Philippines will start Investigating Proliferation of Bitcoin and other Cryptos

[nydiacaskey01]

Here's a photo of the House Resolution filed by a nothing to do House Representative to investigate the proliferation of Bitcoin and other cryptocurrencies for the purpose of "protecting" the rights of the investors. The house representative is representing the 1-Pacman partylist (nice partylist name), his name is Congressman Michael L. Romero and according to the news article 1-PACMAN party-list solon is richest congressman in 2016 SALN shows he is the richest congressman in the Philippines with a declared assets and liabilities of $369 Million USD.

Looks like in the Philippines Bitcoins is being used in Ponzi's and this guy passed a proposal or a bill to further regulate Bitcoin.

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[ramsdaj28]

Here's a photo of the House Resolution filed by a nothing to do House Representative to investigate the proliferation of Bitcoin and other cryptocurrencies for the purpose of "protecting" the rights of the investors. The house representative is representing the 1-Pacman partylist (nice partylist name), his name is Congressman Michael L. Romero and according to the news article 1-PACMAN party-list solon is richest congressman in 2016 SALN shows he is the richest congressman in the Philippines with a declared assets and liabilities of $369 Million USD.

Looks like in the Philippines Bitcoins is being used in Ponzi's and this guy passed a proposal or a bill to further regulate Bitcoin.

Actually, bitcoin is already accepted by the Bangkong Sentral ng Pilipinas and the government. It is being regulated by the BSP and they've already approved two companies to operate bitcoin exchanges in the country. Although bitcoin is already legalized by the government, most Filipinos are still doubtful about its potential and its usage. They even consider bitcoin as SCAM even though they don't really have any background knowledge about it.

This might be the reason why Michael L. Romero filed this resolution. Many people in the internet, especially in social media like Facebook, are trying to scam people. A lot of online paluwagan and investment schemes in Facebook accepts bitcoin, which I think is one of the reason why most Filipinos always say the bitcoin is SCAM.

Another reason why he proposed this resolution, I think, is to open the LEGAL opportunities to people to earn from bitcoin without being cheated or scammed. This will include investors and businessmen who want to build a business regarding or related to bitcoin, which will benefit the people/investors, the businessmen, and the government.

[pinkflower]

Politicians dont care about BTC or if his proposed bill regulating cryptocurrencies passes the Philippine congress or not. All he wants is attention and to get his name out there for the next election. Philippino Bitcoiners should expect more news about the darknet and how BTC fuels that market place.

[macchiato]

Some Filipinos may feel frightened because of this news but the sole purpose of this resolution is just to protect the people from scammers. There are several illegitimate investments circulating around facebook and I have friends who have been victims of these schemes. As long as you are not involved in any of these illegal stuffs then you don't have to be afraid. I find this resolution useful though, since bitcoin users are growing in the Philippines and this is just one way of strengthening the security of people.

[TagaMungkahi]

Just to be clear everyone, It is a Scam on facebook who pays "BITCOIN" and not "BITCOIN" as a scam.

[faceoff97]

Just to be clear everyone, It is a Scam on facebook who pays "BITCOIN" and not "BITCOIN" as a scam.

This so true, people think that bitcoin is more like an activity than a form of asset and payment. This idea should be known by many, people is having a wrong perception about bitcoin which may cause trouble for the acceptance in a particular country. Proper orientation for people shall be made, they have to be inform that bitcoin is not meant for Scam but only used for scam. Bitcoin is just like any other normal fiat that can be also use for scam.

I think, the mainstream has really the big problem for this. They make bias information about bitcoin, instead of making some good news about it, it looks like they are threatened for the development and the increasing demand for bitcoin.

[ivrynx]

This resolution is because of a lot of "get rich quick" scheme's that are on social media, that most Filipinos get into, I find this resolution to be a good thing since the problem with most of my countrymen  is they always want to do things the easy way, even earning money and there has been a lot of cases in the news lately that people are getting scammed because of bitcoins, even the mainstream media interviews people who claim to be Bitcoin investors but do not actually research on what they are getting into, and so they claim to be investors, investing in sites that will double their Bitcoin in 24 hours. I think if people will just do their research on things they invest, they wouldn't be scammed.

[elhaym101]

ugh... philippine  politics. this guy has nothing to do and wants to make publicity and share crypto limelight

[cryptoalfs76]

Here's a photo of the House Resolution filed by a nothing to do House Representative to investigate the proliferation of Bitcoin and other cryptocurrencies for the purpose of "protecting" the rights of the investors. The house representative is representing the 1-Pacman partylist (nice partylist name), his name is Congressman Michael L. Romero and according to the news article 1-PACMAN party-list solon is richest congressman in 2016 SALN shows he is the richest congressman in the Philippines with a declared assets and liabilities of $369 Million USD.

Looks like in the Philippines Bitcoins is being used in Ponzi's and this guy passed a proposal or a bill to further regulate Bitcoin.

Mostly political person have an interest of bitcoins benefits for thier own personal goods.,its good to regulate bitcoin but in terms of  hoax news ,and malicous humors  againts cryptocurrency that beyond the belts,they did not know what there doing.mostly our business here  ride by the politics and there mind is like a crab mentality,if someone have preferment in his life they  pull it down,just like bitcoin they pull it down instead of helping them to grow.

[alisafidel58]

Bitcoin has been accepted by large companies here in the Philippines like security bank and other companies collaborating with coins.ph, now that congressman who wants to investigate bitcoin about hoax and stuff is what we call "walang mapasang batas at epal lang".
Ponzi scheme has been running even with our local currency (Peso),there lots of groups in FB saying "open minded ka ba? may negosyo ako para sayo",
"5k mo gawin kong 15k in 30 days" these groups on FB are the ones who should be investigated.

Parang si Senator Hontiveros lang to eh mema amputa, worst senator to be ever seated in Philippine sanate.

[UCHCHILD]

This will be so bad if the case will be negative so things will be different then,
But as the news was posted, some banks already accept bitcoin, maybe this people in government wants to just pump their name in the public that is why

[nappoleon]

Bitcoin has been accepted by large companies here in the Philippines like security bank and other companies collaborating with coins.ph, now that congressman who wants to investigate bitcoin about hoax and stuff is what we call "walang mapasang batas at epal lang".
Ponzi scheme has been running even with our local currency (Peso),there lots of groups in FB saying "open minded ka ba? may negosyo ako para sayo",
"5k mo gawin kong 15k in 30 days" these groups on FB are the ones who should be investigated.

Parang si Senator Hontiveros lang to eh mema amputa, worst senator to be ever seated in Philippine sanate.

I guess it is not accurate to say that security bank accepts bitcoin. Security bank is a just a third party banking provider for coins.ph and so with other banks. It has actually nothing to do with bitcoin. coins.ph and other similar service are the only ones that has something to do with bitcoin in Philippines.

[nappoleon]

Here's a photo of the House Resolution filed by a nothing to do House Representative to investigate the proliferation of Bitcoin and other cryptocurrencies for the purpose of "protecting" the rights of the investors. The house representative is representing the 1-Pacman partylist (nice partylist name), his name is Congressman Michael L. Romero and according to the news article 1-PACMAN party-list solon is richest congressman in 2016 SALN shows he is the richest congressman in the Philippines with a declared assets and liabilities of $369 Million USD.

Looks like in the Philippines Bitcoins is being used in Ponzi's and this guy passed a proposal or a bill to further regulate Bitcoin.

OP, can you give us the source?

[TagaMungkahi]

Just to be clear everyone, It is a Scam on facebook who pays "BITCOIN" and not "BITCOIN" as a scam.

This so true, people think that bitcoin is more like an activity than a form of asset and payment. This idea should be known by many, people is having a wrong perception about bitcoin which may cause trouble for the acceptance in a particular country. Proper orientation for people shall be made, they have to be inform that bitcoin is not meant for Scam but only used for scam. Bitcoin is just like any other normal fiat that can be also use for scam.

I think, the mainstream has really the big problem for this. They make bias information about bitcoin, instead of making some good news about it, it looks like they are threatened for the development and the increasing demand for bitcoin.

It's a SCAM definitely but not the BITCOIN as a scam but the process of the payment for this investors. That government group or what is just making "pabango" or impressing the public for another "bullshit" project.

[daniel08]

I think this is only a for a political purpose, philippines already considered bitcoin , why this fools are going to investigate bitcoin and the other cryptos. Politics in the philippines is for money , and for the corrupts officials in the government , just to make their name famous lol.