Walden Bello: Digital currencies are ‘new variants’ of financial capitalism

Josiah Antonio, ABS-CBN News

Posted at Jan 27 2022 02:03 AM | Updated as of Jan 27 2022 08:13 AM

Photo from Laban ng Masa
Photo from Laban ng Masa

MANILA — Partido Lakas ng Masa vice presidential aspirant Walden Bello on Wednesday said non-fungible tokens (NFTs), cryptocurrencies, and other forms of digital currencies are exploitative and just “new variants” of financial capitalism. 

Digital currencies have dominated the Internet and have taken millions to invest in the new platform.

“I would say that the forces promoting cryptocurrencies are largely in a relation to Wall Street as the mafia is to the police,” Bello said during an Ask Me Anything session on Reddit.

“That is, they complement each other to defraud the gullible and exploit the weak. This is just another variant of finance capitalism.”

Bello said it was evident with the various alleged bankruptcies and scandals connected to the new platform.

“We are seeing right now a wave of bankruptcies and scandals connected with the use of cryptocurrencies and digital currencies which have been manipulated by capitalist elements out to defraud workers under the pretext of making super-profits for them,” the vice presidential hopeful said.

If given a cabinet position, Bello earlier said that he would be efficient in the finance department. 

Bello is among the vice presidential candidates included in the national ballot for the upcoming elections in May along with Davao City Mayor Sara Duterte-Carpio Senate President Vicente "Tito" Sotto III, Sen. Francis Pangilinan, Buhay party-list Rep. Lito Atienza, Dr. Willie Ong, Rizalito David, Manny Lopez, and Carlos Serapio.


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