DOF warns public vs unauthorized cryptocurrency trading platform

The Finance Department on Sunday warned the public against falling prey to an unauthorized cryptocurrency investment scheme using the name of Secretary Carlos Dominguez III.

In a statement, the Department of Finance (DOF) said it received reports that Dominguez's name was being used to promote a fake "cryptocurrency auto-trading platform" which was identified as "Bitcoin Revolution."

"We warn 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," the statement read.

The DOF also warned the public against fake news articles which alleged that the government had created a platform called "Bitcoin Lifestyle" which was supposedly endorsed by President Rodrigo Duterte himself.

The articles were said to have also suggested that the Philippine government had promised "huge" tax revenues which would benefit all citizens.

"[T]here is no such effort by the government," Finance assistant secretary Antonio "Tony" Joselito Lambino II said in the statement.

"[E]xercise caution in [your] investments and to keep [your] expectations of returns realistic," he told the public.

The DOF in May already warned the public about what it said was "malicious misinformation" claiming that the Philippines was creating a platform for citizens to earn through cryptocurrency.

The public is being urged to report such schemes and other similarly suspicious activities to the Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC), with telephone number (02) 8818-5704. — DVM, GMA News