Philippine opposition senator Laila de Lima urged senators to press ahead with their bill to impose tougher sanctions on currency-related crimes, according to a Philippine Senate press release published on April 16.
De Lima, a former justice minister, stressed the urgency of Senate bill 1694 after two suspects were arrested on April 4 in an alleged domestic fraud involving a homeowner involving 900 million pesos ($ 17.2 million)
"I hope this event will push my esteemed colleagues in the Senate to take the two bills seriously and help pass them into law soon, the virtual currency is like money and the possibilities are endless, so it is necessary to set a higher penalty for illegal activities."
And in its list of illegal activities that may involve digital currencies
There were only two people involved in the recent alleged scandal of Pitcullin. The senator's reference to the crimes referred to another bill (Senate Bill 959) that is currently trying to pass, reducing the minimum qualifying limit for crimes from five to two. At present, mass crimes and other forms of deception are punishable by life imprisonment to death, according to the press release
Last month, QuinteLife reported the first steps taken by de Lima to introduce Senate Bill 1694, which states that the seriousness of digital currency-related crimes will be judged according to the value of the virtual currency illegally collected against paperwork , As determined by the Philippine Central Bank, Bangko Sentral ng Pilipinas.
The Philippine Central Bank (BTC) has been recognized as a legal payment method in the Philippines since February 2017.