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By APD writer Melo M. Acuna
**MANILA, Dec.26 (APD) ** – “Digital or virtual currencies are an outcome of innovations and great advances in technology,” thus said Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo in an interview.
He said Filipinos have now used technology in bill payments and settlements through epayments and ewallets where people transfer values and payments from one place to another or use smart phones not only to transfer amounts from one account to another but pay utilities companies at the same time.
He said people went further by inventing virtual currencies popularly known as Bitcoins and Cryptocurrency which is outside the control of monetary authorities.
He added different central banks have varied approaches to virtual currency known as Bitcoin.
He said there are countries which banned virtual currency.
To date, there are countries which allow virtual currency though there exists no official regulation on its use.
Deputy Governor Guinigundo said consumer protection is important.
“Countries that allowed virtual currencies have also issued advisories on existing issues relative to the new innovation,” Mr. Guinigundo said.
He explained a number of central banks have placed the bitcoin into their respective regulatory sandboxes to look into the pros and cons of these “currencies” to make sure nobody is short changed.
Speaking of monetary implications, Mr. Guinigundo said virtual currencies have not been declared legal tender and “in effect those issuing virtual currencies are outside the jurisdiction of banking authorities.”
“Banks are bypassed and from the perspective of the central banking systems there is a need for consumer protection in case some people lose their shirts in trading,” he further said.
There is no data as to how many Filipinos are into bitcoin trading so far because would be investors are guaranteed anonymity.
Mr. Guinigundo heads the Monetary Stability Sector at the Bangko Sentral ng Pilipinas.
(ASIA PACIFIC DAILY)
