Will bitcoin be banned on Philippines?

[Gwapoman]

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?

Crytocurrencies were made to be a SOLUTION and not a problem..instead of banning it Government around the world should focus educating their people to prevent them falling for scams like this..

[Vatimins]

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?

I think that is not a reason enough for the Philippines to ban bitcoin for as we know, Philippines is starting to accept and adopt bitcoin as a digital currency. There are companies who accepts and have bitcoin as their mode of payment. I think bitcoin would still sttive better in the Philippines.

     That would be a great news then because this means that there will still be a lot of people in the philippines that will be able to have access to the opportunities that this industry can offer to everyone. Which are jobs for the unemployed or people looking for side jobs or part time jobs.

[klarnetcijamie]

I guess it can happen. Bitcoins are affecting the Philippine currency system. It made the Philippine currency depreciate and hinder the development of the economy. The Philippine government is making every effort to stave off the development of bitcoin. They can stop the bitcoin from working.

[staradvincula]

This basis are not enough to ban bitcoin in here in the Philippines.  There were lots of scammed issues before and yet they're still not aware of the big ROI offering.  Those victims surely knew that the government has no control over bitcoin. Those kind of people are after with an easy money on their hand so, there's no one to blame but themselves.  They both have the same interest, to earn money without any hardship.  If the government will ban bitcoin here in the Philippines, what will happen to the rules and regulations that SEC trying to develop?  This is to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.  They should start implementing this and put changes to the accused.  But to ban bitcoin because of this is inhuman.

[Kingsingle]

This will make the BTC price drop. But no, today the price of BTC increased dramatically. We can see the market is green. And according to me, BTC will continue to increase sharply by the end of 2018.

[Brangos99]

It could be because the Philippines securities and bourse commissions announced a policy that would manage cryptocurrency transactions such as bitcoin, to protect investors and reduce the risk of fraud. As is known, policymakers around the world are trying to control the global boom of bitcoin trade and other virtual currencies.

[julius caesar]

There’s a chance because of that scam I hope it will not because many people rely their incomes in bitcoin.

Thats true, but as far as I know Bitcoin was not really involve in the scenario, but they used the reputation and name of Bitcoin to scam people since Bitcoin is very well known nowadays, and I think that what really matters, we should not believe everything that we are seeing on the television, and we should not be interested in an instant money which really doesnt exists, for you to have profit better pay for it really hard.

[potatocorner]

It could be because the Philippines securities and bourse commissions announced a policy that would manage cryptocurrency transactions such as bitcoin, to protect investors and reduce the risk of fraud. As is known, policymakers around the world are trying to control the global boom of bitcoin trade and other virtual currencies.

So to conclude, Bitcoin will still not be banned in the Philippines just because of that case. Of course those who are at fault should accept the consequence of their illegal activity. The government will control the usage of bitcoin in the country but its transactions and bitcoin itself would not be banned.

[Cryptoproff]

Im also thinking about this, recently the mainstream media are reporting negative issues about bitcoin. Bitcoin related scams are getting more tangible, and tge government might see it actually as a threat.

[Piggymonster]

For me, I think it won't be banned here in the Philippines, there have been a lot of scammed issues before, pyramiding scam but this bitcoin is legit and it has been recognized also by the Bangko Central.

[BitcoinPanther]

Though severely damaging to Bitcoin's image, i doubt that it will be banned in the Philippines.

Remember that bitcoin was used as a medium of promised profit by the accused scammers, it was not bitcoin alone that promised the gain.

Looking at the past where gold has been the medium of insane return of investment guarantee, a solid number of cases sprung up decade after decade, but gold was never banned anywhere in the world, so i say, the same will be for bitcoin.

Perhaps, using bitcoin for investment purposes might be banned, but never bitcoin per se.

Let us remember that bitcoin was never a store of value solely, it is also a payment system, acquisition of it will never hurt.

[josephpogi]

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?

Bitcoin wil never ban in philippines they have a regulation on crypto so i think bitcoinand cryptocurrency will become more good in the future by paying tax in crypto is more good than goverment ban this so i hope in my country crypto will not ban in our country because this crypto have a real future soon.

[Jedzkie050617]

Im also thinking about this, recently the mainstream media are reporting negative issues about bitcoin. Bitcoin related scams are getting more tangible, and tge government might see it actually as a threat.

Yes, actually  I heard also news about scammed  online and bitcoin  is involve. Its sad that our co members in this community make those unpleasant  acts just to earn fast money,they dont even thinks  others  feeling.This was under investigation  and hopefully this well be settled  as early  as possible  and hoping this wont affect  the crypto community here in Philippines.I pray  also that government  wont banned  any bitcoin  works ,because  I know many well be affected  and suffer because  of the few people  that are doing bad things.

[rhomzkie26]

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?

In my opinion, No one can tell if bitcoin will be banned on Philippines. Because, if there are people who got scammed because of Bitcoin according to them. For me, it is not the Bitcoin scam the victim but the people who used Bitcoin as their front for them to get the attention of the victim. Meaning, bitcoin is not a company it is a software kind, decentralized type not centralize one. And I think decentralization is one of the reason why BSP approved to get in here into our country.

[Kolly]

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?

I dont think that such a case would let the government decide on banning an industry as big as this. I think that the government would continue on reminding its people that such investment scam exist but not totally ban bitcoin in the Philippines.

[ThePunisher49X]

50 angry stormed these scammers?
I am surprised they didn't attack them.
Because usually these type of scams the accusers get away long before the victims even realize they have been scammed out of their funds and are never seen again.

[lowellsniper]

It depends of our government if they think its illegal then they can ban it. If they want to legalize they will make a way, they will charge tax on it.

[omar bakrie]

I hope his Bitcoin is not banned because of this and Bitcoin will still run smoothly in the Philippines. I hope the Philippine government does not ban Bitcoin in its country and Filipino society is still allowed to use Bitcoin. Bitcoin has a good future and promises. So it's a pity if Bitcoin gets banned.

[sharm2121]

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?

For me NO! Because they just use the name bitcoin to scammed many people, but people who know the truth about true bitcoin will still use and investing in bitcoin. Government cant ban bitcoin because other country still investing on it, and when people still using bitcoin it will not end or die.

[Jlv]

Hoping that it would not happened that bitcoin will be banned in the Philippines because of that triksters people, I hope that they should analyze with themselves that we are working hard for the money to earned and they just want to get in just seconds only, many users would be affected if bitcoin banned in the Phils.