Will bitcoin be banned on Philippines?

[kokorotomoto]

not philippines forbid bitcoin. but the Philippine government is more cautious on fraud and protecting investors.

[Dewao]

I don't know what will happen to me if this will happens here in the philippines, this is my country where i live and i don't want to lose my work because of this unsure news. This is the only work i trusted the most and i work almost 1 year so its hard for me to accept it if this will truly happens and hoping that its not be true.

The bitcoin is not fully supported by the BSP and the government but it doesn’t mean that it is not legal nor will be banned in the Philippines and I think it would only be ban if it involves in any serious crime and fraudulent activities in our country.

As for now I didn't see any news about bitcoin if it is banned in the Philippines or not, well I hope it's not happen because it will be a big problem especially to the Filipino's who are invested in bitcoin or in any crypto currency.

[AniviaBtc]

I pray it couldn't happen, I am a citizen of the Philippines if Bitcoin ban here this is so sad. Because I am one for thousands of Filipino who earn from that. But for now, I don't here any news to ban btc here in the Philippines, and I am so thankful for that.

[Yatsan]

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?

Regarding the bitcoin industry flourishing in the Philippines and if the government of the said country would take measures to subjugate or illegalize the said currency or even the entirety of the cryptocurrency as a whole,according to a reliable news source provider on the said country, the President's Spokesperson said there wouldn't be any measures to take to subjugate the cryptocurrency industry in the country. What they would do is conduct regulations and would let bitcoin and other cryptocurrencies in the market operate in the country. So bitcoin is okay with the Filipino people.

[bubble pop]

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

Yes there are a lot of instances that the name of bitcoins are being used in an investment scam here in the Philippines but the government are clarifying that the bitcoins is different in that investment scam. But because of that thing also the people are having a misconception about the bitcoins and new comers are having a doubtful mind if they are gonna involve themselves or not. But that thing is being fix now and there are only limited bitcoin platform that are reliable in to be used in the Philippines to avoid scams.

[alon_alon]

I do not think Bitcoin will be banned in the Philippines. The Philippine government is highly respectful of this digital currency. I am sure the Philippine Government will not be affected by other countries that prohibit Bitcoin in its country.

[legenduim]

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.

Well, I do not think that it will be banned there - I do not see any reason why the government there should prohibit it. Hope, Philippino people will use the cryptocurrency.

[Cheenguboc143]

Even though theres a news in the Philippines about scammers in bitcoin,  but it doesn't affect it.  I don't think government will fuccos on this because they have more important problems to resolve. And I know lots of pilipinos will against if bitcoin will be banned in the country.  Because bitcoin helps lot of people there.

[maculeth]

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

just like what ever happened in china, they banned bitcoin. but what many people actually expect is, has no effect on most bitcoin users around the world. including not affecting prices in the market.

[David Way]

Philippines to develop rules on cryptocurrency trading, not to ban bitcoin ... Mind you, all regulation is good because there is a lot of scam in the market

[Pinoyfan]

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 is not ban in the philippines because our president rodrigo duterte file a case that bitcoin are accepted in philippines cause he knows that bitcoin is important on our economy. it is good on our economy. we should support bitcoin and other countries must support it. 2016 bitcoin has begun to legal in philippines thats why they create coins.ph although bitcoin has been legal on our country it was debated that bitcoin was only a scam

[Bruce1614]

This would not be the fundamental reason if the Philippine government chooses to restricted cryptographic money. Scarcely any casualties of misled versus a great many bitcoin recipients in this nation. Perhaps to make it reasonable the individuals who needs to put resources into bitcoin should look for more exhortation from proficient digital money individual. It would be better for them to have a more profound comprehension toward this arrangement of advanced cash.

[emanjun]

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

Exactly, but as a filipino I humbly say that crypto currency had been well accepted here in our country and as a matter of fact even senators used it.

[crptomoon1001]

I dont think so.. Philippines plans to develop rules on cryptocurrency trading which is a good sign.

I think increased regulation will help to reduce the volatility of the coin. A lot of the recent gains have had a lot to do with countries like (South) Korea and Japan really getting into the cryptocurrency space

[patrickj]

If the legislature will simply observe bitcoin or digital money deeperly they'll have the capacity to comprehend that bitcoin isn't trick but instead the general population are utilizing its notoriety to trick individuals. In any case, seeing the activity of our legislature and how media convey the news, for the time being it's too extremely happen and when the determination have go in the senate there will be more directions will come up.

[Lan75]

I dont think so.. Philippines plans to develop rules on cryptocurrency trading which is a good sign.

I think increased regulation will help to reduce the volatility of the coin. A lot of the recent gains have had a lot to do with countries like (South) Korea and Japan really getting into the cryptocurrency space

The Philippine government has no immediate plan on banning bitcoin in relation to the recent 900 million peso scam that allegedly because of bitcoin. I dig deeper into the news and i found out that it has no relation to bitcoin or whatsoever.

[akishang]

This will never in the Philippines. The government is smart enough to know that bitcoin is not the reason behind the ponzi schemes. Its the person working to promote the ponzi. They are the one to blame and not bitcoin. As per BSP - Bangko Sentral ng Pilipinas, they are aupporting bitcoin but they are also warning the public about the ponzi/networking schemes.

[Choii]

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

Exactly, but as a filipino I humbly say that crypto currency had been well accepted here in our country and as a matter of fact even senators used it.

I think the word Bitcoin is not banned in our country, they actually accept bitcoin as a investment but not all people in the philippines invest  in there because of Ponzi scheme in the other words they have fear because of scammer out there. Moreover, like you said even involve in politics they use it as invesment.

[victoryana]

The Philippine Central Bank Governor has stated that monetary authorities are considering "hardening regulations" for bitcoin and e-currency exchange in the country. It is not possible for the philipines to forbid or forbid us from concluding anything, and I believe it is just a policy to stabilize bitcoins.

[Bhalibad]

We cannot assume or guess Bitcoin will be banned in Philippines at this point of time since there are rumors roaming around about that but there's no official news released by the government on this. I think the banning part is decided by the dominating country of philippines and this country cannot take its own decision due to the political system of the country.

As we notice in the Philippines their are some investor,  invest some business come from different country. But because the scammers here  often in the Philippines, some investor will not pursue their business because the will get from scam.