April 14, 2020
ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT
SEC ADVISORY
Based on information gathered by the Commission, the entities operating under name THE BILLION COIN (TBC) by KRIS KRINGLE are engaged in investment-taking activities in the Philippines which are NOT AUTHORIZED by the Commission.
TBC promotes its "TBCoin" as a true and decentralized cryptocurrency that aims to revolutionize the global financial system in order to eradicate world poverty.
Unlike Bitcoin and other cryptocurrencies which strictly follow the market-driven norms, the value of TBCoin is said to be user-based because its price apparently increases depending on the number of its users/holders or investors. As such, TBC called it as an "Abundance-based Cryptocurrency."
As posted online, TBC claims that the value of its TBCoin will never drop and shall continuously increase by One to Five Percent (1%-5%) daily until it finally reaches One Billion Euros (€1,000,000,000.00) per One TBCoin (1 TBC). To wit:
Basically, TBC devises its own parameter in generating the value of its TBCoin based on the total number of TBC's investors multiplied by One Euro (€1) which means...