Gov’t threatens to take action vs cryptocurrency schemes claiming support from officials

THE Department of Finance (DoF) said it will take “legal and regulatory action” against digital-currency investment schemes claiming backing from government officials, including the Secretary of Finance himself.

In a statement, the DoF warned against “fake cryptocurrency auto-trading platform” Bitcoin Revolution, which used the names of government officials including Finance Secretary Carlos G. Dominguez III, to promote the scheme.

“We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” the DoF said over the weekend.

It said names of other officials from the department and its attached agency, the Bureau of the Treasury (BTr), were also used. It did not cite their names.

On May 19, the DoF issued similar warnings regarding fake news posted on a website called Bitcoin Lifestyle, which claimed the country is building a “platform for the citizens of the Philippines to start generating income with cryptocurrency.”

It claimed that President Rodrigo R. Duterte is encouraging people to invest on the platform.

Finance Assistant Secretary Antonio Joselito G. Lambino II rejected the claims. — Beatrice M. Laforga

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