Philippines: Central bank urges caution against cryptocurrencies

Photo: Reuters

With virtual currency (VC) transactions in the Philippines now averaging over $8.8 million per month, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has urged the public to exercise caution when buying or investing in cryptocurrencies.

In an advisory, the BSP advised the public to be cautious regarding the acquisition, possession, and trading of virtual currencies or dealing with related offers, even as it reiterated that it does not endorse these currencies as legal tender, store of value, or an investment vehicle.

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