Gatchalian warns uninformed vs. investing in crypto, calls it ‘a glorified casino’

Senator Sherwin Gatchalian on Thursday warned the public to skip investing in crypto if they did not understand the concept behind digital currencies.

He added cryptocurrencies had yet to be regulated in the Philippines.

"Kung hindi mo naiintindihan ang konsepto, wag mong papasukan dahil hindi mo alam kung saan mapupunta ang pera," said Gatchalian, a vice-chairman of the Senate Committee on Banks, Financial Institutions, and Currencies.

The lawmaker indicated that cryptocurrency investing was akin to gambling, a "glorified casino."

"Ang crypto kasi is a glorified casino. walang kaibahan yan sa casino, pina-fancy lang nila, crypto, nagma-mine ng coins, pero at the end of the day, it's a glorified casino," Gatchalian said.

Gatchalian cited as an example the collapse of the cryptocurrency exchange FTX.

"Kaya yung nangyari sa...FTX, very simple lang ang nangyari. Kinuha ang pondo ng kliyente, inilagay sa bad investment, so yun ang nangyari sa FTX. Pina-fancy lang nila na crypto, nagma-mine, pero at the end of the day, it's no different than the casino. So kung hindi naintindihan, don't go into it," he said. —NB, GMA Integrated News