The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has denied rumors that it endorses the crypto project known as “Tesler Code.” The bank clarified that Governor Eli M. Remolona, Jr. does not support any crypto products related to this or other blockchain investments. This statement comes after misleading social media posts claimed the BSP had shifted its stance on crypto, promoting “Tesler Code” as a viable investment.
The BSP emphasized the importance of relying on official statements and warned against providing personal information to suspicious entities posing as representatives of the bank. The bank noted that scammers used AI to create a deepfake video of the governor endorsing the project, highlighting the use of such technology to deceive the public.
Scammers often hack accounts of public figures and government officials to exploit their followers’ trust. The BSP reminded the public that misrepresenting the bank, or its officials is punishable by law. The bank reiterated its mission to safeguard financial stability and protect consumers by implementing strict regulations on crypto exchanges in the Philippines. These regulations aim to prevent fraud, money laundering, and other illicit activities while ensuring transparent and responsible operations.
Despite these efforts, scammers continue to pose risks to the growing crypto economy in the Philippines. In June, the same criminals behind the “Tesler Code” project impersonated Ayala Corporation to exploit its reputation and target investors. Ayala Corporation confirmed that its chairman, Jaime Augusto Zobel de Ayala, has no connection to the crypto project and warned investors to stay away from the scheme.
The company managed to remove fake websites and social media pages used to mislead investors, underscoring the ongoing threat of scams in the crypto space.
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