nang nagttry ng bitcoin kahit alam nilang may risk. kahit itong bsp napapaisip nadin eh.

[Aldritch]

Ok din po na nagbigay ng babala ang bangko sentral ng pilipinas sa mga kapwa natin pinoy na gusto pasukin ang mundo ng ng bitcoin virtual currencies. Dahil marami mga manloloko na sumasabay sa kasikatan ng bitcoin para makapanloko at makakuha ng pera sa ibang pinoy na wala pang alam sa bitcoin.

[invo]

due to demand na nakukuha ng bitcoin natural lang na may magbabala since madaming tao ang paniguradong gagamitin ang bitcoin to scam other people, tulad nga ng sabi ginagamit din ang bitcoin sa pyramiding, investment scheme or ponzi.
nagbabala sila na wag basta basta mag invest lalo na kung baguhan ka palang.