Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said the regulator has approved applications filed by Virtual Currency Philippines, Inc. and ETranss as platforms to convert pesos into virtual currencies (VC) like bitcoin and ethereum. This brings the approved VC exchanges to five, alongside Rebittance, Inc. and Betur, Inc. (better known as Coins.ph) and BloomSolutions. Nevertheless, the authorities has recognized digital currencies for their potential to provide faster and cheaper transactions, but remains cautious of the potential risks of crypto volatility, criminal involvement, and cybersecurity.