BSP getting paranoid on Axie Infinity?

 

Is the country’s central bank getting paranoid when it warned the public that illicit financial activities may occur through “play-to-earn” online games like that of Axie Infinity?
This question cropped up even as the Bangko Sentral ng Pilipinas (BSP) recognized such platforms have the potential to boost financial inclusion and digital payments in the country.

 

MANILA — “The Bangko Sentral ng Pilipinas (BSP) advises those engaging in these games to be thoroughly aware of how these plataforms work as the digital space provides a borderless and wider playing field for fraudsters or cyber criminals to carry out illicit financial activities,” the BSP says.

Earlier, the BSP noted that Axie Infinity, a play-to-earn online game that has become popular among Filipinos, is not yet registered with regulators.

It said it is monitoring its activities which are similar to an operator of a payment system.

Axie Infinity allows players to earn smooth love potion (SLP) by completing various quests through the game.

BSP Director for Technology Risk and Innovation Supervision Department Melchor T. Plabasan has earlier disclosed that they are still looking at SLP as a payment scheme in a case when more merchants start accepting the virtual currency.

“Digital gaming token transactions have high degree of anonymity and are not subject to know-your-customer policies,” the BSP said.

The country’s central bank then warns that such activities are vulnerable to hacking, theft, and cyber threats given it involves virtual assets. (JD/Headline PH)

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