Will bitcoin be banned on Philippines?

[Sukarjo]

As has happened in other countries, for example Indonesia also prohibits the circulation of bitcoin. Countries like the Philippines are a lot of people who invest in crypto, but the government there must think hard to avoid people deceived by a scam. So I think it's very natural that the government keeps its citizens safe from crypto money scams

[1715160196]

1715160196

[1715160196]

1715160196

[evader11]

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.

[Frederick21]

think it's something completely unpredictable. We do not know very well what the next movement of any of the governments will be like, but what we do know is that this could have consequences

[hugeblack]

The approach of most governments is based on the acceptance of the Bitcoin in general and an attempt to limit its dark use, such as drug and porn trade.
Most governments will regulate the Bitcoin more than the ban.
To take the worst assumptions"Philippines ban bitcoin", this will not affect much(You can trade the bitcoin anywhere and turn it into paper money).
The good news if the Philippines has banned bitcoin is to reduce visits to this site .

[mersal]

As has happened in other countries, for example Indonesia also prohibits the circulation of bitcoin. Countries like the Philippines are a lot of people who invest in crypto, but the government there must think hard to avoid people deceived by a scam. So I think it's very natural that the government keeps its citizens safe from crypto money scams

A news of banning crypto currencies in a country will be given a bad thing in the minds of the investors on that country so it will be very disappointed for the investors but it will not be given or possible very easily hope it will not happen .

[Sweetyeds84]

I hate to read that news that reporters twist the story truely pointing that bitcoin is a scam instead of telling the truth that bitcoin is not a scam but scammer using only bitcoin to scam people’s money supposedly thats how they called it not directly pointing that bitcoin scam thats not the real story there. Instead of bitcoin scam why dont they write the headline as SCAMMER USE BITCOIN TO COLLECT PEOPLE’S MONEY!! media reporters here in Philippines is pure bias and there eye’s always for money what a shame paid media.

[lzby2000]

It will not be banned and will be accepted by more people in Philippines. This news also shows that more people in Southeast Asia understand and know the value of bitcoin. Every time a new thing appears, there will always be some negative news, which is not surprising.

[AbyssLagiaz]

It isn't the entity itself that became the scam. It is in its utilization. How about the online scams in online shopping? Ask yourselves also if our country will also ban those. Few months ago, there was already news about government noting investors to be careful in their investments in here. That implies that they don't put red light on it but they put precautionary measures first. Our government, in my opinion, understands what Bitcoin really is unlike in other countries that simply banned cryptocurrency because it  was "purely scam" without even knowing how does it really work as a currency. There is no need to worry about government banning Bitcoin.

[alexsandria]

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 warnings given were enough, yet people still fall for this scams and silly schemes. Some filipinos greed/lust for instant money is just too much, and is causing too much problems for btc users in the country. The banning might also cause global terror for future investors. Giving btc a bad image. There will be a high chance of banning or they might set higher restrictions againts bitcoin. I hope people will be more aware and educated next time.

[carlisle1]

WEll i guess its not bitcoins fault why those people got scammed,its between the victim and the suspect they are the one who used bitcoin as medium for their transaction so i dont see any reason why would a government need to ban this community just because its being used for scamming,the victims must file a case to push the suspect and let bitcoin alone lol

[hualangktsld841]

This is a normal news for emerging things. We all know that in the past year, encrypted currencies have developed rapidly in Southeast Asian countries such as Thailand, Vietnam, Indonesia and Philippines. These countries are open to bitcoin, which has also made many people see the value of bitcoin, of course. There will be some people using bitcoin swindling. For such news, I want to say bitcoin is good, and those who cheat are bad.

[malikusama]

This propaganda is a part of conspiracy against bitcoin and cryptocurrencies, why they don't they ban online banking where hundred of accounts are compromised by hackers?
Scams are everywhere and are even more in fiat banking system, why they are just tagging bitcoin with SCAM.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

I must say either they don't know about what pyramid scheme really is or they have no knowledge about bitcoin and cryptocurrencies, awareness is needed.

[dothebeats]

For someone working closely with the largest exchange in the Philippines, I can say that there are no notes regarding that one yet. Most of the regulations imposed are about KYC and AML which is nothing worse IMO. Also the PH government seems to be open about the said cryptocurrency but has issued warnings about cloud mining schemes and the likes since people are still gullible enough to believe in exorbitant gains in a short span of time. Not even worried about the state of bitcoin in the country TBH. Local banks and the gov't seem to be supportive about it.

[omonuyak]

What is going to happen if  people scam each other with dollars or any hard currencies which has been happening? Philippines banning bitcoin is not a solutions to crime and criminality as bitcoin is not a root couse.

[iamlds08]

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 bitcoin and the blockchain technology is a breakthrough and a good product of technology. those scammers scam in just the name of bitcoin not knowing the true value of it. they have taken advantage the popularity of bitcoin and used it in a manner that it was not to be meant. networking pyramiding and ponzi schemes are already there even before bitcoin. people should not be taking this kind of easy money schemes!

[Coffee135]

As has happened in other countries, for example Indonesia also prohibits the circulation of bitcoin. Countries like the Philippines are a lot of people who invest in crypto, but the government there must think hard to avoid people deceived by a scam. So I think it's very natural that the government keeps its citizens safe from crypto money scams

Only people who do not understand anything in the economy, politics and cryptocurrency have such a point of view. Because of your ignorance, you take the side of the government. If you think so then why do you need this forum? There are going to supporters of the cryptocurrency. How can we support the restrictions of governments?

[demenBTC]

Government officials in the Philippines that it is not the fault of Bitcoin. The Philippine government already acknowledge Bitcoin as a legit currency and I do not think they will change their stand against Bitcoin because of these scumbags.

This should not be asked because what if they scammed FIAT ( Philippine Peso) will you ask if the Philippine peso will be banned because of these scammers. Scammers steal money and Bitcoin is money as simple as that.

Anyway good job for the Philippine police that they caught these kind of people, they should rot in jail.

yes, the Philippine government has legalized bitcoin in the country, in the Philippines rules all bitcoin users will be taxed, but what I do not understand about bitcoin user tax is how the government knows and will do it, blockchain technology can not be tracked without the owner's permission

[Lwtelencio]

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 heared this news before and yes over 900 million worth of bitcoin scammed by the co filipino people who are investing on bitcoin. For this situition this would not be the reason to banned bitcoin on the philippines, because according to the experties on bitcoin, those people scammed because they dive directly on bitcoin and invest a lot of  thier money without thinking what is all about and lack of experience  on cryptocurrency.

[dewi91]

In my opinion that reason is not enough to banned bitcoin because the government of Phillipine very support bitcoin and blockchain technology. Many scammer utilize bitcoin to make people interested to invest that's why we have to be careful and don't only thinking about big profit but we must have knowledge about crypto currency.

[RamonBTC]

Oh! I’ve heard hundreds of stories of investment scam in Philippines using fiat, am I right? Do they banned using Philippines Peso or US dollars for that?

Now one incidence of bitcoin scamming will they banned it? Is it even fair, in my mind it isn’t.

Investment scams like pension plan, networking and government scam, you name it they have it. Isn’t it normal in long run as this victims doesn’t even learned from it.

Bitcoin can be banned if they wanted to, but does the users will not rally against it or even used VPNs to get away with it. Be my guess.