Philippines new scam tags gov’t in digital currency fake news

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The Philippines Department of Finance has denied reports that the government is encouraging its residents to invest in digital currency, in its latest warning about fake news.

According to reports, the department was establishing a platform for Philippines residents to “generate income” from digital currency, claims which a spokesperson for the government denied.

Urging caution about fake digital currency news reports, assistant secretary at the Department of Finance Antonio Joselito G. Lambino II said there was no such scheme in development.

“There is no such effort by the government. Peddlers of such fake news have alleged in an article that the government has created a platform called Bitcoin Lifestyle and that President Duterte is urging all citizens of Philippines to learn about Bitcoin Lifestyle quickly to get involved,” Lambino said.

We categorically deny that there is such a move, and warn the public against potentially harmful financial transactions with those behind the article.

Lambino said the reports falsely suggested the government was looking towards tax revenues from the platform, with a view to funding pensions and learning support services.

“The fake news also suggested that the government of Philippines asserts that tax revenues (from Bitcoin Lifestyle) will be huge and will benefit all citizens, and most of it will go to the financing of the Philippines’ retirement and to counteract the crisis of learning support services. This is false. We urge the public to exercise caution in their investments, and to keep their expectations of returns realistic.”

To those peddling the fake reports, the assistant secretary said the government would continue to monitor reports in order to take appropriate legal measures.

“We warn unscrupulous individuals and groups attempting to lure the public into unauthorized and deceptive investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action.”