Bangko Sentral on bitcoins: Study it 'very closely'

ABS-CBN News

Posted at Jan 01 2018 10:48 AM | Updated as of Jan 01 2018 11:02 AM

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. Dado Ruvic, Reuters/Illustration

MANILA - Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo has advised the public to be aware of the risks of investing in bitcoin after the cryptocurrency soared to record highs last year.

Asked if bitcoin had a future in the Philippines in 2018, Guinigundo told ANC: "I don't think so. It is something that people will need to understand very closely."

The BSP is "accepting" cryptocurrencies "but at the same time, providing advisories to the general public that they have to be conscious of the opaqueness of transactions involving Bitcoins."

"This is something we should think about very closely," he said.

The BSP released guidelines on cryptocurrencies including bitcoin earlier this year. Digital currency transactions have grown to $6 million daily from $2 million to $3 million a few years ago, according to central bank data.