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Philippines Senate President Denies Involvement With Cryptocurrency ICO




The Digital Currency Co. is the subject of an official investigation following the company's claims of affiliation with a Philippine politician who denies any such connection.

Local sources in the Phillippines reported on February 2, 2018, that an investigation has begun into cryptocurrency startup Digital Currency Co. (DCC) following its alleged claims of affiliation with Senate President Aquilino "Koko" Pimentel III.

It is often the case that disreputable companies offering ICOs will tout high-profile individuals as affiliated with their projects, when in fact no such collaboration exists. This may be in the form of alleging that the individuals are advisors, consultants, or board members, in an attempt to pander to investor sentiments.

Issued Thursday, February 1, under the direction of Justice Secretary Vitaliano Aguirre II, the National Bureau of Investigation (NBI) will pursue their examination of DCC's alleged misconduct, to assess whether "misrepresentation committed by Digital Currency Co. Ltd. and Mr. Boy Joven in their virtual currency venture 'Philippine Global Coin,' or such other securities or products" took place. If the NBI is able to build a case based on the evidence it finds, charges will be levied against DCC.

On Monday this week, Pimentel issued a statement where he refuted any such affiliation with DCC:

"There is no partnership between me and DCC, or the Senate and DCC. I met with these people as a matter of courtesy to visitors. I am shocked at their bold claims of an agreement between us using pictures that politicians normally have with visitors."

Pimentel also gave caution to Filipino workers abroad, warning them to "be wary of those who use the names of government officials and institutions in investment schemes."

"The government will never engage in activities that will profit off their sacrifices and hard work. Always check with the Philippine Embassy to verify individual claims of this nature," Pimentel concluded.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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