Indonesia is the financial institutions engaged in bitcoin payment business

Indonesia is the financial institutions engaged in bitcoin payment business


Indonesia’s central bank and the Ministry of Finance issued several risk warning that bitcoin lacks the legal management, the underlying asset, reference price and other financial security elements, not only can be reduced to money laundering and terrorist financing tools, and is accelerating the formation of financial bubbles, and the interference of stable operation of financial system, and ultimately threaten the masses the vital interests

“Virtual currency transactions spawned more arbitrage opportunities and improper financial operation, but the operation is free from the scope of legal supervision.” This is the central bank governor Agus for Indonesia bitcoin users to the latest advice.

Since last December, Indonesia, Indonesia’s central bank financial services department, Indonesia Ministry of Finance and other financial regulators prohibited firing announcement, the domestic financial institutions engaged in bitcoin payment business, urged the Indonesian citizens not to hold, bitcoin trading and investment.

Different from the traditional currency, bitcoin is a data encryption technology based on block chain. Since last year, the global scope of crypto currency prices continued to rise, especially in December last year, the first bitcoin futures trading products in the United States officially spawned a worldwide digital encryption currency investment boom. This makes bitcoin become the new darling of investors, has become a new type of financial risks in the hardest hit. To this end, the national financial regulatory agencies are stepping up research on how to deal with the new risk bitcoin encryption currency. For example, South Korea and India have banned domestic bitcoin transactions, the United States and Japan said to strengthen the supervision of bitcoin. Previously, supervision of bitcoin is loose in Germany, the finance minister Maier Duarte recently will with the French finance minister Lemerre said, will jointly promote the global supervision of bitcoin in the group of twenty summit in Argentina in 2018. This also led to bitcoin prices fell. In February 2nd, bitcoin price fell to $8378 last year, and had reached the highest $19511.

Indonesia’s central bank data show that the rupiah denominated bitcoin prices last year soared more than 20 times, far higher than the average level of international market rose 17 times. Therefore, the central bank and the Ministry of Finance issued several risk warning that bitcoin lacks the legal management, the underlying asset, reference price and other financial security elements, not only can be reduced to money laundering and terrorist financing tools, and is accelerating the formation of financial bubbles, and the interference of stable operation of the financial system, and ultimately threaten the the vital interests of the people. Oni think the person in charge of the central bank payment system policy, bitcoin can not reach the international standard in the elimination of financial risk, the transaction and the loss also does not provide any legal protection. According to the central bank report, found in a mall in Jakarta bomb attacks, the terrorists have to store management for bitcoin.

Therefore, as the country’s payment system regulators, Indonesia’s central bank has prohibited all aspects of clearing, settlement, issuance, transfer and other payment system operators to hold and use bitcoin, non financial technology development departments to carry out bitcoin payment related research. Indonesia’s central bank financial risk management department director Ernie said, on 2011 Indonesia as the only legal tender laws, as well as the central bank on 2015 2016, the Indonesian rupiah citizens to use obligations prohibiting banks and non bank financial institutions hold a virtual currency, in 2017 about the provisions of the three consumer protection network trading platform is the basis of law enforcement behavior, Indonesia regulators at present. The director of the Indonesian Financial Services Administration Wim Bo warned, including banking, financial services, electronic wallet service providers, financial technology companies, to provide convenience for any payment system operators for bitcoin transactions, once discovered will face fines or even revoke the business license of the heavy penalties. In 2017, the Indonesian government in the name of illegal financing closed 4 bitcoin payment business of private equity funds.

However, due to the national level lack of legal support, Indonesia’s financial regulators is the right to prohibit bitcoin in Indonesia private point-to-point distribution, independent of citizens holding, trading and investment bitcoin, can only stay in the current level. Bitcoin (Indonesia) as Indonesia’s largest bitcoin trading platform, has more than 1 million active users. In the face of Indonesia’s financial regulators warned that the company only on its website for the majority of users published the latest tips bitcoin transaction risk as a response. In this regard, the Indonesian finance minister Sri Mulyani argued that although the government has the right to prohibit citizens to invest in bitcoin, but not for any trading loss fallback. Wim Bo said that regulators can only continue to guide the public to recognize the potential risks, “we can only again and again issued a risk warning”.

Relative to the financial regulatory authorities “persuasive”, the Indonesian police simply “hard”. In January 15th, Bali Island police according to the clues in the Bali Island branch of the central bank, major tourist attractions to carry out special rectification activities for bitcoin transactions. The action that there are at least two cafes are still accepting bitcoin payments, payment of the minimum threshold is 0.001 coins ($18), a bitcoin transaction records of 44 enterprises including car rental, hotels, travel agencies, jewelry stores found before. Bali Island police chief SA Wu just pointed out that according to the law, all financial transactions must be used in the Indonesian rupiah, “but the tourist resort of Bali Island has been all kinds of illegal financial transactions in the target area, the police has been committed to the fight against all illegal non IDR transactions, so we urged businesses to consciously resist the bitcoin, and will be based on the National Police Administration of criminal investigation department and the central bank institutions new coordination, intensify the crackdown”.

