Will bitcoin be banned on Philippines?

[Babylon]

As far as I know is , as of now the government of philippines are now conducting a debate which they just tackling if ever they will approve on bitcoin or applied it on the country. But some recent news I've seen I think the government of the philippines are now seeing the good sides of bitcoin.

(This link is the news )

https://www.coindesk.com/philippines-just-released-new-rules-bitcoin-exchanges/

[Jeepney_koh]

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?

Those prople who were scammers just used the name of bitcoin because of its ability to double your investment. They have used bitcoin in wrong way. Likewise, its not bitcoins fault, its the investors because they entrusted their money to someone. I believe it will not be banned in Philippines.

[knight20]

No it wont, because of the facts that Philippines is one of the highest smartphones using country and it cant be done. BTC is highly known because of its accessibility and easiness to use and I know for sure that one day most people in the Philippines will rather use bitcoin than their silver coins. Besides, people using bitcoin are the one whose responsible for that scamming not the currency itself.

[sampalokmix]

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 BSP in this country has been acxepted Bitcoin to be use by the society,  I highly doubt that they will banned this forum because of the people who scam others. As far as I know the people who were the suspect, talk smoothly to their Victim to invest to them and they will say that they will be the one who will input the investment that they have give in his Platform, which was the thibg why Bitcoin was involved.

[blue_nexus15]

I do not expect that to happen. Unfortunately, the Philippines does not recognize the true value of bitcoins. It has many benefits and the ability to pay and convenient transactions. In today's development trend, bitcoin is seen as a tool to find profits through business and investment. And I hope bitcoin will grow in all countries (including the Philippines)

[Bolivar_Tony]

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?

That is a bad sign for Bitcoin and other virtual currencies, I do not know if their country banned bitcoin, other virtual government bonds are banned or not but in my state they banned Bitcoin, and Other currencies are immediately prohibited, in which they made it clear that anyone involved in the investment was penalized.

[hitrawal91]

Well, there are many complaints coming from Philippines regarding the cryptocurrency scams from many scamster, and this has been already cautioned from the government that trading cryptocurrency and investing over there holds risk and you should be participating over there only after seeking help from the cryptocurrency expert.If you want to avoid getting into scams you better gain enough knowledge on bitcoins by which people cannot scam you by any means.

[Noilee]

I think, it does not happen, because government are the one who really adopt bitcoin. So its impossible that bitcoin will be banned, because it can help a lot of people in the Philippines to earn easy money. Almost of people are invested, and its already legal. If this will happen, there are more people lose a source of extra income.

[Direwolve735]

I do not think that the Filipinos will prohibit bitcoin. With risks of using crypto currency you can cope, otherwise - it's a regular instrument of the money market and the object of investment. The Government of the Philippines understands this. The prohibition of crypto currency will lead to more harmful consequences, rather than its functioning.

[Wexnident]

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?

Well, practically speaking this things will  possible to happen every where and any time because I believe that in whatever will happen to us as a individuals is really up to us or depend on us. I mean if there is no one that is fool therefore there is no one that be con-man because I know and believe that the smart people are not easily to goofy and doing foolish thing by other people so it really up to us. However, in regards to being banned of crypto in Philippine, there is no final decision that it will totally banned maybe we can have updated news about it in the next couple of weeks but for now crypto in the Philippine are still on going.

[White Christmas]

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.

I agree it is the responsibility of the owner of bitcoin. If you have your bitcoin you must be careful where you will going to used it. Yes there are many scammers now in the surroundings but if you know what to do you will not become a bictim. I think government cant banned bitcoin here in our country because it already helps lot of people to become rich.

[Kidmat]

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.

I agree it is the responsibility of the owner of bitcoin. If you have your bitcoin you must be careful where you will going to used it. Yes there are many scammers now in the surroundings but if you know what to do you will not become a bictim. I think government cant banned bitcoin here in our country because it already helps lot of people to become rich.

