On March 13, 2018, we reported that Philippine Senator Leila M. de Lima had filed Senate Bill (SB) 1694 that was for imposing harsher penalties for cryptocurrency-related crimes.
Following the Php 900 million scam disguised as a bitcoin investment, Senator de Lima is calling for the prioritization and swift passage of SB 1694. In a Senate press release dated April 16, de Lima said:
“I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon. Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary.”
When passed, de Lima’s bill will make a crime defined in the Revised Penal Code (RPC) have a penalty that’s one degree higher than indicated in the code if it is done through/with the use of virtual currency.
De Lima stressed again of the importance of country’s criminal justice system keeping up with the times:
“As I’ve mentioned before, our penal laws must adapt with the changing times and our criminal justice system must come prepared in the event like this.”