BSP, SEC to Launch Nationwide Bitcoin Educational Campaign

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The Bangko Sentral ng Pilipinas announced a soon-to-launch nationwide educational campaign on digital currencies.

Cryptocurrency Advantages

According to BSP Governor Nestor Espenilla, the campaign aims to educate the public on what cryptocurrencies are.

Cryptocurrencies have advantages and disadvantages. The governor admitted the usefulness of crypto in remittances. Transactions are faster and able to reach more people.

Crypto Disadvantages

Crypto also has disadvantages. Since transactions are anonymous, some may use it for illegal transactions.

The BSP

To address this, the BSP issued its memorandum circular on cryptocurrencies in 2017. In particular, the memorandum addresses the requirements for companies engaged in crypto transactions on how they must protect their customers. Details include adding a layer of KYC (Know Your Customer) and proper identification.

The SEC

The Securities and Exchange Commission released its official advisory on Initial Coin Offerings (ICOs) in January 2018. For the regulator, ICOs that offer tokens as if they are securities will be subject to the countryā€™s Securities Regulation Code.

Will there be a Philippine Cryptocurrency?

Governor Espenilla acknowledged ongoing investigations for Central Banks around the world to issue their own digital currencies. However, he also noted that it was still in its early stages. For the governor, trust in cryptocurrencies must be established first before it can proceed.

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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