Tuesday 16 October
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Nov 5, 2017 @ 15:05

No guarantees: BSP warns versus Calata’s bitcoin pitch

 

It’s an offer that must be studied with caution.

Cash-strapped Calata Corp. chairman and chief executive officer Joseph Calata has bared plans to exchange the value of shares in his company to digital currencies issued abroad like bitcoin, ethereum, and ripple after its latest debacle with the Philippine Stock Exchange.

But neither the Securities and Exchange Commission nor the Bangko Sentral ng Pilipinas (BSP) can vouch for the so-called CalCoins, according to a report by BusinessWorld.

“The issuance per se is not covered. If you are a depositor and then you want to speculate, bahala ka. Yun ang wina-warn namin: wala kang pwedeng singilin,” BSP Deputy Governor Chuchi Fonacier said.

Fonacier said the BSP only regulates virtual currency exchanges, but does not cover or insure bitcoin issuances.

This means that should Calata’s grand plan fail, depositors will be left holding a proverbial empty bag from a delisted company.

Is this worth the risk?

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