With the related news, it would only taint bitcoins reputation in the Philippines,
scams on other forms of financial options occurs everywhere in the world all
the time. They would either make the public and authorities on the vulnerability
of such a method or give a negative impression on the whole idea. But still
there are more elaborate scams that need attending than a isolated case such
as mentioned. But I think that won't get bitcoins banned in the Philippines or
any other nation at all.
Topic: Will bitcoin be banned on Philippines? - page 20. (Read 2042 times)
I think this 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.
Well we can never say it will be. Crypto was used as an investment scam, many other things are used as investment scams in the Philippines. I guess a ban world be tragic, a regulation would be more fit. Most countries has already opted to regulate cryptocurrencies rather than ban it because for starters, the blockchain technology is beneficial.
I agree with you fellow. The number of cryptocurrency scammed victim is less than the number of Filiinos who are benefited by crypto. If it will be banned, then there will be more people who will be sad and become idle mentally and physically. Better just to regulate it. 
I don't think there is a chance that bitcoin will be banned in the Philippines,
As the news goes viral a few days ago, brother of Ph. President Rodrigo Duterte
filed On SEC with another exchange like COINS.PH for the cryptocurrency.
this is a better stage for Filipinos.
As the news goes viral a few days ago, brother of Ph. President Rodrigo Duterte
filed On SEC with another exchange like COINS.PH for the cryptocurrency.
this is a better stage for Filipinos.
I think not because if you look at it you can see that the scammers is not affiliated in bitcoin industry at all.It is just like a regular scam that people hop into ,they dont ban investment firm if theres a scammed investment it doesnt work that way.
Actually they didn't scam using bitcoin, they used the name bitcoin in their scheme. That is one of the reason why bitcoin and cryptocurrency is having a bad reputation in some countires, especially Philippines. However, the SEC already warned Philippine citizens about investing in ponzi schemes where ROI is just too good to be true. They even mentioned named of investment company or groups that are not listed in SEC. SEC and the Central bank of the Philippines are not actually against crypto, they want mass awareness about the risk and scam that is going around it.
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?
There is a huge chance for bitcoins to be banned in the philippines because there are illegal network group who are scamming different people and using cryptocurrency as their theme that makes people get interested and be scammed.
The Philippines is the third largest country in terms of remittances, with nearly $ 30 billion coming to the country by 2015. Nearly 10% of the country's GDP. Bitcoins in this country are also very developed, used by many. I think the country does not prohibit bitcoin but the regulators of the Philippines are considering new regulations for digital currency trading and initial coin offerings (ICOs). I think this is what should make bitcoin the rule in 2018.
Absolutely not because there are so many people in the philippines that are using bitcoin and in the good way and in government too i read some articles showing that they are using some bitcoins in transactions, well maybe that is not true but there is a chance right. Bitcoin in the philippines will not be banned for sure.
As of now, I haven't heard any news that the government will ban bitcoin but I really do hope not to ban it. There are lots of scamming issues happen not only in bitcoin but there is only a few that were banned. If you will look at it, bitcoin would be very helpful for the poor economy of the Philippines and lessen the number of people who lacks their source of income and it has lots of benefits as well. So, hopefully for that single crime that had happened, bitcoin wont be banned in here. I think it is the people to blame not bitcoin itself.
Such scams can be found commonly around the world. Now one incident has come to the light from Phillipines. These incidents make the community get affected. Phillipines has got large number of bitcoin users and the government too doesn't have much harder regulation. Such incidents will pave path for strong regulatory law implementation.
It unnecessary to do banning, the payment methods were using bitcoin but the schemes are almost evident in the Philippines, I don't know why many users get victimized by these couples.Yes, banning would not help or directly eradicate the country's economic problem so government should not banned bitcoin but nor they should broaden their mind that bitcoin helps a lot of its people in gaining income out of being unemployed in a corporate company, since unemployment still not completely solve and bitcoins are the help by most of unemployed people.
I have not heard that bitcoin in the Philippines may banned because of what had happened. The government will not concludes into a decisions to ban this bitcoin in the country. People should be knoweldgeable first about this cryptocurrency before they will invest and put their all money without knowing the history.
I hope not, because some people in the philippines make bitcoin as a full time job, filipinos work hard by doing bounties and trades, soon government see this as an alternative source of income for filipino people.
I do not think btc will find banned here into the Philippines simply kind of that due to the fact on so incident. I don't be aware of respecting this guys, why she bear been fooled easily as soon as a scammer guarantees a enormous ROI, via so much time that need to bear learned in their self-interest so that was once simply a scam. They only suppose on the ROI too those hold deficiency of skills on where/what they are investing. This kind over doing make btc look as a defective investments.
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.
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 is not the main reason to ban bitcoin in the Philippines . There. Are so many pyramiding in the Philippines through facebook, but in cash bases. Filipinos just easily believe in easy money making and one of those is pyramiding , pay outs and pay ins. It is good at first, but in the next pay outs is no more and you lost your money in there. This couple invited those people to invest in bitcoin , that was a huge amount of money. Their bitcoin might been was scammed by their wallet . Or maybe bitcoin stayed at lower price.
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 is not the main reason to ban bitcoin in the Philippines . There. Are so many pyramiding in the Philippines through facebook, but in cash bases. Filipinos just easily believe in easy money making and one of those is pyramiding , pay outs and pay ins. It is good at first, but in the next pay outs is no more and you lost your money in there. This couple invited those people to invest in bitcoin , that was a huge amount of money. Their bitcoin might been was scammed by their wallet . Or maybe bitcoin stayed at lower price.
There are news that bitcoin is a scam so people are aware of this bitcoin but i dont think the government of the Philippines will ban bitcoin because as a developing country bitcoin is a great help especially to those who have no permanent job to support their daily needs.
Such scams can be found commonly around the world. Now one incident has come to the light from Phillipines. These incidents make the community get affected. Phillipines has got large number of bitcoin users and the government too doesn't have much harder regulation. Such incidents will pave path for strong regulatory law implementation.
It unnecessary to do banning, the payment methods were using bitcoin but the schemes are almost evident in the Philippines, I don't know why many users get victimized by these couples. 
Such scams can be found commonly around the world. Now one incident has come to the light from Phillipines. These incidents make the community get affected. Phillipines has got large number of bitcoin users and the government too doesn't have much harder regulation. Such incidents will pave path for strong regulatory law implementation.
I don't think so! But if I'm not wrong I read before the article regarding the regulation of legitimacy of cryptocurrencies in the Philippines. Based on the statement of Central bank of the Philippines. Because they notice that the huge remittances are coming from cryptocurrencies and they decide to legitimize Bitcoin and other cryptos. But for this existence happen in the Philippines hoping it would not affect the lawmaking of bitcoin in the Philippines.
Hoping that the Philippines do not ban bitcoin and any transaction within instead the government of the Philippines continue support bitcoin and allow all transaction within. Bitcoin users in the Philippines are hoping that the bitcoin scam cannot affect the use of bitcoin in their country.
Let's wait and see what will be the next initiative moves of the government official of the Philippines on the crime happen regarding with bitcoin scam.
Hoping that the Philippines do not ban bitcoin and any transaction within instead the government of the Philippines continue support bitcoin and allow all transaction within. Bitcoin users in the Philippines are hoping that the bitcoin scam cannot affect the use of bitcoin in their country.
Let's wait and see what will be the next initiative moves of the government official of the Philippines on the crime happen regarding with bitcoin scam.
Jump to: