fbpx
Money

Philippines Lawmaker Urges Senate To Expedite Crypto Crime Bills

A Philippines lawmaker is seeking to speed up the passage of legislation that would increase the penalties for crimes involving cryptocurrencies.

Leila M. de Lima, a Philippines’ opposition senator, urged her colleagues in the legislative house on Monday to allow “swift passage” of bills she has previously introduced proposing to raise penalties for crypto crimes to one degree higher than currently.

As reported by CoinDesk, the politician first moved forward with the bill (SB 1694) in March after noting the increasing difficulty of investigating crimes that make use of the anonymity-providing features of cryptocurrencies.

De Lima’s latest call to speed up the passing of the bill, however, was prompted by a recent bitcoin fraud case in the Philippines that saw 900 million pesos ($50 million) apparently taken from more than 50 residents.

According to a statement from the Philippine National Police on April 10, the scheme’s suspected organizers – Arnel Ordonio and his wife Leonady Ordonio – have been arrested for allegedly swindling the investors.

“No matter how small or big a group, same punishment must be given. It should never be easy to escape after stealing the hard earned money of other people,” de Lima said of the case.

To that effort, the senator is also urging the house to swiftly pass another bill (No. 959) that she introduced previously. The legislation, if passed, would reduce the criteria to qualify as a “syndicated estafa” crime from five to two perpetrators.

Under the current legal framework in the Philippines, syndicated estafa refers to scams that involve more than five individuals, who upon conviction, may be punished by life imprisonment or death.

This story originally appeared on Coindesk.

Join The Discussion

EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns
EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns [Video]
At Least 56 Killed, 130 Missing In California's Deadliest Wildfire
At Least 56 Killed, 130 Missing In California’s Deadliest Wildfire [Video]
Child Muay Thai Debated In Thailand After 13-Year-Old Dies
Child Muay Thai Debated In Thailand After 13-Year-Old Dies
Is The Trump-Macron 'Bromance' Over
Is The Trump-Macron ‘Bromance’ Over? [Video]
Bitcoin Dips Below $5,400 For The First Time In 2018
Bitcoin Dips Below $5,400 For The First Time In 2018
Crypto Market Drops In $8B Bloodbath
Crypto Market Drops In $8B Bloodbath
Philippine Central Bank To ‘Study Crypto’ Before Issuing Rules
Philippine Central Bank To ‘Study Crypto’ Before Issuing Rules
IMF Says Governments Could Set Up Their Own Cryptocurrencies
IMF Says Governments Could Set Up Their Own Cryptocurrencies
How To Build A Social Media Following Of 1 Million In 30 Days
How To Build A Social Media Following Of 1 Million In 30 Days
5 Tips To Grow Your YouTube Channel In 2019
5 Tips To Grow Your YouTube Channel In 2019 [Video]
How 30 Major Businesses Use Instagram Stories
How 30 Major Businesses Use Instagram Stories [Infographic]
7 Ways to Use Pinterest to Drive Business Results
7 Ways to Use Pinterest to Drive Business Results [Infographic]
Facebook Releases New Report Into Travel Booking Trends [Infographic]
LinkedIn Continues To Re-Focus on Groups
LinkedIn Continues To Re-Focus On Groups And Infrastructure
Instagram Cashes In On Promote For Stories And Fresh Analytics
Instagram Cashes In On Promote For Stories And Fresh Analytics
WhatsApp's Planning To Roll Out Ads In WhatsApp Status
WhatsApp’s Planning To Roll Out Ads In WhatsApp Status
Master Your Mind and Defy the Odds with David Goggins
Master Your Mind And Defy The Odds [Podcast]
Priming Your Brain For Success Through Sleep
Priming Your Brain For Success Through Sleep
What “Bohemian Rhapsody” Teaches Us About Living A Braver, Bolder Life
What “Bohemian Rhapsody” Teaches Us About Living A Braver, Bolder Life
6 Signs You’ve Outgrown Someone In Your Life
6 Signs You’ve Outgrown Someone In Your Life
EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns
EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns [Video]
At Least 56 Killed, 130 Missing In California's Deadliest Wildfire
At Least 56 Killed, 130 Missing In California’s Deadliest Wildfire [Video]
Is The Trump-Macron 'Bromance' Over
Is The Trump-Macron ‘Bromance’ Over? [Video]
5 Tips To Grow Your YouTube Channel In 2019
5 Tips To Grow Your YouTube Channel In 2019 [Video]