Will bitcoin be banned on Philippines?

[jovs]

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?

Bitcoin operation has nothing to do with the crime committed by the Filipino couple. They have only use Bitcoin hype to attract investors promising that they will be having big return from the money they have invested to the couple who are claiming that they are into a legit bitcoin operation. I heard from a morning news afterwards quoting that Bitcoin was just use to deceit innocent investors and has nothing to do with the illegal operation. No further negative attack on bitcoin that follows. Although, it may leave a negative impression on bitcoin to the public, it may not be enough ground to ban bitcoin in the Philippines.

[Amajaa]

As far as i know bitcoin will going or planning to regulate on philippines by this,  if ever materialize it will require security for every transactions that will help to lessen or avoid these scammers that taking advantage on using bitcoin..

[Sniper150]

There’s a chance because of that scam I hope it will not because many people rely their incomes in bitcoin.

Even when in the news, they said that bitcoin is a scam. It is because there are people against on it, they don't what was the big help of bitcoin in other people. I know there are quite people using bitcoin in the Philippines, they do not share bitcoin works because they are afraid of bitcoin was banned in the Philippines. But I know many people going to support bitcoin because of the big thing contained on it.

[JoshMart]

I don't think Bitcoin will be banned in the Philippines, I understand there are a lot of fraud and scam cases using Bitcoin there but I also believe that Bitcoin is helping a lot of people have an alternate source of income there. I hope that its government will just implement strict regulations and laws around Bitcoin so it can still serve as a good source of income to the many people who are working hard via Bitcoin and be able to protect their people from those bad guys who are using Bitcoin as an instrument of illegal activities.

[Visbay]

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 is possible for bitcoins or cryptocurrencies to be banned in the philippines since there are allegations about scamming concept in that country and most of the people are losing a huge amount.

I don’t think there is even 0% reality in this statement but if it is true then we should not discourage other users if one lose amount, people shows carelessness about wallet private key which appears as lose or scamming and then the innocent bitcoin become ban for it, if 20% of people lose money then we should not punish the remaining 80% of people who are earning and living with bitcoin earning, so banning is a false decision according to me.

[Jating]

I don't think Bitcoin will be banned in the Philippines, I understand there are a lot of fraud and scam cases using Bitcoin there but I also believe that Bitcoin is helping a lot of people have an alternate source of income there. I hope that its government will just implement strict regulations and laws around Bitcoin so it can still serve as a good source of income to the many people who are working hard via Bitcoin and be able to protect their people from those bad guys who are using Bitcoin as an instrument of illegal activities.

Yes, there are already being passed in their Senate regarding strict penalties against crime involving cryptocurrency.

http://www.senate.gov.ph/press_release/2018/0313_delima1.asp

This is a good news for the Philippines, at least they are very welcoming and making a effort to curb scammers out there. Lately there's also one news about a outright scam by two Filipinos who run millions of dollars, but fortunately they are caught and I'm sure that they are in jail by this time.

So I doubt that the Philippines will suddenly turn its back against crypto because for one, its being used as alternative remittances by OFW through coins.ph and second it helps a lot specially those jobless and found crypto as safe haven for making money through trading.

[rosepetals]

There’s a chance because of that scam I hope it will not because many people rely their incomes in bitcoin.

Bitcoin becomes known in the Phillippines due to the current case facing by these couples who get involved in a pyramidng scam.These oocurrence make people knows bitcoin but they doesn't even have an idea on how it works that is why they call it as scam.Through this incident bitcoin has feared to be banned in the Phillippines but i have heard some news about it that bitcoin will not be banned but government will take part on giving regulations in it to avoid the same cases to happen again.

[BulbaLord]

I think bitcoin never be ban in the Philippines because of what happened in April 10 2018.because of being popularity of bitcoin
Many people giving false  promises that can make easy money by using bitcoin. But government will do something to stop scam in  bitcoin.

