BAGUIO CITY – The Securities and Exchange Commission (SEC) warned the public of an emerging investment scam operating through the internet and direct contact with the 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 other countries, Bitcoin has been guaranteed by the governments of countries that recognize and give value to it and can be used by their people in transacting business and purchasing goods and services because of the value given to it.
In the country, Monsarte pointed out some unscrupulous individuals and corporations who are using the Bitcoin for their alleged pyramiding and Ponzi operations that would render it as a cashless transaction 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 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