penalties Archives -
On Monday April 16, the Philippines opposition senator Leila M. de Lima asked her fellow bureaucrats to push the passage of the cryptocurrency bills she helped frame. The proposed bills aim to introduce a harsher penalty towards criminals who use cryptocurrencies during illegal activities.
Philippines Lawmaker Wants to Speed Up Cryptocurrency Regulations
There’s been a lot going on in the Philippines as far as cryptocurrencies are concerned and lawmakers are yearning to form some laws around the industry that provides this technology to citizens. Only recently the Philippine National Police (PNP) arrested a couple who were involved in a Ponzi scheme that had participants paying for investments in bitcoin. Arnel and Leonady Ordonio accumulated 1 billion Philippine Pesos ($ 1.9Mn USD) worth of bitcoins from investors. The Ordonios promised investors guaranteed 30 percent profits and some people spent $ 50,000 USD. Further, news.Bitcoin.com reported on the Philippines Securities and Exchange Commission (SEC) taking a stance against cloud mining operations just recently and the SEC believes mining contracts should be defined as securities.
Opposition senator Leila M. de Lima thinks that the legislative chamber needs to prioritize Senate Bill 1694, a proposal she filed a month ago. The recent Ordonio Ponzi scheme has compelled her to call upon her colleagues.
“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,” the senator explains.
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.
The Opposition Senator Believes Cryptocurrency Criminals Deserve Harsher Penalties
SB1694 would re-define the Republic Act No. 3815 or the Revised Penal Code (RPC) in order to penalize cryptocurrency criminals one degree higher than the traditional RPC.
“No matter how small or big a group, a punishment must be given. It should never be easy to escape after stealing the hard earned money of other people,” de Lima said.
The older RPC also states that “syndicated estafa and other forms of swindling shall be punishable by life imprisonment to death” if the act involves five or more individuals. De Lima’s proposal wants to lessen the guidelines of the law to two or more people involved with a syndicated crime involving cryptocurrencies.
The opposition senator also details that citizens from the Philippines should be leery of cryptocurrency investments. It’s also worth noting that senator Leila M. de Lima is a controversial figure, and is currently facing trial for profiting from the illegal narcotics trade.
What do you think about the Philippines senator who wants harsher punishments for those who use cryptocurrencies in crimes? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, AP, and Wiki Commons.
Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.
The post Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes appeared first on Bitcoin News.
President Trump on Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses, and said the bank could face even tougher penalties.
Trump’s comments on Twitter appeared to be in response to a Reuters report…
Question: Our homeowner association is trying to foreclose on our home for unpaid dues and assessments. The mortgage payments have been paid on time, but the board is still threatening foreclosure. Worse, after the board hired a lawyer, our total owed dramatically increased.
We agree the unpaid…
As expected , Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $ 1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the US. The scandal, meanwhile, seemed to grow wider when plaintiffs’ attorneys charged…
Hosting a Super Bowl bash can feel like trying to dodge a blitz. With lots of guests, alcohol and charged emotions, disaster can strike from any direction. Here’s how homeowners insurance can keep your wallet from taking a hit.
Even small parties could include a few friends…
Imagine having to plant a few hundred trees near the Oregon border or handing over all the money in your wallet next time your city council votes down a housing project.
That is one of the ideas coming out of a new report from the California Apartment Assn., which represents residential property…
President-elect Donald Trump took credit for saving manufacturing jobs in Indiana and vowed to pursue stiff penalties for other American companies that decide to move operations overseas.
WSJ.com: US Business
The positives and negatives for EA Sports’ NHL 17.
Forbes Real Time
The European Commission is working with national authorities in 20 member states to fine Volkswagen and seek compensation for drivers over the German auto maker’s alleged breach of EU consumer-protection laws.
WSJ.com: US Business