I don't think government will based on this situation to banned bitcoin in the Philippines. Even others reputable department in the country has already warned netizens that bitcoin is not an hyip investment and people should understand the risks in bitcoin. Because many had proven that bitcoin has its good advantages to the users.

[Naughty Princess]

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?

Those prople who were scammers just used the name of bitcoin because of its ability to double your investment. They have used bitcoin in wrong way. Likewise, its not bitcoins fault, its the investors because they entrusted their money to someone. I believe it will not be banned in Philippines.

They also report that bitcoin is scam without even knowing that scam is the way how they invest. They get scammed because they do not know if it is legit where they put their money for investment. It will not be banned as long as, we, the people use it in better ways and not in any other illegal activities. It really help every individual to have income even staying at home. It will be good help for the economic growth of the country.

[UltimatePro]

Seems like a baseless question. The story is about a couple scamming others by convincing them to invest. It just happened to be Bitcoin. It was a tactile situation, where victims were face to face with the people who took their money. It wasn't due to a hack or something like that.

You're reaching hard to associate to unrelated things.

[terrific]

Will bitcoin be banned because of that?

There are many scams that are occurring in other countries and that isn't the main reason for them to ban bitcoin.
Bitcoin is legit so the local currencies are and scammers are taking advantage of people who lack of knowledge about bitcoin.
They use bitcoin to scam people and so with local currencies. There's no need for the government to ban bitcoin because of it.
The government knows the risky on having bitcoin and its not that easy to own it so they are educating that one must research about it.

[Vness10]

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 they will not ban bitcoin because before that scamming news a lot of people got scammed by the hypo site o ponzi site but what happen still Filipino want to invest and still want to earn in crypto. Actually is not fault of bitcoin or crypto the problem is the person who use bitcoin to scam the people. People that always want take advantage the others to scam.

[EnricoGomez]

There is a chance - they will still consider that other major countries banned bitcoin, too.

Probably no. There is a percentage of Filipinos that use bitcoin to both primarily and complementarily earn money. Earning money through it helps reduce rising unemployment rates.

Honestly, bitcoin scams are partly the fault of many investors in the first place.
Yes, bitcoin is a "hype" currently but one needs knowledge to effectively manipulate their own to maximize their profits. Filipinos easily jump on hypes and trending matters without actually acquiring knowledge about it on the first place.

[canque31]

There is a chance - they will still consider that other major countries banned bitcoin, too.

Probably no. There is a percentage of Filipinos that use bitcoin to both primarily and complementarily earn money. Earning money through it helps reduce rising unemployment rates.

Honestly, bitcoin scams are partly the fault of many investors in the first place.
Yes, bitcoin is a "hype" currently but one needs knowledge to effectively manipulate their own to maximize their profits. Filipinos easily jump on hypes and trending matters without actually acquiring knowledge about it on the first place.

Scammers are everywhere. Tactics and strategies are made by individual to cheat to make themselves cheat. It is not Bitcoin's fault but the fault lies on the scammer. I don't believe that Bitcoin will be banned in the Philippines for that reason. The government is already investigating about that matter. Due process is followed for banning of something in the country and it is unfair if they banned it because of that issue. Better study the background of the management before investing to avoid scam.

[redcucumber]

Philippines is a free country so they will not ban crypto currency there besides its good to invest in Philippines right now because of their growing economy and their vast natural resources, many entrepreneur there are starting small business and banks is also offering financial assistance over the startup years that's why I think crypto currency will not be banned their because its a perfect fit to their country plus Philippines is an archipelago so remittance is a common thing to their people who is working overseas for a living they can experience how great the potential of bitcoin through using its features in their home, business or anything else that filipino's would come up to an idea using crypto or bitcoin.

[BLAST2MARS]

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?

Obviously, no. I live in the Philippines and Networking is the most common platform for scammers to make a pyramiding scam but my government had never discussed if that type of business should be banned entirely so it's really impossible to happen in btc.