Bangko Sentral, SEC to educate public on cryptocurrencies


Posted at Mar 12 2018 03:19 PM

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.

-- report by Warren de Guzman