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A new bill tabled by a Filipino legislator seeks harsher consequences for citizens involved in crimes cryptocurrency.

According to a new bill proposed by Senator of the Opposition, Leila M. de Lima, the legislator proposes a sentence one degree higher than the one currently provided for by the Philippine Criminal Code for crimes related to cryptocurrency. Classified as Senate Bill (SB) 1694, the senator specifically pointed to illegal activities involving cryptocurrency like bribing public officials in Bitcoin, using crypto in payments for child pornography and crooks pedaling “fake bitcoins” for unsuspecting adopters.

“[O] Our criminal laws must adapt to changing times and our criminal justice system must be prepared in case this is used in illegal activities,” she said. cryptocurrencies in society.

The bill also proposes that the “severity” of the subsequent sentence take into account the value of cryptocurrency in Filipino pesos at the time of the crime. In addition, the De Lima bill also calls on the government to confiscate the cryptocurrency used in the crime, unless it is owned by a separate person not responsible for the crime. illegal act.

Elaborating on the reasons for the bill, she added:

“Due to its anonymous or pseudonymous nature, law enforcement can encounter difficulties in locating the user or the owner of a virtual currency used to commit crimes. , which requires a higher penalty. ”

The bill, which will have to be passed before the imposition of tougher penalties, comes at a time when Filipino regulators are actively developing guidelines to reduce fraud and investor risk in crypto transactions and the initial offers. Notably, the central bank of the Philippines and the country’s securities regulator are collaborating in this effort, first revealed by Nestor Espenilla, governor of the central ban, last year after recognizing the ” strong growth potential in space [ICO] “.

The Philippines is among the first countries worldwide to issue regulations for the cryptocurrency sector in early 2017. The movement has been described as a “pioneer” by the deputy director of central bank last year. was “fast, close to real time and convenient” in its use as a payment and remittance instrument.

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