Will bitcoin be banned on Philippines?

[Rrotess]

Well we can never say it will be. Crypto was used as an investment scam, many other things are used as investment scams in the Philippines. I guess a ban world be tragic, a regulation would be more fit. Most countries has already opted to regulate cryptocurrencies rather than ban it because for starters, the blockchain technology is beneficial.

I think bitcoin will never be banned by philippines because I 've heard many Filipino people got riched because of joining crypto currency that help them to survive financially.

[hkdfgkdf]

Nah think bitcoin will not be banned here in the Philippines as the central bank recognizes it continue to warn us Filipinos to know the risks if investing. And of course it's not the bitcoin's fault, it's a currency abused by scammers and those criminals must be in jail. I think govt must establish more laws to regulate digital currenciies.

[coinfinger]

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.

This is an upsetting situation. It is not something illegal and must be encouraged to make things easy. The countries which ban the technology are actually depriving their people of the fruits and perks of the latest technology. The government intervention in this case is just due to the reason that it will pose a threat to their monetary policy tolls with the help of which a government control inflation and exchange rate etc.

[geopolisch]

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.

Different countries have different ideas about bitcoin. Some countries have legalized bitcoin while other have banned like my country. I don’t know why my government banned bitcoin although it is better for people to have their own business and they are out of the burden over the government. I also agree that Philippine will not ban bitcoin because it is not illegal. It is only decentralized.

[Shamie1002]

Bitcoin is definitely not a scam. It is a digital money that is why greedy persons are very interested in making it successful in this industry. As a currency, bitcoin is just used as a tool to scam other people. Bitcoins are not to be blame instead those people who use it the wrong way should be punished.
Banning is not really necessary but people and Filipinos should be knowledgeable first because mostly here in the Philippines people do anything for money.

[nur rochid]

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.

This is an upsetting situation. It is not something illegal and must be encouraged to make things easy. The countries which ban the technology are actually depriving their people of the fruits and perks of the latest technology. The government intervention in this case is just due to the reason that it will pose a threat to their monetary policy tolls with the help of which a government control inflation and exchange rate etc.

here it is very visible that the government does not want to lose its role, because they can not control bitcoin, because btc can not be controlled, because based on demand and supply, maybe the government is still looking for ways to overcome this

[tanghere02]

I have seen this on the news and read a couple of topics about these scammers in the social media but I do not believe bitcoin will be banned in the Philippines just because these people scammed a couple of innocent victims. Some local news was not even able to deliver the correct details about the said topic. Bitcoin is not a scam for all they know and they should be educated on what bitcoin is.

[kwarto]

it will never be ban, look the issue is envolve only on the couple for allegedly making money, and promises to return in fold every 15days.. there is no direct participation of BTC in their scam.

you know i see it in different angle.. because of what happen many filipinos now are curious of btc and they more like to know the system of crypto.

[hongtham]

Bitcoins can not be banned in the Philippines just because of fraud.
Be alert, learn when you trade.
And I think bitcoin will not be banned in the philippines, but just harder to protect people from fraud.

[Finestream]

it will never be ban, look the issue is envolve only on the couple for allegedly making money, and promises to return in fold every 15days.. there is no direct participation of BTC in their scam.

you know i see it in different angle.. because of what happen many filipinos now are curious of btc and they more like to know the system of crypto.

Yes exactly.This might bring a negative impact to bitcoin since bitcoin is involved but not directly.I really believe this will be the start of getting the interest of people into bitcoin especially for those investor-type.So instead of banning of bitcoin in the Phillippines,Filipinos will have their own interest how to get a single btc for their own investments.

[Wyne]

I don't think so! But if I'm not wrong I read before the article regarding the regulation of legitimacy of cryptocurrencies in the Philippines. Based on the statement of Central bank of the Philippines. Because they notice that the huge remittances are coming from cryptocurrencies and they decide to legitimize Bitcoin and other cryptos. But for this existence happen in the Philippines hoping it would not affect the lawmaking of bitcoin in the Philippines.

Hoping that the Philippines do not ban bitcoin and any transaction within instead the government of the Philippines continue support bitcoin and allow all transaction within. Bitcoin users in the Philippines are hoping that the bitcoin scam cannot affect the use of bitcoin in their country.

Let's wait and see what will be the next initiative moves of the government official of the Philippines on the crime happen regarding with bitcoin scam.

[ASHLIUSZ]

Such scams can be found commonly around the world. Now one incident has come to the light from Phillipines. These incidents make the community get affected. Phillipines has got large number of bitcoin users and the government too doesn't have much harder regulation. Such incidents will pave path for strong regulatory law implementation.

[Lumada]

Such scams can be found commonly around the world. Now one incident has come to the light from Phillipines. These incidents make the community get affected. Phillipines has got large number of bitcoin users and the government too doesn't have much harder regulation. Such incidents will pave path for strong regulatory law implementation.

It unnecessary to do banning, the payment methods were using bitcoin but the schemes are almost evident in the Philippines, I don't know why many users get victimized by these couples.

[thecoder2017]

There are news that bitcoin is a scam so people are aware of this bitcoin but i dont think the government of the Philippines will ban bitcoin because as a developing country bitcoin is a great help especially to those who have no permanent job to support their daily needs.

[Sexie]

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?
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I think that is not the main reason to ban bitcoin in the Philippines . There. Are so many pyramiding in the Philippines through facebook, but in cash bases. Filipinos just easily believe in easy money making and one of  those is pyramiding , pay outs and pay ins. It is good  at first, but in the next  pay outs is no more and you lost your money in there. This couple invited those people to invest in bitcoin , that was a huge amount  of money. Their bitcoin might been was scammed by their wallet . Or maybe bitcoin stayed at lower price.

[lienfaye]

I dont think they will ban bitcoin for such reason because btc itself is not a scam and the government officials are aware that some filipinos are earning through it by trading cryptos, its just that this couple used it to deceive people for promising high return of their investment. If you look further those victimized by the couple were also greed to believe its a way to earn easy money. They used btc as a tool and it can also happen to other currencies, pyramiding scheme is quite common strategies of scammer to lure their potential victim and if you are not knowledgeable you might be convince to their too good to be true sort of income.

[clarky]

I do not think btc will find banned here into the Philippines simply kind of that due to the fact on so incident. I don't be aware of respecting this guys, why she bear been fooled easily as soon as a scammer guarantees a enormous ROI, via so much time that need to bear learned in their self-interest so that was once simply a scam. They only suppose on the ROI too those hold deficiency of skills on where/what they are investing. This kind over doing make btc look as a defective investments.

[costanos02]

I hope not, because some people in the philippines make bitcoin as a full time job, filipinos work hard by doing bounties and trades, soon government see this as an alternative source of income for filipino people.

[Inkdatar]

I have not heard that bitcoin in the Philippines may banned because of what had happened. The government will not concludes into a decisions to ban this bitcoin in the country. People should be knoweldgeable first about this cryptocurrency before they will invest and put their all money without knowing the history.

[Allura74]

Such scams can be found commonly around the world. Now one incident has come to the light from Phillipines. These incidents make the community get affected. Phillipines has got large number of bitcoin users and the government too doesn't have much harder regulation. Such incidents will pave path for strong regulatory law implementation.

It unnecessary to do banning, the payment methods were using bitcoin but the schemes are almost evident in the Philippines, I don't know why many users get victimized by these couples.

Yes, banning would not help or directly eradicate the country's economic problem so government should not banned bitcoin but nor they should broaden their mind that bitcoin helps a lot of its people in gaining income out of being unemployed in a corporate company, since unemployment still not completely solve and bitcoins are the help by most of unemployed people.