mr nestor a espenilla, jr : private cryptocurrencies and lessons from a red paperclip speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the shareholders ’ association of the philippines ( sharephil ) general membership meeting and cryptocurrency " the truth & the myth forum ", makati city, 12 march 2018. * * * officers and members of the shareholders ’ association of the philippines, guests from the public and private sectors, ladies and gentlemen, good afternoon! it is my pleasure to share the bangko sentral ’ s insights and initiatives on privately - issued cryptocurrencies. i am hopeful that in doing so, we will, as your theme suggests, be able to cut through the “ truths and myths ” surrounding this fairly novel medium of exchange. notice though that i make a key distinction as there ’ s such a thing as central bank - issued digital currency. i ’ m not going there today as that ’ s a different conversation all together even as the underlying technology may be similar. but there it is. cryptocurrencies are a medium of exchange. the bangko sentral ng pilipinas ( bsp ) recognizes this. we have defined crypto or virtual currency as any “ form of digitally stored value created by an agreement within the community of virtual currency users. ” as far back as 2014, the bsp advised the public of the features, benefits and attendant risks in dealing with cryptocurrency. we have adopted a regulatory approach to privately - issued cryptocurrency that is balanced, open and flexible. this is to allow the market to promote financial innovation and for the industry to take advantage of all its benefits and efficiencies – with prudence. we have issued ( and will be ready to issue more ) responsive regulations. last february 2017, we issued circular no. 944. we now require businesses engaged in the exchange of privatelyissued cryptocurrency for equivalent fiat money, to register with the bsp as remittance and transfer companies. moreover, we strongly cautioned the public against unscrupulous individuals or groups who offer virtual currency pyramid schemes disguised as initial coin offerings or investment products. the advisory likewise provided tips on securing virtual currency accounts ( i think this thrust is something sharephil would appreciate given its mission with

eli m remolona : digital sos - a comprehensive plan to combat cyber incidents speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the financial services cyber resilience plan for 2025 - 2029, manila, 6 august 2024. * * * introduction senator mark villar, dict ( department of information and communications technology ) undersecretary jeffrey ian dy, bap ( bankers association of the philippines ) president jose teodoro limcaoco, pdic ( philippine deposit insurance corp. ) president bobby tan, leaders in the banking and financial sector, distinguished guests and colleagues, magandang umaga po. digital transformation of the financial sector has brought about unprecedented opportunities. from mobile banking to digital payments, technological advancements have revolutionized the way we conduct our financial transactions. however, with these advances come new challenges particularly in the realm of cybersecurity. cyber threats are evolving at an alarming rate becoming ever more diabolical. as financial institutions embrace digital innovation, they also become prime targets of cyber attacks. these attacks not only threaten the stability of individual institutions but also pose systemic risks to the entire financial system and undermine trust in the system. software glitch just three fridays ago, we saw this in the recent global it ( information technology ) outage which caused massive disruptions around the world. as the so - called blue screen of death experienced by microsoft users worldwide unfolded, the incident reminded us of the risks associated with glitches in the digital supply chain. undersecretary dy is right. it was not even a cyber attack. it was a software glitch - the kind of thing we feared would happen with y2k ( 2000 ) more than 24 years ago. our own financial system and settlement system withstood the glitch. the bsp and the financial services industry have long been aware of these challenges. through the years, policy and supervisory reforms embodied in the bsp's ( bangko sentral ng pilipinas ) 2015 cybersecurity roadmap were rolled out in coordination with industry stakeholders. to further advance our shared cybersecurity agenda, i am pleased to now formally launch the final financial services cyber resilience plan ( fscrp ). 1 / 3 bis - central bankers'speeches our plan is not just a