Will bitcoin be banned on Philippines?

[harsak06]

No it wont, because of the facts that Philippines is one of the highest smartphones using country and it cant be done. Besides, people using bitcoin are the one whose responsible for that scamming not the currency itself.

[satecream]

well it actualy new in the philippines and i think they goverment still thinking the best way of it to using bitcoin and keeping it stay in the dock for the real ecosystem that for payment or transaction so still long for the banned i think

[GoodLuck2]

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?

Philippines will not ban cryptocurrencies. Actually, Philippines is creating plan that will help the bitcoin to become more popular all over the country. There are now many businesses in the Philippines that fully accepted bitcoin as money.

In Philippines, the awareness rate of bitcoin and the rest of the crypto currencies is far more than that of any other country and that there is a huge number of investors who are investing in different  crypto coins while being there. I don’t think so that any of the crypto currency will be banned and that too in a country where the economy is getting stronger and stronger just because of the crypto currencies.

[victorski]

I Would preffer to see bitcoin allowed and accepted all arount the world, another case we would face som etroubles by that.

[bitllionaire]

I Would preffer to see bitcoin allowed and accepted all arount the world, another case we would face som etroubles by that.

In fact that is the future of bitcoin, bitcoin will very soon be accepted as their main currency and hope that very soon we will use bitcoin for everything without having any difficulties because very soon people will understand the importance of bitcoin and will start using bitcoin in their day life for everything.

[YED]

This thing cannot be stopped.

21st century will be known for blockchain technology among other things. So don’t miss out being a part of history bullshitting yourself that anything could happen.
It will never be a legal tender but that doesn’t mean it is illegal. A legal tender is something you give to a person who sells you some goods or services. For ex - INR is legal tender.Can you buy vegetables with gold? Gold is also not a legal tender.
If however, let’s suppose for argument’s sake that Bitcoin does get banned. Well, crypto family will join together and bring the fucking govt down. There will be riots in New Delhi and blood will be spilled. Because crypto is also a religion and we are fundamentalists lol.

I think govt is smart enough not to ban it. They just want to collect more and more tax and send it offshore to their illegal accounts. Crypto people are more than ready to pay taxes.

[heartwreck]

I dont think so..it will not be a good reason that the government will stop bitcoin here in the Philippines.And many of us using bitcoin and get it in many ways, there are just few who used it in bad manners.

[300pips]

Yes, theres a possible chance. Because mafias and pyramiding schemes are using Bitcoin as the joining requirement in their scam. One of my co-workers has a very bad impression of Bitcoin, he told me that Bitcoin is a scam because a scam company didnt pay their expecting profit.

Because of scams and pyramiding schemes, ignorant people are blaming Bitcoin.

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?

[Mikejones64]

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 don't think that incident would be enough to ban cryptocurrency in Philippines. Those victims were scammed by a person, not the ICO itself. Pyramid scheme and scamming is common in this country, it's not bitcoin that'll be banned, it's the pyramid scheme networking.

[charlotte04]

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?

Our government in the Philippines should be aware of those scam companies or what we call pyramid schemes that ruins that name of Bitcoin and other crypto currencies. I hope someone will make the government be aware of AirBit since it will be also a scam company soon.

[dado7]

EzBreezy, do you know any country where Bitcoin was actually banned?
Do you know any country where a property or means of payment were banned because they were easy to steal?
That is the answer to your question.

[Elai101]

EzBreezy, do you know any country where Bitcoin was actually banned?
Do you know any country where a property or means of payment were banned because they were easy to steal?
That is the answer to your question.

I think they should not do that because in the first place it helps those individuals who strive to earn from crypto, in fact there are many people here in the Philippines that are benefited from bitcoin, those unemployed or low rated salary from corporate job is now seeking the good opportunity for crypto investment that bitcoin can give.

[Rooster101]

Long before bitcoin exist, some individuals are already using the country's currency to scam people and amassed wealth but the government did not blame the currency nor threatened to ban it because it have nothing to do with scamming people. It is the same for bitcoin, a popular virtual currency, online scammers uses it to scam people but it doesn't it is a scam. The central bank knew this and they have already some plans to impose strict regulations in the future.

[Pamahaw]

Long before bitcoin exist, some individuals are already using the country's currency to scam people and amassed wealth but the government did not blame the currency nor threatened to ban it because it have nothing to do with scamming people. It is the same for bitcoin, a popular virtual currency, online scammers uses it to scam people but it doesn't it is a scam. The central bank knew this and they have already some plans to impose strict regulations in the future.

You are right bro as i see the Philippine government had no immediate plan or whatsoever in banning bitcoin because of the recent scam. But as have read that supposed bitcoin scam, it is not about bitcoin at all. The scammers only used the term bitcoin to lure their victims to invest on their scam projects.

[Nyenyepogi]

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 don't think that bitcoin be banned because of the scam artist like this beside government tell the people be more careful before investing on bitcoin or other cyrpto currencies and always be aware. As far as I know Philippine government has making a regulations about bitcoin because they knew that a lot of people here in the Philippines takes a lot of benefit on bitcoin and there are many unemployed here so bitcoin is a big help.  

[anussayme]

That is a sad thing in countries like the Philippines. In my country Bitcoin is also banned by the government, so I understand the feelings of investors in the Philippines, then Bitcoin operations will take a lot of time and trouble to face between the government and the risk.

[FUD Expert]

Bitcoin was not the scam in the first place and it's the syndicate who executed it so I'm not seeing any possibility of a ban because of that reason. People always get attracted with high returns so it's also the investors' fault and bitcon has just been used.

[Coleth]

If Filipino people continue to use bitcoin for scamming people there is indeed possibility that Philippines will ban Bitcoin in their country. Banning is good for those using bitcoin in illegal ways.

[Pumapipa]

Exactly the reason why most of Filipino people have fear in investing in bitcoin. Some people take advantage of the bitcoin hype and the filipino's lack of knowledge about this.
Nevertheless, In my opinon,  the Philippine government will not ban the use of bitcoin but all the more will take precautionary measures for this not to happen again. As far as I know, the House of Representatives is already taking steps to regulate bitcoin and protect its investors.

[Jesabela04]

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 lots of negative information about bitcoin in the Philippines but I think that it won't affect the reputation of bitcoin in the said country. According to the news, the Philippines is actually starting to accept bitcoin and is starting to develop more of it. It is actually a good things for the country.