Will bitcoin be banned on Philippines?

[CuteBaby123]

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

No. This is just an isolated case in which those so called investors have no knowledge what they are into it. Those scammers also are taking advantage with the popularity of bitcoin. Philippines wont ban bitcoin with just this case.

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[Sadlife]

The problem with this is that people just invest money on something they dont know like HYIP, cloud mining and other ponzi schemes then when they lose money they start calling bitcoin scam. Like seriously ? these people should educate themselves of bitcoin first, it's not that hard to do some research.

[speem28]

Always include the source if you are posting something like that. You might get yourself into trouble.

IMHO, bitcoin will not get banned in the Philippines because it is not the bitcoin itself that made those scam, it is the people who use it in a wrong way. Yes, it's true that the image of bitcoin/cryptocurrencies has been tainted especially to those who still don't know what it is, but this event will eventually be forgotten and it will be outweighed by all the positivity that we will induce in the following months.

[Merjay18]

Everything will possible to be happen in the world f CryptoCurrency, there's a possibility that bitcoin will banned on the Philippines because of many  victims of scam by using name of bitcoin.

Yes,I heard news lately about huge amount of investment turned out to be a scammed.Thats why people are now more vigilant and  suspecting bitcoin as well,But I still hope this would not happened banning bitcoin in the county,this well affect to the people who earning legal ways in bitcoin and are honest.Me my self experience being scam but I just ignore it and let karma be punish them.

[jeraldskie11]

I hope bitcoin can't be banned here in philippines because of what happened. Bitcoin not do the mistake it is the people who use it in a wrong way so they victimized by the scammers. To the user of bitcoin in philippines we must do a double careful especially if we invest a large money to make things good and brightly so we can gain a large profit with the investment we do.

[Snappycoco]

I dont think so because of the facts that bitcoin did not violate any laws in the Philippines. Its just that there are so many bad human out there trying to fool around some people. And they're the ones whos responsible for such things not bitcoin itself.

[Wong Goblog]

If the Philippines government banned bitcoin then this is bad news, bitcoin users in the Philippines increased drastically and according to the information has a lot of effect on the price globally, I hope that the Philippine government canceled the bitcoin banned plan.

[ralle14]

I dont think so because of the facts that bitcoin did not violate any laws in the Philippines. Its just that there are so many bad human out there trying to fool around some people. And they're the ones whos responsible for such things not bitcoin itself.

Bitcoin doesn't need to violate anything before it gets banned in a country. It's up to the government's decision if they don't want to welcome bitcoin in their country. After the recent bitcoin ban (bank) on India, Pakistan also followed and announced on their twitter that they'll be banning crypto.

There is a big posibility that bitcoin will banned in the philippines. Because of its 900m scam. But im hoping that they are not going to banned bitcoin because bitcoin helping aspiring investor in the philippines.

What made you think that there's a big possibility ? This type of scam already exitsted way back just because they scammed 900m doesn't mean there's a huge chance. What if these couple used fiat? 

[Boldcom]

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

what the government needs to address are drugs and criminalities. regarding banning bitcoin, i don’t think so. legit bitcoin traders and investors does not need government intervention.

[fiulpro]

Well you know we see million dollars scam everyday but I hear no news of dollars being banned or.. the other currencies being banned .
You know the catch is ' it's not the currency that's it fault it's the people '
But since Bitcoins is unregulated then what happens is that it.. becomes the devil in front of the government ... Because they can't control it and now something happened and they want a easy way out ...thus I feel rationally it shouldn't be banned but regulated .

[Lilianaser]

The Philippines does not ban bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, which will have specific standards and regulations to make bitcoin stable and safe. Protect the rights of their citizens to participate in bitcoin

The actions of the Philippine Government are very good. The Central Bank of the Philippines wants to protect its citizens who want to participate in Bitcoin. So the people will feel more secure to join in Bitcoin. It should be imitated by other countries. The Philippine state really wants to make its citizens have a prosperous life. Would love to live in this country. Hopefully, my country can also follow the example of the Philippines.

[Alpinat]

Even there will be a thousand angry people to bitcoin they can't banned it because the government are getting such many investors because of bitcoin and also in the future for sure it will be worth it for not banning the cryptocurrencies in philippines.

[Elai101]

Even there will be a thousand angry people to bitcoin they can't banned it because the government are getting such many investors because of bitcoin and also in the future for sure it will be worth it for not banning the cryptocurrencies in philippines.

Bitcoin in the philippines is not prone to banned because even the government can get hard to intervine as the first place the bitcoin is a decentralized system and many of filipino benefited out of it, like me I can also say that bitcoin is a big help to solve financial problems, the government should not ban this nor they will find way to tight its security for the people.

[acener]

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

As for me, I think that it wouldn't be that easy for the government of the republic of the Philippines to ban bitcoin because it has just started accepting and adopting bitcoin here in the Philippines. I have heard of the same news that there are scammers using bitcoin as a mode of payment in the Philippines but I still believe that they won't make that a reason to ban it.

[nicpaig]

many investors do not understand bitcoin and are eventually fooled into investing on behalf of bitcoin. whereas the investment is a ponzi scheme that could harm their participants. so it's also our duty to tell many people what bitcoin and blockchain are.

Yeah you have a point.Because of lacking their idea many inveators are commiting scammed by abuser people and now it is trending in news that they got scammed in bitcoin but the truth is they scammed themselves.

[supergorg27]

I hope it would never be happened and the government should try to look for the way to avoid this scandal scam because many users in the Phils. will be affected because I know many Filipinos changed their life while doing bitcoin, it just happened that some others would try to destroy the image of bitcoin.

[tayogpanganiban]

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

No,philippinines don't banned bitcoin though there is scam incident happened in the philippines,they only warned us not to trust people who are scammers.

[PETES]

If the government will just see bitcoin or crypto currency in a deeper way they'll be able to understand that bitcoin isn't scam but rather the people are using its fame to scam people. But seeing the action of our government and how media deliver the news, for now it's too far too happen and when the resolution have pass in the senate there will be more regulations will come up.

[crwth]

That's eye-opening news, with this, Bitcoin will be more alert on suspicious activities like these. As for the ban, I don't think BTC will be banned in the Philippines. Seeing as there is a large amount of users, Bitcoin would lose its market and/or users in the Philippines. I think what they'll do is, accurately double check every process for verification of its authenticity. And if ever they will ban BTC, I think some Filipinos will still find a way or ways to be connected to BTC again. Just my two cents though.

[ymirymir]

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

There are actually scammers anywhere and everywhere and they find bitcoin as another way for them to scam since it involves money.I think the Philippines would still find better ways to investigate and will still figure out that bitcoin has been just a mode of payment being used by those people. Those scammers should be punish for their crime would affect a lot of bitcoin users in the said country.