Beware of bitcoin scams, finance dept tells public

Arianne Merez, ABS-CBN News

Posted at Jun 16 2020 12:11 PM | Updated as of Jun 16 2020 12:12 PM

Beware of bitcoin scams, finance dept tells public 1
A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration. Benoit Tessier, Reuters/File

MANILA-- The Department of Finance warned Filipinos Tuesday against false information circulating online that seek investments in cryptocurrencies, particularly bitcoin.

The government is not endorsing investments in cryptocurrency platforms that supposedly yield quick and huge returns, Finance Assistant Secretary Tony Lambino said.

"Hindi po yan mga totoong endorsement so ingat po tayo sa mga online promotions tulad nitong mga Bitcoin Revolution o kung anu-ano pa na mga promos o offers," Lambino said in a virtual press briefing.

(Those are not real endorsements. Be careful with online promotions such as the Bitcoin Revolution.)

Lambino urged the public to report to the DOF such platforms, including those that use the names of government officials such as President Rodrigo Duterte and Finance Secretary Carlos Dominguez III.

"Huwag po tayong magpadala dito sa mga nagpa-promise ng quick return tsaka malalaking returns," Lambino said.

(Don't be fooled by businesses that promise quick and huge returns.)

"If it looks too good to be true it probably is," he said.