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BSP Advisory on Cryptocurrency

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Last December 29, 2017, the Banko Sentral ng Pilipinas or BSP released an advisory regarding cryptocurrency or virtual currency. Here’s the list of important security considerations for VCs:

  1. Set-up and use a dedicated email account.  Avoid using the same email accounts or username that you have used in public platforms such as social media.
  2. Keep your VC-related email account to yourself.  In any VC transaction, users need their email account and password.  Thus, it is important to secure not only your password but also your email account.
  3. Set a strong password.  Use complex and hard-to-guess passwords (i.e. alphanumeric including symbols, lower and upper cases).  Avoid re-using the same password for more than one service.
  4. Observe basic internet security.  Exercise caution in accessing your VC wallet especially when using wi-fi connections.  Avoid installing software, browser plugins or downloading attachments from unknown or suspicious websites and emails.  At the same time, do not leave your device unattended.
  5. Subscribe to multi-factor authentication (MFA) provided by the VC wallet provider.  VC users should enable, whenever available, MFA options to their VC accounts.  Adding another layer of authentication can provide increased security to your VC account and transactions.
  6. Separate your funds and use cold storage.  VC funds should be separated in two or more digital wallets for transactional purposes.  The main wallet used to store VC funds for future use should be kept offline or popularly known as cold storage wallet to minimize vulnerability to theft, hacking or fraud.

 

To know more about BSP’s advisory, please visit this link.

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