[Pepito Manaloto]

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've heard about that recent incident about an investment scam with bitcoin too but I don't think that would make bitcoin banned all over the country. The Bank of the Philippines has already released a precaution about investing in crypto before that scam happened so it is the people's responsibility and bitcoin is not to be blamed for this.

[Sir Legend]

Of course we hope the Philippines government is not banned bitcoin, this is because bitcoin helps many Filipinos to earn money, with bitcoin then many things can be done and if the government is banned then this is the backwards step.

[christina30]

I dont see bitcoin will be banned in Philippines,even though we heard about couple who scam big amount.it would be a disaster to every Filipino who had a bitcoin speacially those who joined for a long time.banning bitcoin for them is too much. Because lots of Filipino don't have job and bitcoin is a big help lots of poor and unemployed people would help this would be a big help to those people have a income

[ecnesa101]

I think bitcoin in the Philippines are not totally banned because Government support bitcoin like taxes and people take advantages those who are not knowledge in botcoin they in courage to invest been g money like last April 2018 theirs a big scam in bitcoin so I think Government didn't banned bitcoin here in the Philippines but a lot of scam nowadays..

[Wowcoin]

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?

Someone police  officer explained that bitcoin is not a scam so i think they will not ban bitcoin on philippines because they know that we are using bitcoin to to sent money from abroad.

[jaocoincrypto18]

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?

For me this should be treated as an isolated case and should be part of aid of legislation that instead of banning then it will be use as reference when they draft their own version of regulation.The main problem is the unoriented people because most of them will think Bitcoin is a scam that it should be avoided losing more potential investors in this place.

[Colt81]

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?

Maybe there will be a chance because of that proof and evidence which is totally an acceptable reason to ban Bitcoin that was just a sign that it makes people obsess on earning and gaining money that has a bad effect on the behavior of the people in which they are doing scam just to obtain Bitcoin in terms of money for their own. But I guess that was just a possibility since there are still many Filipino citizens who responsibly use their Bitcoin properly and it is just a rare case that Bitcoin has been attached in scam so possibly, it will be considered to be a rare case so Bitcoin might not be banned unless, many same cases will sprout out in the near future.

[Baofeng]

I dont see bitcoin will be banned in Philippines,even though we heard about couple who scam big amount.it would be a disaster to every Filipino who had a bitcoin speacially those who joined for a long time.banning bitcoin for them is too much. Because lots of Filipino don't have job and bitcoin is a big help lots of poor and unemployed people would help this would be a big help to those people have a income

So that is why we really need to save for the future because in worst case scenario, not only in the Philippines, if you are earning a lot from trading but suddenly your  government shuts it down then you don't have any option but to move somewhere else. As far as the Philippines, although their's one negative news that might raise the eyebrows of the government, I don't think it will be enough though to change the government direction towards bitcoin.

[sclmte]

Philippines will not going to ban bitcoin instead they were just going to implement rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud. There have been a lot of cases where ICO promoters vanish into thin air, and that is why philippines are doing everything they can so it wont happen here.

[kalawang]

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 no. cause we are all know that the past years bitcoin and other cryptocurrencies are legal in Philippines. it was discussed last year. and our pres. Rodrigo Duterte approved the law of cryptocurrencies. In own opinion Rodrigo Duterte knows that bitcoin and other cryptocurrencies are helpful on our economy. im looking forward to what will gonna be in the future

[Ashong Salonga]

I don't know what will happen to me if this will happens here in the philippines, this is my country where i live and i don't want to lose my work because of this unsure news. This is the only work i trusted the most and i work almost 1 year so its hard for me to accept it if this will truly happens and hoping that its not be true.

The bitcoin is not fully supported by the BSP and the government but it doesn’t mean that it is not legal nor will be banned in the Philippines and I think it would only be ban if it involves in any serious crime and fraudulent activities in our country.

[Bionicgalaxy]

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?

In my own personal opinion, bitcoin will never be banned in the the Philippines, even there are a lot of people who became victim of scam because they were just not knowledgeable enough about bitcoin that they do not know how to know if it is a scam or not. They also need to know that it is hard to get back all of their money because some scammers are hard to trace.