Will bitcoin be banned on Philippines?

[usorin]

This has nothing to do with the banning of cryptocurrency because what this couple did it is not a specific behavior for the crypto ecosystem so crypto wo 't be banned in Phli.

[knightmairesaint]

This is what happens when you don't have enough knowledge about crypto.  Honestly, how could those people easily believe that their investments are going to grow every 15 days?  Bitcoin price isn't always high and volatility greatly affect how it is going to stand in the market. In 15 days,  it is a short period for bitcoin to grow so it really is impossible for them to gain from their investments.

Investments takes long time to profit,  this is what I always believe and it helps me to avoid any ads and invites saying that my money could grow in just two weeks. This incident is creating a bad image of bitcoin for those who haven't know it yet and I just hope that the government would be fair to get into conclusion that bitcoin was just used as a tool to lure those people.

[merchantofzeny]

They need to ban the peso too then considering it was used in all those Ponzis in the past. Remember that Aman Futures where the scammer just fled to Malaysia and won't be extradited (imprisoned there for a different case, apparently he's related to a politician there and the money scammed from the Philippines could have been used for elections there)? What did you think they used for that scam?

Suddenly banning it would mean they might have to close exchanges, which are legal and might sue considering their businesses would be affected.

[Coffee_Lover]

Gosh! I hope not. I havent had that much from bitcoin. I hope the scam wont much affect bitcoin here in the Philippines.

[MS.LAWLIET]

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?

there is a probability for bitcoin to be banned in the philippines because of the high amount of money that has been scammed but I hope not. this teach us a lesson  not to invest easily if the source is unreliable. the bitcoin users in the philippines will decrease as well as investors because of this incident. but the truth it is not bitcoins fault if somebody was scammed the president should consider the advantage of the right usage of bitcoin in the philippines rather than banning it just for those scammers.

[Semaj123]

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?

There are a lot of people who already been a victim of crytocurrencies because of so many reasons. This is just one example and probably those victims don't thoroughly did a more research about crypto. This incident is about investment but the investors trusted a person without hesitation. There are a lot of ways to grow our profits in crypto but it is sad to know that people wanted some easy money. If they really want to get involved in this business,they need to learn first before getting involved into something especially it involves huge amount of assets.

[samputin]

I don't think Philippines will ban bitcoin. It's undeniable that the said issue needs to be addressed with immediately because  that is a large sum of money. However, the Central Bank of the Philippines have already posed regulations regarding the use of bitcoin in the country. That happening should teach people engaged in Bitcoin to learn more and obtain knowledge so they won't be scammed. Also, bitcoin here (in the issue) was used as a medium of transaction so the mistake was on the persons involved. The government must apply a stricter policy and the people must be wise enough before doing anythings especially when it includes money. Bitcoin offers huge benefits but it comes with larger responsibility.

[racham02]

if bitcoin is banned in the Philippines when it happens, people who work and depend on bitcoin are bad because they lose their jobs, because in bitcoin they will only earn a great deal and work well.

[jhongzjhong]

if bitcoin is banned in the Philippines when it happens, people who work and depend on bitcoin are bad because they lose their jobs, because in bitcoin they will only earn a great deal and work well.

Really hard to understand what you mean.
Well, on behalf of Filipino citizen so far bitcoin here is now still quiet from our government even there's a news regarding scamming bitcoin from the online business the pyramiding investment. They create pool fund of bitcoin from investors and they did not release to their members a monthly promising amount that maybe they earn. But as of now, those scammers are in jail now.
There's is no reason they ban bitcoin because the one who has a fault is those people who abuse bitcoin, not all bitcoin users that have a good interest to earn.

[zhea]

I dont think it will be ban in the Philippines few number of victims versus thousands of Filipino bitcoin users. Lot of Filipinos are hoping that bitcoin is the key that will help them out from financial difficulties and this is being proven and tested already because we already hear inspiring stories that bitcoin is really a life changer. What had happened is an eye opener of the people not to trust that easy and must study and do th3 research first before putting up investment.

[PsylockReborn]

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?

Crypto or not, if you'll join these kinds of schemes very much likely you'll get scammed in the long run. There's no such thing as easy money. I doubt crypto will be banned in the Philippines because lots of miners and Filipinos rely on cryptocurrency nowadays to earn a living for their family.

But there's a slight chance that this could happen if the Philippine overnment will see crypto as a bad thing for Filipinos. Let's just hope that this won't happen because lots of Filipinos that will be affected by it.

[Angi]

In the Philippines its always happens to people who wan't money but the government don't  have too much action for that because they did not break it and banning bitcoin in Philippines unlikely to happen because the economy is not high enough to do that.

[krauzzer02]

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.

So how about some networking scams and other stuff which pertains to physical investments and opportunities that you need to place physical fiat? if your going to combine all those scams the numbers would be massive, as well as the victim's count, compare to this 900 million PHP, I'm not saying it is not a big issue cause they collected that much amount of crypto then the funds are all gone now but to be fair they need to ban and deal the investments schemes on the local first before dealing with bitcoin, it is just a fresh technology in the country, it must be the firms and the personalities who use it to scam people are to blame not the currency itself.

[markdario112616]

This is just a similar issues to those scammed by some networking scheme. Here in Philippines, This issue is not new to us. A lot of complains are made each day just solely for this case. Will it be banned? Nope, the legitmacy of Bitcoin here in the Philippines was approved by the BSP. But, then again BSP warns people to a possible attack such as this one. Especially, That this industry is prone to a such actions like this. This issue would not be used as a probable cause to ban Bitcoin due to unsubtantial evidences, The action was made by the two parties and Bitcoin is just their mode of transaction. If Bitcoin is a person, then he/she could be a state witness against the suspects.

[JerryJam]

There are companies in the Philippines that have tried to sell their tokens on the basis of Ethereum network. These companies did not have an official license for such activities.The Department of protection of the rights of investors have suspended their activities.These firms can continue their work as soon as they are registered and have permission to sell securities.

[Nylelyn]

Bitcoins is now highly controvertial because of the recent scam that ihappened. These people have given bitcoin a bad name and might have a bad affect to all bitcoin investors. Under our present government,  knowing our leader,  there is a possibility that it can be banned if people
involved will not do proper action and correction on this unpleasant situation and prevent this to happen again.

[ValentinBen]

If it ever happens, people working in the crypto world may have to leave the country. 

[letua]

If bitcoin be banned in the next days with that kind of issue then it could be summarized with a simple thoughts of Philippine government. One big scammer versus thousands of Filipino bitcoiners who are thankful with this kind of crypto opportunity that are not included in that matter. But I know that the President of this country is not idiot but rather very elite person that can manage to maintain the benefits of more people than one or two person. He is also futuristic and willing to sacrifice his own life for country's sake. That is how he patronize.

[Janation]

If it ever happens, people working in the crypto world may have to leave the country. 

I guess people might be really careful about this but I don't think that our government will be banning Bitcoin just like that. Bitcoin is a digital currency without any third person on your transactions, it is a decentralized digital currency. The fact that a lot of people in our country say that Bitcoin is a scam is a proof that our countrymen do not know what really Bitcoin is and it is not a scam currency but it is just used in that certain purpose.

[kimdomingo]

I am from Philippines and I don't think bitcoin will be banned here in the country. The said scam was just from misuse of bitcoin and about trust issues. There is no good reason for the government to ban bitcoin in this country. Citizens should have to be careful when trusting their money to other people. I believe that bitcoin will really help the economy of the Philippines by letting unemployed citozens to still have an income enough for their living.