Philippines: DOF warns public against investment scams facebook sharing button

• Jun 22, 2020

MANILA, Philippines — The Department of Finance (DOF) has once again warned the public against schemes that are using the name of Finance Secretary Carlos Dominguez to promote bogus cryptocurrency investment platforms.

In a statement, the DOF alerted the public about false information circulating online regarding a fake cryptocurrency auto-trading platform called Bitcoin Revolution.

“We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” the DOF said.

According to the DOF, its staff has observed similar investment ploys in other countries, wherein names of prominent finance and treasury officials are being used in an attempt to deceive the public into falling for such scams.

The DOF urged the public to report this and other similarly suspicious investment schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC).

Cryptocurrency is a type of virtual currency that uses cryptography – a method of storing and transmitting data in unreadable form so that only the intended recipients can read and process it. Bitcoin, introduced in 2009,  is the first and most popular cryptocurrency to date.

Last May 19, the DOF had also issued a warning against a fake news article saying that the Philippine government has created a platform called Bitcoin Lifestyle where Filipinos can invest in cryptocurrency.

“There is no such effort by the government,” Finance Assistant Secretary Antonio Joselito Lambino said. “We categorically deny that there is such a move, and warn the public against potentially harmful financial transactions with those behind the article.”

The article also claimed that tax revenues from Bitcoin Lifestyle “will be huge and will benefit all citizens, and most of it will go to the financing of Philippines’ retirement and to counteract the crisis of learning support services.”

“This is false. We urge the public to exercise caution in their investments, and to keep their expectations of returns realistic,” Lambino said.

Source: https://www.philstar.com/business/2020/06/22/2022513/dof-warns-public-against-investment-scams