Know what you’re getting into, BSP tells bitcoin investors
Don’t be reckless on where you put your money.
The Bangko Sentral ng Pilipinas (BSP) issued a fresh warning to the public amid the recent hype surrounding virtual currencies (VC).
The central bank recently issued a briefer on bitcoin and similar cryptocurrencies after a new investment scam was discovered to have victimized Filipinos given the fake promise of huge returns.
“As in any other type of investment, prospective VC investors should know and fully understand VCs and cryptocurrencies before speculating or investing in such a product. The public is advised not to blindly follow the crowd, adopt herd mentality, or engage in speculative transactions,” the BSP said in its set of frequently asked questions.
“The public should exercise extreme caution at all times when dealing with VC products and transactions in general.”
Don’t invest money which you can’t afford to lose.