Topic: Philippines SEC warns against crypto investment. - page 4. (Read 1110 times)

I'm sure that there are now a lot of citizens of the Philippines are now aware that there are really scammers all over the social media platforms because the nees are now often featuring many fraudster out there. The SEC is doing a great job because they keep reminding that people who will make investment should be careful because of the high risks. The main reason why there are people otlut there who are experienced to get scammed is because their greed is controlling them where they think that they can earn a lot of money in just short period of time.

But let us not forget that there are still a lot more of people aiming to scam people out of their fiats.

It is not always cryptocurrencies, fiat is also used to scam people and in the very long time until now. The bad thing here is just that people are actually making cryptocurrencies a part of the scam. My mother told me when it was reported on the news and asking me to stop investing in it because it is a scam. I am just laughing at her while she is so mad at me. I did explain and it went well in the end.

I just hope they have their own ways to track scammers so people think they are safe using cryptocurrencies. What I am thinking is that it might get uncontrollable and they might end up banning it. I don't know how popular cryptocurrencies are in our country but I hope they would be seeing this warning to make them feel safe, in some way.

The condition of cryptocurrency in the Philippines will surely continues and rise. The Sec just warns those doing illegal activities that will scam people. As we all know here in our country people uses this crypto currency to scam as others understanding crypto is scam and has a lack of knowledge about crypto. So this is good action to warns those people.

The news  only pertains to those investment companies, not the whole cryptocurrency. What they will understand is that this companies are scams and the name of the companies will get tarnished, not cryptocurrency or specifically Bitcoin. SEC only warns about those unregistered or illegal businesses. It's not like illiterate to cryptocurrency will understand what Bitcoin is or cryptocurrency is anyway. Investment scams are pretty common here in the Philippines, having cryptocurrency involve means nothing to people who doesn't know what cryptocurrency is.

If they were to be guided and educated about simple things, people will understand that cryptocurrency is not a scam or something like a ponzi scam.

The news that the OP mentioned is a website that only crypto enthusiast or at least investors will go to anyway. Take note, what the news was talking about are illegal and unregistered business. The title of the article is just misleading. Read the actual source.

Also, only few will get to see this company anyway. This type of companies are not really advertised well to the masses. Most will just stay away from this kind of investment, even if cryptocurrency is involve or not.

Adoption will continue to rise as Philippines is a crypto-friendly country but is strict against fraud and illegal businesses. The country accepts any crypto related companies as long as they are legal and is registered. You might not know but there are stores, cafes and other businesses that accepts Bitcoin as payment for the public to use in the Philippines.

Obviously @KrisAlex18 is wrong because crypto was never ban in the Philippines, in fact, Philippines is one of the country which are called a crypto friendly country, a third world country but they are adopting in crypto and because the government regulated it, they are benefiting from it.

I don't think it says they are banning the use of crypto. They are just giving a warning regarding crypto investments. I think it is only precautionary measures as a lot of people don't have any prior knowledge when it comes to crypto. PH is one of the countries that is allowing crypto exchanges to be registered in the CEZA area.

https://ceza.gov.ph/article/48-crypto-exchanges-approved-philippines

Yes it is, there are only few that they've learned about this system and mostly being tagged for doing illegal practices.
They are looking in the negative sides as they are only seeing volatilities, most of the people who complained are  victims of scam activities.
Not sure about what you mean, if you are working for it there's no way for the government to interfere unless they'll implement rules than prohibiting the system from their jurisdiction, which not present as of now.

I think that the government is aware of the presence of cryptocurrency here in the Philippines but as of today, there are more important issues that the government must solve right now and cryptocurrency isn't one of their priorities. Well, compare to other countries the PH government isn't just reacting or doing anything that is related to crypto.

At least we have SEC to control these type of investment scams in PH and for me that is enough already. The government right now doesn't have time to tackle this investment scams since there is SEC who are handling it. I believe that there are lots of opportunities in cryptocurrency but not like this investment schemes.

I think that after this pandemic, there will be a time that they will give some time to tackle things about crypto and maybe place some regulations (just a little chance of it to happen though).

I do not know the condition of cryptocurrency in the Philippines, for sure I agree with the actions of the Philippine SEC to provide
a fine or 21 years of imprisonment against anyone involved in the crypto scheme. Especially scammers who do ponzi schemes must
be given a warning and punishment.So that fraud in the world of cryptocurrency deterrent and diminishing. Because we know crypto
in the eyes of a layman of fraud, because of the many scams in the crypto world.

