Will bitcoin be banned on Philippines? - page 8.

Findingnemo

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Bitcoin = Financial freedom

Quote from: raybut37 on May 06, 2018, 08:07:41 AM

Quote from: Kadal Ijo on May 06, 2018, 07:32:18 AM

Of course this is sad news, bitcoin users in the philippines is one of the biggest in asia so if the Philippines government banned bitcoin it will make the price drop as happened when china or india banned bitcoin.

this is impossible considering that many filipino today are involved in crypto market and the government can't risk the investment of filipino once bitcoin is banned.

I think it is not possible now banning bitcoin in this situation many users had bitcoin around the world so we cannot make it a big problem it will solve in a short time and nothing will happen for crypto currencies now.

Watchy312

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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.

jd2281

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Could be if bitcoin scamming, pyramiding and ponzi scheming will continue to rise and become rampant.

alfs75

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platform for everyday business

Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

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?

Actually its never been banned in the phillippines because at first bitcoin will never been legalized in our contry,and second those happen of scam because of bitcoin investment and many people will angry of this is not true co'z of bitcoin, because they only used only the name bitcoin in the purpose to convince more people victim of scam or pyramiding,because the real investment of cryptocurrency is joining a trading investment or participating ICO campaign,so therefore those happen in Ordonio couple P900M scam is a not made of real bitcoin investment,its only a made of fake bussiness recruitment like pyramiding.

Kambal2000

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Quote from: mifanmuzny on May 06, 2018, 11:51:08 AM

I think not, as far as I know and indicators say BSP is still open to new techs as they still continue to accredit BTC new traders like Coins.ph but equally wary as the popularity of BTC is being used by local investment and Ponzi scams which does not have anything to do with BTC.I think they simply want to regulate it and find a way to tax it, through accreditation and licensing of BTC traders.

There is nothing that we need to be afraid of right now, since BSP is in our back for us to support in our cyrpto journey, although not totally legal yet in the country but we are free to spread the word cyrpto all over the country because we know that our government is in our back.

mifanmuzny

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I think not, as far as I know and indicators say BSP is still open to new techs as they still continue to accredit BTC new traders like Coins.ph but equally wary as the popularity of BTC is being used by local investment and Ponzi scams which does not have anything to do with BTC.I think they simply want to regulate it and find a way to tax it, through accreditation and licensing of BTC traders.

Rakesh_alejandro

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Quote from: Lyne1982 on April 24, 2018, 10:16:48 AM

Even there is a news about the bitcoin scammed here in our country, it is still bitcoin not yet banned since Bitcoin itself has no intention on it. It will depends on the people who are doing harm to other people that were not really aware on those legit provider of bitcoin. Because of the news, many people should beware and always think before to invest so that they will avoid those illegal provider.

I think it would be better for them to have a deeper understanding of this digital money system. Sometimes they say they are tricked by the person but actually the person is cheated by ICO. I think that's the majority of all stories.
This is not the main reason if the Philippine government decides to ban cryptocurrency. Some victims are scammed versus thousands of bitcoin recipients in this country. Perhaps to make it fair those who want to invest in bitcoin should seek more advice from professional cryptocurrency people.

Bestpromoter

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No it isn't in the articles that i read about the Cryptocurrency of the philippines they will just trying to regulate bitcoin but not to the point that they are going to legalize it instead they are going to process the exchangers quickly and making sure that it is legitimate for people.

playful69

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as far as i know, on march 6 2014 , Central Bank of the Philippines , which is called (BSP) issued a statement on risk associated with bitcoin trading and usage. Recently virtual currencies legalized and cryptocurrency exchanges are now by Central Bank of the Philippines. (Bangko Sentral ng Pilipinas) under circular 944.

angelinedelatorre

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Bitcoin in the Philippines will never be banned. Many people are growing and helping their families because of earning in bitcoin. People that are scammed are people that have no knowledge about what really bitcoin is. They are just trusting and investing without study and research about how to earn money here.

baundul

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Whatever you think, I think it's going to be an exception. The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Quote

https://bitcointalksearch.org/topic/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone-3405710

The Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA)

Quote

https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

MonaLeeTracy

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Quote from: Bitcoin2009 on May 06, 2018, 09:50:17 AM

I hope that the government of the Philippines is not banned bitcoin, it must be admitted that bitcoin users in the Philippines continue to rise and become very popular, and of course the users there get many benefits because it can earn additional income.

agree I also think like that, hopefully the Philippine government does not ban the bitcoin is outstanding, because if bitcoin is banned by the government of the Philippines bitcoin sometimes difficult to develop.

mylyn2327

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I don't think it will happen especially now that Philippines are open to the idea of Bitcoin/cryptos. Those couple will never be the reason for the Philippines to banned Bitcoin because the government of the Philippines proves that bitcoin is nothing to do with their act.

Bitcoin2009

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I hope that the government of the Philippines is not banned bitcoin, it must be admitted that bitcoin users in the Philippines continue to rise and become very popular, and of course the users there get many benefits because it can earn additional income.

pallang

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There are some news regarding Bitcoin investment scam and people keep on complaining but i think the government will not ban Bitcoin because these people who are victims of these scam don't know what the opportunity Bitcoin can give to Filipinos.

trolltalk

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I don't think so but there are possibility because many articles and news about bitcoin spread on internet and television that lots people deceived by a bitcoin scam investments because of lack of knowledge about bitcoin they thought bitcoin is only investing and there will be profit after time framed they didn't know that the real investing in bitcoin is no guarantee of turning back.

Bastok

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Quote from: darrly on April 11, 2018, 11:19:11 PM

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

I don' t think so that bitcoin will be banned on the Philippines because of the news that we heard in news or online about people use bitcoin use to scam other filipinos. Other investor in bitcoin gain profit and earn passive income. Better we focus on our goal instead of listening other negative opinion.

NavI_027

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Despite of how bad that news is, for me this is still not considered as a valid reason to ban bitcoin or even cryptocurrency as a whole in our country. Bitcoin is not literally who did the evil stuff, the scammers do. Btc only served as a tool in their dirty job no more no less. So for me btc should not be banned hence educate the countrymen to become aware in different form of scams so that we can avoid this bad scenarios again.

I hope our goverment still have good impressions to crypto despite of this happening and just only provide some regualtions regarding this instead of banning.

raybut37

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Quote from: Kadal Ijo on May 06, 2018, 07:32:18 AM

Of course this is sad news, bitcoin users in the philippines is one of the biggest in asia so if the Philippines government banned bitcoin it will make the price drop as happened when china or india banned bitcoin.

this is impossible considering that many filipino today are involved in crypto market and the government can't risk the investment of filipino once bitcoin is banned.

Kadal Ijo

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Activity: 1162

Merit: 106

Of course this is sad news, bitcoin users in the philippines is one of the biggest in asia so if the Philippines government banned bitcoin it will make the price drop as happened when china or india banned bitcoin.

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