BAGUIO CITY August 05 – The Securities and Exchange Commission (SEC) warned the public of an emerging investment scam operating through the internet and direct contact with purported investors who claim to be operating worldwide.
Lawyer Lalaine Monarte, assistant chief of the SEC enforcement and investor protection division, said their office received numerous inquiries regarding the legality of the Bitcoin which has become popular in other countries for purchasing goods and services like a regular currency.
However, she revealed the Bangko Sentral ng Pilipinas (BSP) already issued an advisory that the Bitcoin is not guaranteed by the government, thus, it has no real value to purchase goods and services in the country.
“The public must take the necessary precaution in investing their hard earned money to scammers. The Bitcoin does not have real value that is why the public must be guided accordingly to prevent them from losing their money in the future,” Monsarte stressed.
The SEC official explained that in some countries, Bitcoin has been guaranteed by their governments thereby giving value to it and can be used by their people to transact business and purchase goods and services.
In the country, Monsarte pointed out some unscrupulous individuals and corporations are using the Bitcoin for their alleged pyramiding and Ponzi operations saying that it would be valid for cashless transactions in the future.
Monsarte encouraged those with money to invest to seek the advice of accredited brokers who can provide expert investment advice on where to invest that will guarantee them safe and reasonable additional income even with lower returns.
The SEC official revealed the list of licensed brokers are available in the website of the agency so interested individuals and corporations wanting to place investments in legitimate schemes will be able to make sure that their money will be in good hands.**By Dexter A. See
