Philippines: Public warned against bogus cryptocurrency

• May 20, 2020

MANILA, Philippines — The Department of Finance (DOF) has warned the public against a fake news article saying that the Philippine government has created a platform where Filipinos can invest in cryptocurrency.

“There is no such effort by the government,” Finance Assistant Secretary Antonio Lambino said in a statement.

“We categorically deny that there is such a move, and warn the public against potentially harmful financial transactions with those behind the article,” he added.

According to the DOF, the fake news report stated that the government has created a platform called Bitcoin Lifestyle and that President Duterte is “urging all citizens of the Philippines to learn about Bitcoin Lifestyle quickly to get involved.”

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.

The articles 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.

Lambino urged the public to report similarly suspicious investment schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission.

“We warn unscrupulous individuals and groups attempting to lure the public into unauthorized and deceptive investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” he added.

Source: https://www.philstar.com/business/2020/05/20/2015118/public-warned-against-bogus-cryptocurrency