Will bitcoin be banned on Philippines?

[Xanxus024]

Philippine government will not banned bitcoin here in this country beside they advice people to become smart in terms on picking on where to invest and I think to those people who used bitcoin for their scheme their the one who will face the law, the lesson here is better to know your client first before putting your money, make research if the company is legit and get a proof if they really pay the investors.

[YuiAckerman]

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?

Maybe not, if there is like a legal permit those who wants to open a business that have connected in bitcoins or other projects that have a related in crypto-currency, This would be great and it will be using it in daily life, as you can see in other country as well, for now bitcoins will be popular now in Philippines and some other people who cannot understand about bitcoins will be think that crypto-currency is all scam, for much information government is giving an attention with this scam accusation and it will result again bad news in crypto-world.

[RheaLity]

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.

[Dingdongjl]

Will bitcoin be banned because of that?

I think it will never happen to ban crypto currency in the Philippines there is a huge number of investment in crypto from the PH and many well-known people already invested on it for example: Manny Pacman-Paquiao many people in the PH will make a protest if this thing will happen.

[Wise_man]

Scammers love to do their ways because they knew that people always love to earn money in an easy way and they are taken for granted the good reputation of bitcoin.
As for bitcoin will be ban in the Philippines, let's wait after a month. Surely the answer will be given

[timerland]

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?

Philippines is definitely not that anti-bitcoin. There is a ton of good Filipino exchanges out there, and it'll be hard to see they will be shut down by the government any time soon, let alone a total bitcoin ban. Even China has not reached the stage of a total ban yet, so it'll be hard to see this happen in the Philippines, since it is a lot less hostile to bitcoin.

Also, in January, the SEC in Philippines actually said that they had plans to regulate crypto: https://www.coindesk.com/philippines-sec-plans-to-regulate-cryptocurrency-trading-icos/.

It would make no sense for them to ban when they are drawing up plans to regulate, don't you think? There will always be scammers out there in any field, it's not bitcoin's problem that scammers do what they do. Otherwise, fiat should be banned as well(think MMM, Bernie Madoff and the whole bunch of ponzi schemes that has been run with fiat).

[Flayme]

That news in Philippines is very alarming...  It is just an indicator that there a lots of scammer arose...  Everyone of us should to act also...  We are also hoping that it would not happen in Philippines... I think that there are a lots of people who get benifited from it...  It is their source of income...  If Philippines banned it it will become a problem... The government should not do it instead they need to find a solution to avoid this problem related in scam...  And everyone of us also should need to be aware about it...

[hase0278]

Philippines is definitely not that anti-bitcoin. There is a ton of good Filipino exchanges out there, and it'll be hard to see they will be shut down by the government any time soon, let alone a total bitcoin ban. Even China has not reached the stage of a total ban yet, so it'll be hard to see this happen in the Philippines, since it is a lot less hostile to bitcoin.

Also, in January, the SEC in Philippines actually said that they had plans to regulate crypto: https://www.coindesk.com/philippines-sec-plans-to-regulate-cryptocurrency-trading-icos/.

It would make no sense for them to ban when they are drawing up plans to regulate, don't you think? There will always be scammers out there in any field, it's not bitcoin's problem that scammers do what they do. Otherwise, fiat should be banned as well(think MMM, Bernie Madoff and the whole bunch of ponzi schemes that has been run with fiat).

In fact, they are already on the move to regate bitcoin transactions in virtual currency exchanges(btc to php exchangers). In a wallet called coins.ph(which I regularly use to convert btc to php), users are already required to submit personal information, IDs and legal documents that proves user's identity(KYC) which they say are required by BSP. For more information check the links below.
https://coingeek.com/philippines-sees-surge-cryptocurrency-exchange-applications/
https://coins.ph/aml-policy/

[Jingjess]

They will never banned bitcoin in the philippines,in fact they are already start  legalizing bitcoin in our country.And it's really good for us because atlast we are free to use or transact bitcoin anytime.

[Ukaraki]

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?

The Philippines will be banned bitcoin, but there are many other countries banned by the government from Bitcoin. I think that many people are investing in bitcoin but do not want to spend long term, in many nations banned Bitcoin. They have seen the risks of this money so very afraid of the dangers.

[Ehilamale]

I think that bitcoin will not be banned, as it is very difficult to control on the territory of the state.

[polaman]

I hope no country will ban bitcoin, if it happens then it will affect the bitcoin price at the moment .. hopefully the problem in the Philippines is quickly resolved...

[LogitechMouse]

I don't think so. Bitcoin will not be banned in the Philippines just because of the incident of the bitcoin investment scam.

The police knows that its not the fault of the bitcoin itself but the scammers. Bitcoin has only used to scam noob people and we can't do anything about it. Its very sad that there are many people who have scammed in this investment scheme but at the same time, its very annoying that its very obvious that it is a scam and yet they are investing their hard-worked money into it.

This tends to happen if we don't do some deep research in the company. We are just joining base on the comments of various people on the social media and we are not doing a research into it.

[Nylesor]

Up to now no news if bitcoin will be banned in the philippines, and new if it will be under new regulations. Thought those scammer must be punished. Sadly The scammer took advantage of those who have knowledge in bitcoin.

[TheClownSong]

I think on that news is about fraud by scam peoples using bitcoin hype. Bitcoin is not scam, but many people using bitcoin hype to scam people who dont understand about bitcoin and usually that people not understand about investment instrument.

[3la9l_kolbaCa]

Philippines does not banned 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

Bitcoin is not banned in the Phippines, although bitcoin was categorized in different countries. Bitcoin in the Philippines is very known and many Filipinos are bitcoiner they did also their job as well to stay bitcoin in the country for long or might forever. To those people who use bitcoin to scam is not following the rules and regulations. It means they didn't stand still for the conditions.

[Btcwashu]

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?

Philippines are now starting adopting in bitcoin as a payment system just like some other countries. And Bitcoin will not be banned in the Philippines even the negative news coming from social media about many Filipinos are get scammed. Those Filipino people are lack of knowledge about in bitcoin and they always need an easy money and being feed to the wrong information coming from the scammers. That's the reason why they are get scammed.

[miltonpogi]

In the past days ago a huge news regarding to BTC have been report in our country, when the couple scams peolpes money approximately 900 million pesos, this make our country to fear btc as investing sites, but there are no rules from our government about banning bitcoin in Philippines.

[ajochems]

But I think bitcoin will not ban in Philippines ,because bitcoin was widely used in Philippines.Because many of the people in Philippines are bitcoin Investors.
The government of Philippines had a idea to regulate the bitcoin in their country .Because to get some tax from people by the name of bitcoin.So bitcoin will not be banned in Philippines .The people in Philippines can inverse their money in bitcoin.

[petyang12]

https://goo.gl/6XJgN1

You can check guys above for the complete article.
A lot of ponzi schemes and HYIP happened already after cryptocurrency pop up in Philippines. A lot of Filipinos already fooled by scammers. Eventually, the BSP reminded that all crypto related things are risky. The potential to lose is at high percentage. But as far as I can see, the current news will ignite the banning or regulating of the government in cryptocurrency.
But for me, the people who fooled easily by these kind of scam are those who did not make a dip deeper research or study about their investment. Well, we might not blame them for their mistakes rather we should blame those people who made the scam investment.

Very true, we can't blame those investors that got fooled by the couple but despite of their losses there is a possibility that bitcoin may be getting ban from phillippines because of the investors complaints but right now bitcoin still acknowledged by people in philippines and one of it is coins.ph you can check the website just to make sure.