DOF warns public vs. cryptocurrency

By Joann Villanueva, June 13, 2020

The Department of Finance (DOF) has warned the public against believing information saying that DOF Secretary Carlos Dominguez III is promoting a cryptocurrency auto-trading program called Bitcoin Revolution.

In a statement, the department said DOF employees have also seen similar investment schemes illegally using the names of “key Treasury and Finance officials in other countries to encourage potential investors to buy into their questionable product”.

Bitcoin is one of the more known cryptocurrency, a virtual asset that uses cryptography and is being used for digital financial transactions.

DOF thus encourages the public to report similar schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC) by calling 8818-5704.

“The DOF also warns those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” it added.

Last May 19, the DOF issued a statement warning the public on what it called a fake news after an article came out online saying the government has created a platform called Bitcoin Lifestyle, and none other than President Rodrigo R. Duterte was encouraging investment on the platform.*