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Author Topic: BSP MANILA, Philippines — The Bangko Sentral of the philippines  (Read 190 times)
maxreish (OP)
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June 10, 2019, 07:14:44 AM
Last edit: June 10, 2019, 09:56:12 AM by maxreish
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 #1

BSP Governor Benjamin Diokno, address the risks the growing use of cryptocurrencies in the philippines.

https://www.philstar.com/business/2019/06/10/1925041/bsp-public-be-wary-cryptocurrencies/amp/


Governor Diokno's statement reminding all Filipino people that bitcoin as an investment is risky. Despite of that, this just expressed one thing, it just means many Filipino people has a knowledge about cryptocurrency , how to use it and how significant cryptocurrency is.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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June 11, 2019, 01:00:03 AM
 #2

BSP Governor Benjamin Diokno, address the risks the growing use of cryptocurrencies in the philippines.

https://www.philstar.com/business/2019/06/10/1925041/bsp-public-be-wary-cryptocurrencies/amp/


Governor Diokno's statement reminding all Filipino people that bitcoin as an investment is risky. Despite of that, this just expressed one thing, it just means many Filipino people has a knowledge about cryptocurrency , how to use it and how significant cryptocurrency is.
Every investment is risky. It's not just bitcoin investment. Any known investment methods has it own risk. So He needs to stop emphasizing bitcoin on this matter. Bitcoin investors just need proper knowledge on cryptocurrency. It has no difference with stock market, which is very risky investment method that people adopt. Maybe he also lacks knowledge about this stuff.

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TheCoinGrabber
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June 11, 2019, 01:59:31 AM
 #3

BSP Governor Benjamin Diokno, address the risks the growing use of cryptocurrencies in the philippines.

https://www.philstar.com/business/2019/06/10/1925041/bsp-public-be-wary-cryptocurrencies/amp/


Governor Diokno's statement reminding all Filipino people that bitcoin as an investment is risky. Despite of that, this just expressed one thing, it just means many Filipino people has a knowledge about cryptocurrency , how to use it and how significant cryptocurrency is.

"Addressing risk" is pretty much what the BSP do every time it comes out with a statement about cryptos. I don't even see them doing much with it.

At least it's not going full warfreak mode like India - that's not a good response to anything. If anything, crypto is starting to get more pervasive, there are more things that can be paid for with bitcoins, etc.
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June 11, 2019, 03:38:29 AM
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Yes it is risky using cryptocurrencies.but it is our choice to do this.we know we have urge to win from this cryptocurrencies.this is to be able to reach our goal to be rich someday only by trading.earning money here need a big effort
I think this is what BSP Governor Benjamin Diokno He afraid of.if all people know about playing crypto maybe banks will lost there client and switch to cryptocurrencies.

jossiel
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June 12, 2019, 02:07:56 AM
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Nothing wrong with that kind of address. And if you had read the article, the governor had defined the use of crypto in general as finance for terrorism. And we are all aware of that because every means of exchange that has monetary value can be used for everything and even on the old times up to now, this view will never disppear to those people that does monitor but don't actually use it for legal and clean transactions.

Every investment is risky. It's not just bitcoin investment. Any known investment methods has it own risk. So He needs to stop emphasizing bitcoin on this matter. Bitcoin investors just need proper knowledge on cryptocurrency. It has no difference with stock market, which is very risky investment method that people adopt. Maybe he also lacks knowledge about this stuff.
You actually got it, when these executive officials hear and explain bitcoin, they mostly emphasize the 'risk' but they never compare it to other kind of assets that has also a risk factor.

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June 12, 2019, 04:13:09 AM
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Well at least you here good news coming from the Bangko Sentral ng Philippines. As opposed to those Central Banks around the world who has nothing to say but to bad mouth bitcoin and crypto in general.

They have been issuing this statement as far back as 2017, reminding the public about the risk involved and not fall for any crypto scams out there, so kudos to BSP.

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