Government officials in the Philippines that it is not the fault of Bitcoin. The Philippine government already acknowledge Bitcoin as a legit currency and I do not think they will change their stand against Bitcoin because of these scumbags.
This should not be asked because what if they scammed FIAT ( Philippine Peso) will you ask if the Philippine peso will be banned because of these scammers. Scammers steal money and Bitcoin is money as simple as that.
Anyway good job for the Philippine police that they caught these kind of people, they should rot in jail.
Topic: Will bitcoin be banned on Philippines? - page 28. (Read 2042 times)
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?
things like this that make bitcoin worse in the eyes of the government. fraudsters who use bitcoin to gain personal gain in an incorrect way. finally to protect their citizens the government issued a rule banning ico and bitcoin trading 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?
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.
right, rather than prohibit it, i think we better make rules in order to anticipate risk of using bitcoin such as money laundering or funds flow for terrorists. because the philipine country is a developing country and prone to terrorism 
Honestly, if a bitcoin ban happens in the Philippines that would be a grave disaster to the Filipinos. The country is a financially wretched one with some of its citizens barely trying to survive of this new found oxygen - Bitcoin. A ban would even mean nitcointa losing some of the Filipinos here. Yes, I know some people believe their contributions on the forums aren't worthwhile but we still have some thriving posters from that country.
For the sake of these few posters, I want to wish that nightmare away.
For the sake of these few posters, I want to wish that nightmare away.
Quote from: Bitzamp
You can check guys above for the complete article.A lot of ponzi schemes and HYIP happened already after cryptocurrency pop up in Philippines. A lot of Filipinos already fooled by scammers. Eventually, the BSP reminded that all crypto related things are risky. The potential to lose is at high percentage. But as far as I can see, the current news will ignite the banning or regulating of the government in cryptocurrency.
But for me, the people who fooled easily by these kind of scam are those who did not make a dip deeper research or study about their investment. Well, we might not blame them for their mistakes rather we should blame those people who made the scam investment.
I agree with you. They do not know what the bitcoin is , and they didnt research if this is scamming . They trust because of the beautiful words spoken but they dont know its just scam . Yeah just blame the people who involve in this scam and try to help our fellow kababayan to understand what is investment and bitcoin different.
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.
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
This would not be the main reason if the Philippine government decides to banned cryptocurrency. Few victims of scammed versus thousands of bitcoin beneficiaries in this country. Maybe to make it fair those who wants to invest in bitcoin should seek more advice from professional cryptocurrency person. It would be better for them to have a deeper understanding toward this system of digital money. Sometimes they said they are scammed by the person but actually the person was scammed by the ICO. I think that what the majority of all stories.
There’s a chance because of that scam I hope it will not because many people rely their incomes in 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?
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