[2018-03-17] Philippines Senator Calls for Applying a Get-Tough Approach to Cryp

[Vladdirescu87]

Filipino senator Leila de Lima wants to impose stiffer fines on the criminals who conduct a scam or other illegal activity using cryptocurrency, especially Bitcoin. She has presented a draft bill aimed at releasing an update of the country’s penal code.

"With the emerging threats of its use in the commission of crimes, our penal laws must adapt with the changing times and our criminal justice system must come prepared in the event that this is used in illegal activities,” - De Lima said in a press release.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/philippines-approach-to-cryptocurrency-crimes/

[LastJedi]

I don't know but it sounds to me like they are going to be the next country to out right put a ban on all crypto currency.
Just like Indonesia did early in the year.
They just don't know how to handle it so they just ban what they can not control.

[Jating]

I don't know but it sounds to me like they are going to be the next country to out right put a ban on all crypto currency.
Just like Indonesia did early in the year.
They just don't know how to handle it so they just ban what they can not control.

You are absolutely wrong in your assumptions here.

First, Philippines is very crypto friendly, they have their local exchanges and they are planning to have more in the future.

Second, what the Senator is calling is just to like what other nation is calling, putting a regulations so that crypto will not be taken advantage of the criminals.

Third, many Flips, works outside of the country, and they are not using crypto as medium for sending remittances to the families back home.

And did you know that the one calling for harsher penalty in crypto because it is taken advantage of the criminals is behind bar? Yes, Senator de Lima, was charge with getting bribe money from drug syndicate? Isn't it ironic?

[Gotottack]

I am wondering why such Senator is concerned about the growing criminality now to think that she preyed on the people by making tons of money through her power. If I am not mistaken she used to be the head of the justice system in the Philippines; and yet, she allows such criminality to take place so long as she monetarily benefits from it during her term. Nonetheless, say she is up for some good nowadays, I believe the Philippines should not just be accepting of cyptos but should likewise be proactive of it. Meaning, they can be accepting of it but should make laws that are at par with the modern times.

[BitcoinPanther]

I am wondering why such Senator is concerned about the growing criminality now to think that she preyed on the people by making tons of money through her power. If I am not mistaken she used to be the head of the justice system in the Philippines; and yet, she allows such criminality to take place so long as she monetarily benefits from it during her term. Nonetheless, say she is up for some good nowadays, I believe the Philippines should not just be accepting of cyptos but should likewise be proactive of it. Meaning, they can be accepting of it but should make laws that are at par with the modern times.

This is probably to divert her case and redeem herself somehow by pointing crimes created by cryptocurrency.  Honestly there are lots of scam company that take advantage of Bitcoin and ICO popularity.   Anyways, I do agree that government should impose a strict rule with regards to company that take advantage of cryptocurrency since many of them are unlicensed with a reason that Bitcoin is decentralized so there is no need for them to register their company.