BSP is taking a look into Axie Infinity

According to an interview given by BSP Deputy Director Of Payment System Oversight Attorney Leah Irao, the Bangko Sentral Ng Pilipinas (BSP) is looking into the cryptocurrency-based game Axie Infinity as it grows in popularity in the Philippines.

While the BSP is still looking into Axie Infinity and hasn’t issued any particular instructions, Attorney Irao recommends players to understand what they’re getting into with crypto-based games and not put their money into something they don’t understand. To avoid deadly scams, the BSP further advises that anyone investing should only deal with BSP-registered businesses. She did clarify, however, that cryptocurrencies are not under the BSP’s control.

Attorney Irao also elaborated on the reasons for Lyka’s suspension by the BSP, stating that the company must be a licensed Operator of Payment System (OPS) in order to exchange cash for Lyka diamonds, and vice versa.

“Registration on the Operator Of The Payment System (OPS) permits BSP to have oversight…to guarantee that it operates securely, efficiently, and reliably on its own, consistent with the central bank’s objectives of consumer protection and financial stability,” according to BSP Circular No. 1049.

Even if the BSP investigates Axie Infinity and Lyka, there is no risk to new or existing users of the apps. BSP’s goal is to provide a secure environment for consumers. All of the BSP’s measures are aimed at protecting customers who use the two applications, rather than discouraging these firms and transactions.

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