Topic: Will bitcoin be banned on Philippines? - page 19. (Read 2061 times)
They're in a decision about what to do with bitcoin, it's not bad if they do not ban bitcoin because bitcoin can help their society, bitcoin will help them recover the debt of the Philippines.
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?
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 bitcoins is now lwegal in the Philippines and with just an specific brand of wallet to be ised like coins.ph that is one but there are many of it but that is one that is legally can be used by the people in the Philippines. And that scam that younare talking about there is nothing about bitcoins they are saying to the poeple that they will invest your money through bitcoins but that is the dumbest thing to be done if you wanted to buy bitcoins you can done it in 7/11 not in some unknown people that is suspicious at the first place.
I just hope that it will not be banned in the Philippines. A lot of people here in the Philippines depends in Bitcoin financially. Not only that this is perfect for Filipino when it comes to remittances. A very low transaction fee which the family who are receiving it will benefit more instead of using the old remittances.
The Securities and Exchange Commission of the Philippines says it is drafting rules that regulate virtual currency transactions. The goal is to protect investors and reduce the risk of abuse.
Philippines does not banned bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, which will have specific standards and regulations to make bitcoin stable and safe. Protect the rights of their citizens to participate in bitcoin
Yes Philippines will never banned crypto because the can see now the good effects to humanity that we can earned fiat because of crypto currency Philippines does not banned bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, which will have specific standards and regulations to make bitcoin stable and safe. Protect the rights of their citizens to participate in bitcoin
Yes Philippines will never banned crypto because the can see now the good effects to humanity that we can earned fiat because of crypto currency
I dont know,maybe it will be the reason bitcoin will get banned at philiphine,because right here bitcoin is already banned, but there is no big problem like in your country, but we hope nothing will happen there, because we know many bitcoin users coming from there also
Last year was an important node in the history of bitcoin, and usage and trading volumes were increasing, so the central bank of the Philippines issued guidance. Central bankers are worried about price volatility, though the central bank accepts encryption. And the central bank sees bitcoin as a payment instrument, not an investment asset, and the Philippine central bank is reviewing the regulatory standards for bitcoin.
Philippines does not banned bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, which will have specific standards and regulations to make bitcoin stable and safe. Protect the rights of their citizens to participate in bitcoin
The decision is very correct. And besides this, many people who have lost money will be more cautious in investing their money in crypto coins.
I don't think so. Philippines has a lot of reported bitcoin scams but if you take a look at the case, its not bitcoins fault. Its the fault of those scammers, they are creating a networking scheme and telling people of the possible income. I don't understand why they can easily fool others. Its very obvious that what they were just telling lies and false promises yet a lot of Filipino's still believe in them. Scammers are not the only one to be blamed, its also those people who were allowing themselves to be fooled.
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.
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.
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.
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. 
-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 thoughFilipinos 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. 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?
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.
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?
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.
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.
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
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.
Jump to: