needs must be crafted. through effective and sincere communication, customers can be convinced to participate in the formal financial system as we build a critical mass of users. the network effects will draw in even more participants. 4 / 5 bis central bankers'speeches it is through these sustained efforts that we can bring about a payment ecosystem that we can all be proud about... an ecosystem that is a symbol of digital ingenuity. in this regard, we are all disrupters and enablers. on the part of the bsp, we remain strongly committed to creating an enabling and supportive environment for our shared vision to come into full fruition. we look forward to working with all of you as we take our leap to bring about a safe, efficient, reliable, and affordable retail payment system supportive of inclusive growth. congratulations to all of us! mabuhay ang peso net! mabuhay ang nrps. mabuhay ang pilipinas. salamat po. 5 / 5 bis central bankers'speeches

be designed to ensure universal coverage, data integrity and security, and optimum utility. it will serve as an enabling platform for the efficient delivery of a whole range of government and private sector services for all filipinos – especially the currently unserved. establishing a readily - verifiable digital identity will enable our people to open accounts and use financial services more efficiently. closing thoughts this message obviously comes from a central bank governor wary of currencies that do not qualify as legal tender and which are not backed by any monetary authority. but it is a message that comes too from a central bank governor who has been labelled as a “ disruptor ” – one that leads an institution that is ready to embrace the challenges of a rapidly changing financial and economic landscape. this message is shared with this audience, a staunch advocate of investor rights and investors ’ need for information. it is a good match. as i close, to align this message better with your theme … let me summarize the truths and myths of cryptocurrency from the bsp ’ s viewpoint : myth : privately - issued cryptocurrencies are legal tender and shall soon replace fiat currency. truth : cryptocurrencies, not backed by any central authority are not legal tender. moreover, until they fully demonstrate stability, wide acceptability and other economic attributes, they will not replace fiat currency any time soon. myth : cryptocurrencies are bad and are only used for illicit activities. truth : cryptocurrencies, like fiat currencies, are neither good nor bad. they are neutral. but, no doubt, bsp is mindful of their wide use in illicit activities because of the anonymity of its transactors and is taking action in this regard. myth : the bsp endorses the use of and / or investment in privately - issued cryptocurrencies. truth : the bsp allows the market to develop but it has also issued responsive regulations to uphold consumer protection and to maintain financial stability. the bsp does not endorse or promote privately - issued cryptocurrencies but aims to address its risks as it intersects with the financial system. rest assured, the bsp maintains a forward - looking approach to ensure that regulatory and supervisory frameworks are in tune with emerging trends and developments. through constant 4 / 5 bis central bankers'speeches surveillance and monitoring of the market environment, the bsp stands ready to adapt to future challenges and opportunities