April 29, 2020 – The Department of Finance (DOF) warns the public of fake news circulating on the Internet claiming that the government created a platform where citizens can invest in cryptocurrency.
The platform is called “Bitcoin Lifestyle” and the fake news alleged that the Philippine President is enticing Filipino Citizens to learn more about this Bitcoin Lifestyle quickly and get involved. DOF denies that there is such a move and warns the public in doing financial transactions with those behind the article.
The fake news article in question is pictured below:
The DOF further said:
“The article also suggests that “The Government of Philippines asserts 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’s retirement and to counteract the crisis of learning support services.” This is false.”
DOF urges the public to exercise caution in their investments and keep expectations of returns realistic. DOF also advises everyone to report any suspicious investment scheme to the Enforcement and Investor Protection (EIP) Department of the Securities and Exchange Commission with telephone number 8818-5704. Email can also be sent to the department at firstname.lastname@example.org
“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.” – Department of Finance
Read DOF Advisory here
Anyone selling unregistered Securities may be held criminally liable under the Securities Regulation Code (SRC). Also, the recently passed Bayanihan to Heal as One Act penalizes those participating in cyber incidents that take advantage of the pandemic to prey on the public through scams, phishing, fraud, etc. The violator will face 2-months of imprisonment or a maximum fine of Php 1 million.
This article is published on BitPinas: PH DOF Warns the Public Against “Bitcoin Lifestyle” Scam, Which Uses the President to Entice Individuals to Invest