Cryptocurrencies are concerned in Philippines at present, and the lawmakers are going to form some directions around this sphere that would be able to provide this technology to citizens. Just recently the Philippine National Police (PNP) captured a couple who were involved in a Ponzi scheme that had participants paying for investments in Bitcoin.
Opposition senator Leila M. de Lima supposes that the legislative department is in necessity to prioritize Senate Bill 1694, a proposal she filed a month ago. The criminal events recently occured made her to call upon her colleagues.
I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon. Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary... No matter how small or big a group, a punishment must be given. It should never be easy to escape after stealing the hard earned money of other people.
Leila M. de Lima, Opposition Senator, Philippines
The older RPC also declares that “syndicated estafa and other forms of swindling shall be punishable by life imprisonment to death” if the illegal activity involves five or more persons. De Lima’s proposal wants to lessen the guidelines of the law to two or more people involved with a syndicated crime using cryptocurrencies.
Senator also points out that citizens from the Philippines should be leery of cryptocurrency investments. It is worth to mention that the politician Leila M. de Lima is a rather controversial figure, and is presently facing trial for profiting from the illegal narcotics trade.