But some virtual currencies are stable, such as UnionBank's cryptocurrency, which is backed by actual bank account deposits.At the hearing, Senator Francis Tolentino said regulators should"slow down" and study the"unfathomed" field.Senators recommended on Monday that a task force be created to study the field.
According to SEC Commissioner Luis Amatong, the commission is set to promulgate new rules that would require firms with digital offerings to be registered and be under regulatory scrutiny, especially if it has investment-taking schemes. "Before we fall prey into this, as I've said, the BSP and the SEC already agreed to have a regular discussion so that they can come up with actual suggestions for legislation because we are not experts in this," Poe said in an interview.
"We need people who are really knowledgeable, otherwise we might create more problems as opposed to rectifying the situation," she added.
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