The BSP also said it does not intend to support any VC, such as bitcoin, as a currency since it is neither issued nor guaranteed by BSP nor backed by any commodity.
So what commodity is backing the Philippine peso? and yet, it is still being used as a currency.
I am so sick of these governments that are making stupid statements like this.
Bitcoin is a commodity and it is also a currency, so they should just accept that and regulate around it. They are missing an huge opportunity to "double" tax it for both purposes.
