Will bitcoin be banned on Philippines?

[Watashi Yamashita]

As of now, I haven't heard any news that the government will ban bitcoin but I really do hope not to ban it. There are lots of scamming issues happen not only in bitcoin but there is only a few that were banned. If you will look at it, bitcoin would be very helpful for the poor economy of the Philippines and lessen the number of people who lacks their source of income and it has lots of benefits as well. So, hopefully for that single crime that had happened, bitcoin wont be banned in here. I think it is the people to blame not bitcoin itself.

[danim1130]

Absolutely not because there are so many people in the philippines that are using bitcoin and in the good way and in government too i read some articles showing that they are using some bitcoins in transactions, well maybe that is not true but there is a chance right. Bitcoin in the philippines will not be banned for sure.

[masterchief001]

The Philippines is the third largest country in terms of remittances, with nearly $ 30 billion coming to the country by 2015. Nearly 10% of the country's GDP. Bitcoins in this country are also very developed, used by many. I think the country does not prohibit bitcoin but the regulators of the Philippines are considering new regulations for digital currency trading and initial coin offerings (ICOs). I think this is what should make bitcoin the rule in 2018.

[valentinen39]

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 huge chance for bitcoins to be banned in the philippines because there are illegal network group who are scamming different people and using cryptocurrency as their theme that makes people get interested and be scammed.

[Karmakid]

Actually they didn't scam using bitcoin, they used the name bitcoin in their scheme. That is one of the reason why bitcoin and cryptocurrency is having a bad reputation in some countires, especially Philippines. However, the SEC already warned Philippine citizens about investing in ponzi schemes where ROI is just too good to be true. They even mentioned named of investment company or groups that are not listed in SEC. SEC and the Central bank of the Philippines are not actually against crypto, they want mass awareness about the risk and scam that is going around it.

[teeevnglst]

I think not because if you look at it you can see that the scammers is not affiliated in bitcoin industry at all.It is just like a regular scam that people hop into ,they dont ban investment firm if theres a scammed investment it doesnt work that way.

[santino11]

I don't think there is a chance that bitcoin will be banned in the Philippines,
As the news goes viral a few days ago, brother of Ph. President Rodrigo Duterte
filed On SEC with another exchange like COINS.PH for the cryptocurrency.
this is a better stage for Filipinos.

[Falmera]

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 agree with you fellow. The number of cryptocurrency scammed victim is less than the number of Filiinos who are benefited by crypto. If it will be banned, then there will be more people who will be sad and become idle mentally and physically. Better just to regulate it.

[soul-impact]

I think this can happen. Bitcoins are affecting the Philippine currency system. It made the Philippine currency depreciate and hinder the development of the economy. The Philippine government is making every effort to stave off the development of bitcoin. They can stop the bitcoin from working.

[fritzbird]

With the related news, it would only taint bitcoins reputation in the Philippines,
scams on other forms of financial options occurs everywhere in the world all
the time. They would either make the public and authorities on the vulnerability
of such a method or give a negative impression on the whole idea. But still
there are more elaborate scams that need attending than a isolated case such
as mentioned. But I think that won't get bitcoins banned in the Philippines or
any other nation at all.

[zwiggel]

I think this will not happen. bitcoin will not be banned in philippines. There are many people in philippines investing in bitcoin. They see bitcoin as their main source of income. The Philippine government is doing everything possible to make it work without affecting the economy.

[PhucS]

This depends on the views of the Philippine government. In my opinion, I think they will not forbid Bitcoin just because of such things. That's just one disadvantage of Bitcoin that bad guys can use to fool others, in essence Bitcoin is very valuable. If the government bans Bitcoin, I think the Filipinos will protest. However, it is likely that they will come up with regulations to adjust the rules to suit the current situation as cryptocurrency is gaining in popularity worldwide

[terrific]

The Philippine government is doing everything possible to make it work without affecting the economy.

They are warning the people that they shouldn't use bitcoin as an investment instead only a payment method.
And that's how they are doing every possible thing to make it work out.
Other citizens are using it as a way of remittance and that's impossible not to see that it won't affect the economy.
Scams are everywhere and this isn't the first time that there's a report that bitcoin used as a tool for those scams.

[Potatohead]

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 that it isn't a reason enough for the government to ban bitcoin. Yes, that news has been in the mainstream and bitcoin is said to be the reason. However, the government has done an investigation and they already found out that bitcoin is just the mode of payment being used in the said scam so I believe that it is clear to the government and they aren't going to ban bitcoin just because of that. The Philippines is actually starting to accept bitcoin.

[fishball]

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?

People or the authority should know what is the real problem beyond a problem. They should not generalize things because of a thing. They should still rely on what is the real thing thst bitcoin is offering and sshould not be confused with the fake ones.

[ralle14]

-snip-

Next time you should at least put the source below and not just copy a portion of the article. This could be considered as plagiarism.

Bitcoin shouldn't be banned in the Philippines because of this incident these people can do the same thing with fiat if they wanted to.

However, it is likely that they will come up with regulations to adjust the rules to suit the current situation as cryptocurrency is gaining in popularity worldwide

They already did made some changes and started regulating exchanges last year. Even if they'll make things harder for bitcoin users this won't prevent people from getting scammed in a ponzi scheme though

Filipinos should be knowledgeable first because mostly here in the Philippines people do anything for money.

If they get scammed they'll just invest on a different ponzi. I know because this is what I experienced after joining in on some facebook groups that are related to bitcoin.

[thend1949]

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.

It can have a bad image for some countries, because they don't dig deeper to what it is entirely without further investigation. It also happens due to media influence, negative views and used for personal greediness. I don't think it does in any way affect the adaptation of bitcoin by Philippine government. Many Filipinos are now part of bitcoin, some made it as their full time job and some as part time job. It also open doors for unemployed but with potential to engage in Bitcoin. In fact many firms, different forms of sectors, and establishments in the Philippines that started to adapt bitcoin. On the other hand, let's all be vigilant of scams and other fraudulent activities, like pyramid scheme, because they might just be around to attract and manipulate bitcoin ruining its reputation. What we need is instilling the right education to unbelievers and hesitant people what it can contribute for the well-being of  everyone.

[killerfrost]

right. philipin is banned for bitcoin activity. Filipinos are not allowed to invest in bitcoins. The cause is bitcoin affecting the economy of the country. Bitcoins make the currency system upside down. Banks face difficulties in paying for bitcoin. So bitcoin is prohibited in this country.

[Zandro]

Aside from Bitcoin scam there was a lot of news about scam on the Philippines like mostly.the pyramiding scheme the cloud mining but they were not banned at all only the people involve in the crime was arrested, maybe it will happen also with bitcoin. Bitcoin will still go on but this criminals will not be free from their crimes and they will face only justice.

[gambitcoin53]

i think not, bitcoin will never be banned in the philippines or in any country so to speak, unless a country is a communist country, but if it is a democratic country, like ph, people have the right over their own money and finances. even a huge money was scammed, it is not a basis to totally ban bitcoin, that is why they are planning to regulate bitcoin transaction to avoid this kind of pyramid scams and unsolicited form of bitcoin use, and to clear things up, bitcoin itself is not a scam, the problem is the people who took advantage of stupid people who believe they can get rich for riding on someone's personal investments.