Filipinos advised to avoid bitcoins

MANILA — A Philippine lawmaker last week advised Filipinos against buying bitcoins and other types of virtual currencies.

Rep. Ben Evardone of Eastern Samar told the public that bitcoin purchases are “extremely risky investments.” He said that cryptocurrencies like bitcoin have the potential to lower the cost of remittance but such platforms currently lack regulation making buying bitcoins high-risk.

Evardone is the current chair of the lower house’s committee on banks and financial intermediaries.

“Until enough safeguards are put in place, investors would be well-advised to heed the admonitions of the Bangko Sentral and the Securities and Exchange Commission to put their money in safer investments,” the lawmaker said.

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