• No existing complaints against Pluotos - NBI, PNP
By MARK FRANCISCO
CAGAYAN DE ORO CITY -- Mark Freeman, the person who started Ploutos in the country specifically in this city, promised that payouts would begin as soon as the company’s website will align with the cryptocurrency’s recent adoption of block-chain. This developed even as the National Bureau of Investigation (NBI) and Philippine National Police (PNP) Anti-cybercrime Group representatives testified that there is no existing complaints against Freeman or his companies Ploutos and Freedom Traders Club.
During the City Council committee on commerce hearing last Friday, the Ploutos founder vowed that as soon as everything in the website transitions to block-chain, payouts will again trickle.
It can be recalled that the Securities and Exchange Commission (SEC) issued an advisory cautioning the public to be reserved in dealing with new cryptocurrencies, including Ploutos, which did not ask permission from SEC to operate.
But Freeman argued during the hearing that there is no Philippine law barring them from operating even without SEC or Bangko Sentral ng Pilipinas approval.
Freeman, assisted by two lawyers flanking him at the City Council session hall, emphasized that Ploutos should not be under the supervision of Bangko Sentral ng Pilipinas because the central bank concerns itself only with legal tender.
“There is no law passed in the Philippines yet governing cryptocurrencies like our Ploutos,” he said.
During the hearing, the issue of Freedom Traders Club, Freeman’s other company, also cropped up.
Freedom Traders Club is a group of people trading in foreign exchange or forex.
Freeman pointed out that their operation is also not covered by the Securities Regulation Act because they have not recruited people to invest money in him or the company.
Freeman added that he merely teaches people how to trade in forex for a minimum retainer’s fee worth a year.
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