Will bitcoin be banned on Philippines?

[bololord]

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 see that bitcoin be banned in the Philippines because those scam artist used bitcoin for their scheme, The government warn people to become aware because there's a lot of scam artist out there so better check the back ground of the person or company before investing  money beside if you really want to invest on bitcoin better to buy it on exchange for sure it's more safe and secure. The government will put a regulation on that too and I think bitcoin will not be banned in the Philippines.

[joshy23]

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 see that bitcoin be banned in the Philippines because those scam artist used bitcoin for their scheme, The government warn people to become aware because there's a lot of scam artist out there so better check the back ground of the person or company before investing  money beside if you really want to invest on bitcoin better to buy it on exchange for sure it's more safe and secure. The government will put a regulation on that too and I think bitcoin will not be banned in the Philippines.

Yes right, the government provides information to avoid dealing with possible scam scheme, this already happened before using the same crypto currency but not really been exposed since bitcoin is not that valuable unlike today, this scammers will not end because they are seeing people who loves to take a risk to earned quick and easy money, its not the government but it is those who patronizing this scheme who should be banned and caught by proper authorities.

[Chrisjay29]

There are lot of news that bitcoin is scam in the philippines. If those wont stop there will be no crypto in the future especially duterte is the president of philippines

[neliawesome]

I dont think Philippine government will banned bitcoin rather they will implement restrictions so that those incident will never happened anymore and to protect the citizen to be scammed.

[Msile]

I don't think so. Just because some people are scamming through bitcoins that doesn't mean Phillipines would ban bitcoin entirely.

I think they simply want to regulate it and find a way to tax it, through accreditation and licensing of BTC traders.

[rocketbits]

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

Exactly, but as a filipino I humbly say that crypto currency had been well accepted here in our country and as a matter of fact even senators used it.

Well this is a sad scenario that many countries are banning Bitcoin. It is nothing more than a technology that intends to change and make lives easier. Besides, those already dealing in Bitcoin have earned a lot. It is legal in the Europe and I am not able to understand why on earth would they wand to ban it in Philippines. It has been banned even in my country. But lets hope it gets legalized soon.

[Codename23]

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

There is a possibility that the bitcoin may be banned in the Philippines because it is risky for the users and has no safeguards.

[PIR]

They haven't fully decided on this yet..they were still examining it, and if it was their plan it wouldn't be easy to do that, they're taking in so much consideration it before from what I read in the newspaper to whether accept bitcoin so how can it be possible to ban bitcoin easily...they just want to regulate it or to find ways to tax it or those who use it...

[Muwatti]

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?

You know what scam is very common problem now in bitcoin....  Because of its popularity some people who has a negative way of thinking are penetrating now the Bitcoin....  Working here legaly is very difficult it takes time and a lots of effforts just to earn here and because of that why people are trying to make it...  Doing it is their choice to easily earn money without thinking that they may affects a lots...  It is just a like a common work here and if it always happened.... There is a possibility that Philippines will control in the way that they will banned bitcoin....  But we are hoping that it should not happened because a lots of Filipino people are also a cryptocurrency user....  I hope we control this problem...

[robbietobby]

I don't think this will happen. You have to imagine that not only ordinary people are using this in the Philippines. Government officials had lend more moneys as millions in the cryptocurrency world. There could be a miscellaneous income that would satisfy the need of the government officials.

[CryptoMoar]

maybe bitcoin will be banned in the Philippines for a while until the fraud problem can be solved and the victims get their rights back. with the fraud we can learn to not easily believe in less reliable investment and validity.

[jasramos]

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 government can't even fix traffic issues more so a great decentralized technology such as bitcoin. It should be regulated tho to prevent scams.

[Crypto hanna]

Bitcoin cannot be banned by government or any institution..

Bitcoin exchange can be banned in a country; but bitcoin cannot be banned since it is on internet, and internet is not owned by any government or financial institution..  If exchanges get banned, people will start using Decentralized exchanges... Dont worry peeps !

[Dne work]

Philippines to develop rules on cryptocurrency trading, not to ban bitcoin ... Mind you, all regulation is good because there is a lot of scam in the market

I think the Philippines does not ban bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, as it will be possible to have specific standards and regulations and make bitcoins stable and secure, perhaps they have been fooled easily after scammers promised ROI great, at the time they should have learned from their mistakes that it was just a scam. They only think about ROI even they have no knowledge of where / what they invest. This type makes Bitcoin look like a bad investment.

[lastnumber]

Actually Bitcoin is banned in the Philippines or not very difficult to answer. Because this is an internal issue of the government. The Philippine president is a very interesting person, because no one can guess what the next thing he does. From a long-standing US ally, the Philippine president is ready to criticize the United States and to create an intimate relationship with China. He can agree, and he may disagree. But I guess the Philippine government will NOT AGREE with Bitcoin in the Philippines.

[lastnumber]

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

Exactly, but as a filipino I humbly say that crypto currency had been well accepted here in our country and as a matter of fact even senators used it.

I think the word Bitcoin is not banned in our country, they actually accept bitcoin as a investment but not all people in the philippines invest  in there because of Ponzi scheme in the other words they have fear because of scammer out there. Moreover, like you said even involve in politics they use it as invesment.

That's not it. The situation in the Philippines is very complicated. You know, in the past, that the Philippine government has issued tough rulings against the bad guys in this country, especially drug trafficking. Recently, terrorists and insurgents have been very active in this country. Bitcoin is too great for these objects to serve their purpose. To intensify management, monitoring, and containment measures, the Philippine government will banish Bitcoin.

[SlickMoTwoToe]

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! Because ,any people are supporters of bitcoin and besides I heard one of the senators will create his own ICO if i'm not mistaken this is Manny Pacquiao (PACMAN) one of the popular boxer, so if you are from Philippines nothing to worry on it.

[shainasaz]

There's a big possibility because of bad news against on what happens. But i hope that it will not be happens like that because there are many poeple needs bitcoin in the philippines such on the way of earning money. So if it is will be banned many people will be affected on that. We need to do more careful and support always so if it is not be happens again.

[Indra32]

I guess it 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.

I think it would be better for them to having a deeper understanding of the system money this digital. sometimes they said that they deceived by the person but the fact that person deceived by ICO. I think that the majority of the story. not the main reason if the Philippine government decided to ban cryptocurrency. some of the victims scammed versus thousands of recipients bitcoin in the country. possible to make it Justice those who want to invest in bitcoin should seek more advice from people cryptocurrency professional.

[Rose119]

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! Because ,any people are supporters of bitcoin and besides I heard one of the senators will create his own ICO if i'm not mistaken this is Manny Pacquiao (PACMAN) one of the popular boxer, so if you are from Philippines nothing to worry on it.

I agree, I also heard that from my friend but I am not sure if it's really happen  and I hope soon,  there are many scammers in every country ,and being victim is always depends on us. If you don't want to be scam then do everything to avoid those scammers.