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Bill seeks to impose stiffer penalties on cryptocurrency-related crimes

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Senator Leila M. De Lima on Tuesday, March 13, has filed a bill seeking to impose stiffer penalties for crimes involving cryptocurrencies, such as bitcoin.

In Senate Bill No. 1694, filed last Feb. 14, or the proposed , the senator stressed that the criminal justice system must be prepared when virtual currency is used in unlawful activities.

“With the emerging threats of its use in the commission of crimes, our penal laws must adapt with the changing times and our criminal justice system must come prepared in the event that this is used in illegal activities,” she said in a statement.

“Due to its anonymous or pseudonymous character, law enforcement agencies may encounter difficulty in tracing the user or owner of a virtual currency used in the commission of crimes, thereby necessitating a higher penalty for its use,” she added. — Camille A. Aguinaldo