Senator De Lima Asks for a Swift Passage of Crypto Crime Bill

Share some Bitpinas love:

Senator Leila M. De Lima urges the Senate to expedite her bills involving cryptocurrency and syndicated estafa. This is in action to the Php 900 million bitcoin scam where the perpetrators used bitcoin in their pyramiding scheme.

Senator Leila M. De Lima is asking her fellow senators to expedite the process of her Senate Bill No. 1694, filled on February 14, 2018, which seeks to impose additional penalties when using cryptocurrencies in committing a crime. She says this is to prevent a repeat of the Php 900 million bitcoin scam.
“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,” – Senator Leila M. De Lima

The alleged scam mastermind Mr. Arnel Ordonio and his wife Ms. Leonady Ordonio spearheaded “NewG”, a company that fronted the scheme. The Ordonios were able to amass Php 900 million from 50+ unsuspecting victims.

With only 2 people involved in the “NewG” investment scam, Senator De Lima seeks to amend Section 1 Presidential Decree (PD) No. 1689 that says syndicated estafa and other forms of swindling shall be punishable by life imprisonment to death if it is committed by a syndicate consisting of five or more persons.

Source: Senate.Gov.ph, Coindesk

Share some Bitpinas love:

Crypto and Web3 Jobs Philippines

New on BitPinas: Web3 and Crypto Job Portal

Watch Next:

Binance Head of APAC responds to Infrawatch, reveals VASP license status:
Follow on social and subscribe to our newsletter
6 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
trackback

… [Trackback]

[…] Read More here to that Topic: bitpinas.com/news/senator-de-lima-asks-swift-passage-crypto-crime-bill/ […]

… [Trackback]

[…] Information to that Topic: bitpinas.com/news/senator-de-lima-asks-swift-passage-crypto-crime-bill/ […]

… [Trackback]

[…] Find More Info here to that Topic: bitpinas.com/news/senator-de-lima-asks-swift-passage-crypto-crime-bill/ […]

trackback

… [Trackback]

[…] Info to that Topic: bitpinas.com/news/senator-de-lima-asks-swift-passage-crypto-crime-bill/ […]

… [Trackback]

[…] Find More Info here to that Topic: bitpinas.com/news/senator-de-lima-asks-swift-passage-crypto-crime-bill/ […]

… [Trackback]

[…] There you will find 57695 more Information to that Topic: bitpinas.com/news/senator-de-lima-asks-swift-passage-crypto-crime-bill/ […]