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PNP: To avoid crypto scam, visit BSP website

PNP: To avoid crypto scam, visit BSP website

MANILA, Philippines — Visit the website of the Bangko Sentral ng Pilipinas (BSP) to avoid crypto scam, the Philippine National Police (PNP) advised the public on Thursday.

Cryptocurrency is a digital currency, not a legal tender.

“Itong mga crypto na ‘to, they are not regulated. Para malaman natin ang virtual asset service providers natin, we have to visit the Bangko Sentral ng Pilipinas kasi doon makikita mo ‘yung mga ibang virtual asset service providers na regulated ng BSP,” PNP Anti-Cybercrime Group spokesperson Lieutenant Michelle Sabino said on Teleradyo.

(These cryptocurrencies are not regulated. To know our virtual asset service providers, we have to visit the Bangko Sentral ng Pilipinas to see the virtual asset service providers that are regulated by the BSP.)

“Kaya lang maraming nagsi-spawn na fake, ‘yun nga po ang ikinababahala natin. So, ang payo natin sa mga kababayan is ‘wag po tayong mag-invest sa mga hindi natin alam,” she said. “Kung talagang gusto niyo mag-invest sa cryptocurrency, mag-visit kayo sa website ng Bangko Sentral ng Pilipinas, doon kayo mag-invest.”

(However,there are many fake providers that emerge, we are concerned about that. So, our advice to the public is to not invest in what we do not know. If you really want to invest in cryptocurrency, visit the website of the Bangko Sentral ng Pilipinas.)

Sabino also told the public not to fall prey to promises of big returns, saying that high interests do not happen over a few nights.

“‘Wag silang magfa-fall doon sa mga investment offering na mga too high ang interest na parang napakalaki. That’s how they entice people,” she said.

(The people should not fall for investments that offer too high returns or intersts)

“If it’s too good to be true, it’s probably not true,” the spokesperson added.

She warned the public against clicking links on crypto-currency investments that they see on social media or receive on their emails.

According to Sabino, many Filipinos are not familiar with crypto-investments, making them vulnerable to scam.

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