BSP not yet ready for own cryptocurrency: Espenilla

Michelle Ong, ABS-CBN News

Posted at Oct 24 2017 11:41 AM

MANILA - The Bangko Sentral ng Pilipinas is not yet ready to come up with its own virtual currency, Governor Nestor Espenilla Jr said Tuesday.

Espenilla said cryptocurrencies were "actively" discussed by finance officials and regulators during a recent meeting in Washington DC. The BSP released its first set of guidelines on cyber currencies earlier this year.

"We're not yet prepared to do, there are lots of experimentations going on it in other countries," Espenilla said.

The central bank allows cryptocurrency use in remittances, Espenilla said, adding the guidelines "put in place basic consumer protection arrangements." 

"We imposed certain obligations, reporting requirements so these become visible, transparent," he said.

"As you know, cyber, cryptocurrencies are created outside of govt, in fact that is the reason why it is attractive to a lot of people, because govt hands are not behind it."