On Monday, April 16th, a controversial figure of the Philippines Senate, opposition senator Leila M. de Lima was seen to raise her concerns again over the penalties for cryptocurrency crimes. She wants harsher penalties for cryptocurrency crimes.
Opposition senator Leila M. de Lima thinks that the legislative chamber needs to prioritize Senate Bill 1694, a proposal she filed a month ago. This follows after a case involving a couple who defrauded the citizens of Philippines of 1 billion Philippine Pesos [$1.9Mn USD]. The Philippine National Police [PNP] arrested the couple, Arnel and Leonady Ordonio who were involved in a Ponzi scheme that had participants paying for investments in Bitcoin. The Ordonios promised investors guaranteed 30 percent profits.
The Philippines Securities and Exchange Commission [SEC] was seen taking a stance against cloud mining operations just recently and the SEC believes mining contracts should be defined as securities.
The senator says:
“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,”
The senator’s proposed Bill 1694 will alter the existing Republic Act No. 3815 or the Revised Penal Code [RPC] in order to penalize cryptocurrency criminals one degree higher than the traditional RPC.
In support of her bill, the senator says:
“Knowing that virtual currency is a form of money, and that its uses are endless, higher penalty for its use on illegal activities is necessary.”
The RPC states that any syndicated estafa and other forms of swindling involving five or more individuals shall be punishable by life imprisonment to death. SB1694 proposes to lessen the guidelines of the law to two or more people involved with a syndicated crime involving cryptocurrencies.
In the lights of the recent events, opposition senator Leila M. de Lima urges the citizens of Philippines to make more informed decisions and to cautiously invest in cryptocurrency.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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