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Author Topic: Will bitcoin be banned on Philippines?  (Read 1726 times)
basty03
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May 21, 2018, 12:06:22 AM
 #541

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?
Sad to hear a need like this because of money they put their life in jail how people like them eat and sleep by scamming others money it so pathetic. I think they not ban it in that country because many people do that in other country but still bitcoin is running and they use it to their country.

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May 21, 2018, 02:28:55 AM
 #542

More and more countries are banned bitcoin then this makes the popularity of bitcoin continues to increase and of course this will make a lot of people curious and end up using bitcoin.

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jaocoincrypto18
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May 21, 2018, 02:41:43 AM
 #543

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.
I agree with you, Philippines must not ban bitcoin. Because its helpful for the economy and some people they find bitcoin to earn extra income  and they find bitcoin as a job  to have salary to help their family.

There is no need to ban because there is a regulation that  already working by the Central bank of the Philippines https://news.bitcoin.com/the-philippines-central-bank-considers-regulation-standards-for-bitcoin/ to support Bitcoin existence and not to be use in illegal activities such this scam activity. Sooner or later Bitcoin will be legal here in the Philippines and will be the end of these fraud people that are using Bitcoin platform just to steal money from the people.

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May 21, 2018, 10:20:49 AM
 #544

There are possibility that Philippines will banned crytptocurrency because of many news that many Filipinos has been scam by bitcoins scam investments but there's also a possibility that bitcoin will introduce by government because many Filipinos are jobless and bitcoin might be one of their source of income.

There are too many different rumors that Bitcoin and the other cryptocurrencies can be banned in this country. However, in my opinion, it will not happen ever.

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May 21, 2018, 11:46:00 AM
 #545

More and more countries are banned bitcoin then this makes the popularity of bitcoin continues to increase and of course this will make a lot of people curious and end up using bitcoin.
I agree with you, as more negative news circulating about banning of bitcoin or misapprehension coming from different people the more it becomes popular and more are getting interested about the technology and its valuable aspects. In 2017, central bank of the Philippines and its regulators are planning to create regulatory standards and guidelines for digital assets like bitcoin. More Filipinos are now earning from it either full-time and part-time and more business firms or establishments are accepting it. I hope Philippines will not ban bitcoin because it has been very helpful to its people.

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UchihaRukawa
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May 21, 2018, 12:09:00 PM
 #546

I hope not! overcrowded by negative side without understanding the reason behind .that was commonly the problem of cryptocurrency in many country , mainly in Philippines.and because of that they consider bitcoint as scam.. investing without proper knowledge . lure by the  promises of big profit and at the end lead  to disappointment..

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May 21, 2018, 01:36:46 PM
 #547

I hope not! overcrowded by negative side without understanding the reason behind .that was commonly the problem of cryptocurrency in many country , mainly in Philippines.and because of that they consider bitcoint as scam.. investing without proper knowledge . lure by the  promises of big profit and at the end lead  to disappointment..
Yes, that is true mate. Its not possible that Philippine government would ban bitcoin just because of the scam. Not only the people are the victim of it but also bitcoin. They are using the name of bitcoin just to lure and scammed people who dont know about what they are getting involve with. Philippines embraced and considered cryptocurrency a blessing for everyone because it gives a lot of opportunity to unemployed filipinos and those who believe in btc to earn money from their investments and from working in signature campaigns. That's why banning is impossible.
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May 22, 2018, 09:47:46 AM
 #548

It will be up to Philippines government to decide what is the best option for their country to accept the bitcoin and charge tax for the transactions, to limit  its use or to ban it completely.

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May 22, 2018, 10:01:19 AM
 #549

I expect the Philippine government to consider the benefits if bitcoin is used, as we know that users of cryptocurrencies in the Philippines are increasing so that it makes a huge economic impact for Filipinos.

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May 22, 2018, 10:06:58 AM
 #550

There lot of news in the television in philippines that people arrested by scamming using bitcoin. If those people wont stop i think there are no future in the philippines for crypto
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May 22, 2018, 10:14:50 AM
 #551

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 it wont be banned in Philippines cause they know that Filipino love cryptocurrencies many.Filipino are dependent on cryptocurrency.and many works can provide by bitcoin. Why dont you try to ask our government they will answer your questions and I know they will provide some alternative ways
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May 22, 2018, 11:41:57 AM
 #552

The incident is not new in the Philippines; with or without bitcoin, these scammers would always find tools and other modes to take advantage of the no-brainers who want to get rich instantly. It just so happened that this is the era of coins.ph when it comes to money transfers.

Only imbeciles will associate this incident to bitcoin as a scam... and if the government tends to ban crypto, then we can always find ways to cash out our bitcoins. There is always the same old fashion way, my friend.
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May 22, 2018, 11:50:47 AM
 #553

It is awful! I have just read few days ago, that Philippines accepted a Bitcoin and Crypto in general, but now you said this... What next? :0
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May 25, 2018, 10:09:15 AM
 #554

No, I do not actually think it will get banned because the government understands the bitcoin itself was not involved in that illegal actions and I do hope that later on this cryptocurrency will get back to stability and will stay away from all the illegal things that it has been into.

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