Coinspeaker
Philippines Central Bank Denies Rumors of Crypto Endorsement Claims
The central bank of the Philippines has denied recent rumors of the institution endorsing a crypto project known as “Tesler Code”, warning the public to stay vigilant and beware of scams.
In a statement released on July 12, the Bangko Sentral ng Pilipinas (BSP) clarified that its Governor Eli M. Remolona, Jr. does not support any crypto product related to the “Tesler Code” or other blockchain investment opportunities, reiterating the institution’s cautious stance towards the rapidly growing industry.
Misleading Social Media Posts
The rumors of the Central Bank’s endorsement began circulating earlier this week following a series of misleading social media posts. These posts falsely claimed that the BSP had shifted its stance and was now promoting the adoption of the named cryptocurrency project as a viable investment.
The bank, in its statement, urged the public to rely only on official statements from the institutions for accurate information. Furthermore, BSP warned Filipinos to refrain from providing personal information to suspicious entities and websites masquerading as its representatives.
“To guard against this scam and other similar schemes, the BSP urges the public to remain vigilant and to refrain from providing personal information to unverified or suspicious entities,” the bank said.
Deepfake Videos and Hacked Accounts
The bank said that scammers used artificial intelligence (AI) to create a deepfake video of the governor declaring support for the so-called “Tesler Code” project. According to the BSP, scammers often use deepfake videos to impersonate others in order to confuse the public and attract potential investors to their scheme.
These bad actors also hack the accounts of public figures and government officials to post content to exploit their followers and gain investors’ trust. The bank has also informed the scammers that the “act of misrepresenting the BSP or any of its officers or units is punishable under the law”.
The bank’s primary mission remains safeguarding the country’s financial stability and protecting consumers. In line with this mission, the BSP has implemented stringent regulations to oversee the operation of crypto exchanges in the Philippines.
These regulations are designed to prevent fraud, money laundering, and other illicit activities while ensuring that exchanges operate transparently and responsibly.
Ongoing Scammer Threats
Despite the regulations, scammers still pose a risk to the country’s growing crypto economy. In June, the same criminals involved with the “Tesler Code” project impersonated Ayala Corporation, one of the largest conglomerates in the Philippines, to exploit their brand and reputation to target investors.
On Friday, the company addressed the rumors of its chairman Jaime Augusto Zobel de Ayala being associated with the malicious project. The firm confirmed that Jaime has no connection with the said crypto project, warning investors to stay away from the scheme.
Ayala said it was able to pull down all the fake websites and social media pages the project used to mislead investors.
Philippines Central Bank Denies Rumors of Crypto Endorsement Claims
