Will bitcoin be banned on Philippines?

[angelinedelatorre]

Bitcoin in the Philippines will never be banned.  Many people are growing and helping their families because of earning in bitcoin. People that are scammed are people that have no knowledge about what really bitcoin is. They are just trusting and investing without study and research about how to earn money here. 

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[playful69]

as far as i know, on march 6 2014 , Central Bank of the Philippines , which is called (BSP) issued a statement on risk associated with bitcoin trading and usage. Recently virtual currencies legalized and cryptocurrency exchanges are now by Central Bank of the Philippines. (Bangko Sentral ng Pilipinas) under circular 944.

[Bestpromoter]

No it isn't in the articles that i read about the Cryptocurrency of the philippines they will just trying to regulate bitcoin but not to the point that they are going to legalize it instead they are going to process the exchangers quickly and making sure that it is legitimate for people.

[Rakesh_alejandro]

Even there is a news about the bitcoin scammed here in our country, it is still bitcoin not yet banned since Bitcoin itself has no intention on it. It will depends on the people who are doing harm to other people that were not really aware on those legit provider of bitcoin. Because of the news, many people should beware and always think before to invest so that they will avoid those illegal provider.

I think it would be better for them to have a deeper understanding of this digital money system. Sometimes they say they are tricked by the person but actually the person is cheated by ICO. I think that's the majority of all stories.
This is not the main reason if the Philippine government decides to ban cryptocurrency. Some victims are scammed versus thousands of bitcoin recipients in this country. Perhaps to make it fair those who want to invest in bitcoin should seek more advice from professional cryptocurrency people.

[mifanmuzny]

I think not, as far as I know and indicators say BSP is still open to new techs as they still continue to accredit BTC new traders like Coins.ph but equally wary as the popularity of BTC is being used by local investment and Ponzi scams which does not have anything to do with BTC.I think they simply want to regulate it and find a way to tax it, through accreditation and licensing of BTC traders.

[Kambal2000]

I think not, as far as I know and indicators say BSP is still open to new techs as they still continue to accredit BTC new traders like Coins.ph but equally wary as the popularity of BTC is being used by local investment and Ponzi scams which does not have anything to do with BTC.I think they simply want to regulate it and find a way to tax it, through accreditation and licensing of BTC traders.

There is nothing that we need to be afraid of right now, since BSP is in our back for us to support in our cyrpto journey, although not totally legal yet in the country but we are free to spread the word cyrpto all over the  country because we know that our government is in our back.

[alfs75]

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?

Actually its never been banned in the phillippines because at first bitcoin will never been legalized in our contry,and second those happen of scam because of bitcoin investment and many people will angry of this is  not true co'z of bitcoin, because they only used only the name bitcoin in the purpose to convince more people  victim of scam or pyramiding,because  the real investment of cryptocurrency is joining a trading investment or participating ICO campaign,so therefore those happen in Ordonio couple P900M  scam is a not made of real bitcoin investment,its only a made of fake bussiness recruitment like pyramiding.

[jd2281]

Could be if bitcoin scamming, pyramiding and ponzi scheming will continue to rise and become rampant.

[Watchy312]

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.

[Findingnemo]

Of course this is sad news, bitcoin users in the philippines is one of the biggest in asia so if the Philippines government banned bitcoin it will make the price drop as happened when china or india banned bitcoin.

this is impossible considering that many filipino today are involved in crypto market and the government can't risk the investment of filipino once bitcoin is banned.

I think it is not possible now banning bitcoin in this situation many users had bitcoin around the world so we cannot make it a big problem it will solve in a short time and nothing will happen for crypto currencies now.

[stephanirain]

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. Bitcoin will not be banned in the Philippines even a lot of people experienced scammed because it helps a lot of pilipino's to earn money, so they could feed and provide the needs of their family. The government in the Philippines also sees that bitcoin is really a good help in the economy, so there are less chances that it will be banned.

[Tomborneque_1102]

It depends on how the Government will respond on this matter. but it's not Bitcoin's fault at all. it's the people behind it who used bitcoin to their evil schemes. there's no such thing as pyramiding in Bitcoin. it will be a lesson learned to all the Filipinos, that before they invest in something. they need to study and know more about the company and the credibility of it. if it's legit or not.

[syamster]

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?

it will never be banned... in opposite it open bitcoin portal to the people of the philippines to know bitcoin and cryptocurrency as a whole... more and more people were talking the crypto market. they are interested to know more about this system

You are absolutely right it is not possible for bitcoin to be ban in Philippines as we recently get good news about Philippines accepting bitcoin, bitcoin is new for them so they are investigating about bitcoin from other countries who are already using bitcoin as currency for legal, in market such fakes news come and go every time we should not trust or listen to them. Philippines is well developed country that is highly supporting bitcoin these days.

[dado7]

EzBreezy, do you know any country where Bitcoin was actually banned?
Do you know any country where a property or means of payment were banned because they were easy to steal?
That is the answer to your question.

I think they should not do that because in the first place it helps those individuals who strive to earn from crypto, in fact there are many people here in the Philippines that are benefited from bitcoin, those unemployed or low rated salary from corporate job is now seeking the good opportunity for crypto investment that bitcoin can give.

Exactly. Look at the South Korean example. And look what was hidden under that famous word BAN there: https://www.ccn.com/south-korea-has-no-choice-but-to-legalize-icos-and-it-may-happen-soon/.

[Mancung]

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 surprise, but i dont think bitcoin will be banned in philippines.. Maybe just the transactions using bitcoin will be banned, not the bitcoin itself..

[DonFacundo]

No it will not ban bitcoin in the Philippines, I remember the big crypto exchange in japan "the mt.gox" which turned to scam that was 2014 and look at it now japan legalize bitcoin they did not ban it.

[Black Angel]

All people especially Filipinos certainly hope that the government is not banned bitcoin, there is much evidence that the influence of bitcoin is very large in the Philippines and if the government is banned then this is a bad thing that has a big impact and can increase unemployment.

[bitgolden]

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) operativeso – 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 already knew about the news last month about many Filipino people was  a victim of the said crypto currency scam using the name of bitcoin, that's why almost all Filipino are hate Bitcoin and it was suddenly predict that Bitcoin is a scam. Anyway  I hereby certify that Bitcoin is not scam. Bitcoin was build for all people it's either you rich or poor people all have accessible to use Bitcoin  that's why some other organization taking advantage to use Bitcoin victimized too many people in behalf of Bitcoin.

Still thankful that after that those people involved in it now finally facing the jail, so far I am proud of our Police that did everything for them to pay for the damage that they have done, so for all people it should be a lesson learned.

If people are nice and place is beautiful that really doesn’t mean they will be behaving so decently with bitcoins. This is totally different domain and has its own pros and cons. But for the bitcoins to be banned is concerned, I consider bitcoins to be prevailed and legalized in the world nor to be banned with no possible verdict. These government should know the best potential of bitcoins.

[molenracing]

I hope not, because in the Philippines there are so many people who participate in Bitcoin. indeed there has been a crime by deceiving Bitcoin, but what is the relationship of deception With the ban on Bitcoin in the country. are not they a husband and wife have also been arrested by the police. I think if the Philippines forbids Bitcoin for this reason, then that makes no sense at all.

[Bitexpert2017]

I just hope that it will not be banned in the Philippines. A lot of people here in the Philippines depends in Bitcoin financially. Not only that this is perfect for Filipino when it comes to remittances.