Public warned vs bogus cryptocurrency platform

May 21, 2020

The Department of Finance has warned the public about fake news and malicious misinformation alleging that the country is creating “a platform for the citizens of the Philippines to start generating income with cryptocurrency”.

Peddlers of such fake news have alleged in an article that the government has created a platform called “Bitcoin Lifestyle” and that President Duterte “is urging all Filipinos to learn about Bitcoin Lifestyle quickly to get involved”.

“There is no such effort by the government,” Finance assistant secretary Antonio Joselito Lambino II said.

“We categorically deny that there is such a move, and warn the public against potentially harmful financial transactions with those behind the article,” added Lambino, who is DoF spokesman and head of its Strategy, Economics and Results Group.

The fake news also suggested 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. We urge the public to exercise caution in their investments, and to keep their expectations of returns realistic,”  the deputy Finance chief said.

He also urged the public to report similarly suspicious investment schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission, with telephone number 8818-5704.

“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.