Pheww.. I thought all people who engage with these schemes including the investors will get punished. I'm glad it's not hehehe.  

So for the Forsage investors there or those people who are hooked in different investment platforms found on FB, now you know that you are just believing in false fantasies. Learn your lesson and don't fall on such schemes again .

Nope, I think the opposite. What I see here is that many investors will become braver to invest actually  (mainly to crypto) because they are now relieve by this news. Scammers will now be afraid to continue their tricks thus we can expect that there will be lesser victims and lesser complains in return. Props to SEC for acting fast, they are helping the crypto community in our country grow faster.

As far as Filipino users within the forum knows, the Philippines Government really lack knowledge concerning the Cryptocurrency Industry. They are always scared to better opportunities because they are not the first one to discover it within the country. If they learned it and knows the benefits of it, they would certainly place some restrictions for them to also have profit from it which sucks because if you are working for it, then you should also be the one who would benefit from it.

That's true, cryptocurrency is a ban from the Philippines, they are still not into cryptocurrency, I don't know the reason but for sure its a government's decision but there are still many people who are still using it for some online transactions, even though crypto is a ban from some transactions, there are still many people who are still using it for transactions, there are still many people who are using it for some crypto activities, like trading and investing. Actually using cryptocurrency is good but there are still many people who think that when you talk about cryptocurrency it is automatically scam, they don't even give time to put the effort into searching about the legitimacy of it.

They have been introduced to crypto in a wrong way and this scam is growing through those networks and think that it's the best strategy and idea of earning crypto.

People just have to learn about these scams and once they become a victim of it, they won't try it again, never.

Yeah, most of those people who stayed most of their times in social medias like Facebook and active on it all of the time. They'll take the fake opportunity that's being shared to them by a random guy that posts the screenshot of the scam.

I hope all of them get block but unfortunately they have so many accounts to  used for promotion of that scam site, let see if someone will get sued for promoting since the government already gives a warning against those violators. And hopefully people will listen to the government warning since its for their own good and they shouldn't listen to the sales talk of their uplines.

Because of desperation to Earn even without learning they are risking their money in Hopes that their money can be double overnight.
or Like this FORSAGE now that promising dividends just by Holding your money to their platform.
Yeah Like what ia m doing?blocking all those i feel like wanting to scam people or reporting their account to prevent victimizing others.

Well, that is how people in our country is. When they see people earning lots of money in an investment scheme, they will try to invest on it too hoping that they will earn what they saw on others. I'm not biting on this common way of scamming people.

I've seen lots of companies/investment schemes in social media already particularly in Facebook and I'm not entertaining every single one of them. Some of my friends also sending me a private message regarding their investment scheme. I don't give time to even seen their message to me because I know this kind of scam already.

People who're really in need of money can be easily blinded by money. So the fact that they are earning money through referrals, they will defend it and we can't blame them because they're earning through it. The problem is, they didn't know about cryptocurrency and the first thing that came to them is the networking type of investment. Unlike us, who have proper knowledge about cryptocurrency or any investment that can easily determine if it's a Ponzi. Ponzi scheme nowadays is using cryptocurrency as an asset to attract users.

This is what I'm pointing about, if they knew about cryptocurrency and have proper knowledge about it, it's easy to determine scams. They will definitely bite it for thinking that it's an easy money but the one whol benefits a lot on this type of model is those who are on the top and have a lot of referrals.

Once they have earned, they'll completely defend the scam because they were allowed to earn. Even you will give them warnings for so many times, they will defend it until they actually saw the collapsing of that scam.

People who knew what crypto is really all about won't be fooled by these scammers. But sadly, those who have been looking for something to earn, they'll bite this scam.

I believe that the situation in the Philippines has nothing to do with the cryptocurrency ban. We are talking about companies that do not have the necessary licenses for their activities and the principle of their work is to pay investors to arrive, using the contribution of new investors. Since the activities of these companies are fraudulent in themselves, which work according to Ponzi schemes, they only harm not only the people, but also the normal development of the cryptocurrency market.

That sounds bad to me.

I think that just means that there are a lot of scams happening and I know that scams and hacks are inevitable but they might think that if the number of people getting scammed continuously increases, then that just means that they might consider banning Bitcoin and other cryptocurrencies as well.

I hope that they will not end up with that decision.