More and more Korean exchanges involved in self regulatory encryption

More and more Korean exchanges involved in self regulatory encryption


In Korea, the number of participating in the encryption currency exchange self regulatory almost doubled. Encryption is self regulatory efforts led by South Korea block chain association, the association has been recently with 66 members of cooperation. The association also plans to develop the standard price index as the main currency of encryption.

The encrypted exchange self regulatory

South Korea has been leading the Korean Association of chain block encryption currency supervision. According to local media reports, the organization was officially launched in January 26th, a total of 66 members. The members of the company including 25 encryption exchange, including Upbit, Bithumb, Korbit, Coinone and Coinplug as main platform.

The opening ceremony was held in Seoul’s Yeouido National Conference hall. According to reports, there are 58 members of the Democratic Party and the 66 members, there are free North Korea Party member KimSung-tae also attended the meeting.

The former South Korean Minister of information and communications ChinDae-jae to become the first president of the association. TopStar News quoted him as saying, “bitcoin represents a crypto currency caused by public interest has surged, excessive speculative funds into the stock exchange. This is the reality we face now.” He stressed that “the association hopes to become an effective channel of communication between government and industry.”

In the first half of this year, the association plans to build an information system, so that the public can easily understand the virtual currency, “Chosun said in detail, and added:

“The standard index of the association also plans to develop a key virtual currency price and transaction data. The purpose is to provide reliable information for transaction data standard.”

The Korea Exchange self regulatory

Before the official launch, the association was originally announced in December the self regulatory measures and regulatory agencies in the advice and banking consultations. According to reported earlier, there are 14 encryption currency exchange at the time announced to self supervision, which includes all the major encryption exchange except Upbit. The exchange has grown into one of Korea’s largest stock exchange, it has joined the association and in January announced a self regulatory.

The association has set up a self regulatory commission and encryption currency exchange cooperation. Subsequently, Chosun quotes Chosun:

“We will be in the first half of this year launched a self regulatory assessment.”

He further pointed out that “we will study the regulatory framework of Japan, and to ensure that the entire ecological system is stable.” In addition, he also said, “I will also take action to create an investor can learn how to use virtual currency environment.”

According to Hankyoreh, the association of self regulatory measures will include minimum operational requirements, capital base, such as virtual currency exchange staff ethics and consumer protection.”

For the digital currency and the blockchain password new technology seminar held in Beijing

For the digital currency and the blockchain password new technology seminar held in Beijing

In November 2017 18-19, “for the digital currency and the blockchain password new technology seminar” held in Beijing century Lotus Pang Suan Kaew Hotel. This symposium was sponsored by the China Institute of Youth Work Committee Chinese password, password to cyberspace security contractors, Beihang University and Beijing Institute of three principal technology development company limited. Deputy director of the State Encryption administration Xu Hanliang Chinese password society Wang Chieh chairman attended the meeting and delivered a speech, the State Encryption administration business secret manages director Zhang Pingwu, deputy inspector An Xiaolong, China password Society Secretary General Yu Yanping and other leaders and guests attended the meeting. The password from the research institutions and institutions of higher education and enterprise application units of experts and scholars, researchers and graduate students and more than 340 people attended the meeting.

Xu Hanliang pointed out in his speech, the innovation and development of block chain technology and digital currency launched a new round of the wave of digital technology in the global scope, promote the innovation of industrial structure adjustment and economic way. The Chinese government attaches great importance to the development of digital currency and chain block, block chain technology is incorporated into the “” 13th Five-Year “National Informatization Plan” overall layout. The innovation and development of block chain technology has put forward higher requirements on financial information security and network security space. Digital currency and block chain technology advancement, must call the safety theory, safety and safety technology innovation, shouldering the great cipher technology challenges of the era proposition.

Chairman Wang Chieh pointed out in his speech to promote the digital currency and chain block cipher technology innovation and development, must be under the direct leadership of government departments, research with several parties to form a joint force.

This seminar served as honorary chairman of the Chinese software institute deputy chief engineer Zhang Zhenfeng researcher, Beihang University Professor Wu Guttman J D served as chairman of the meeting, Chinese information security research institute director general senior engineer Yang Chen served as co president of the general assembly, from digital currency and 29 block chain production, learning and research as guests and representatives of the discussion. Conference on the theme of “new password technology” digital currency and the blockchain arranged 15 special reports, involving legal digital currency research, digital currency and the blockchain privacy protection technology, the blockchain application scenarios, based on intelligent block chain contracts in cryptography and quantum era after block chain security the protection of technical problems.

Data communication science and Technology Research Institute senior engineer Zhang Zhiheng, The PLA Information Engineering University professor Si Xueming, Zhong Chao block chain technology research institute Dean Zhang Yifeng, Shandong University professor Xu Qiuliang, Hong Kong Polytech University Wen Hao assistant professor, Zhongshan University professor Zhang Fangguo, Xi’an Electronic and Science University professor Chen Xiaofeng, Fudan University professor Zhao Yunlei, Professor He Debiao of Wuhan University and the three principal company Yue Gong Zhang senior engineer at the seminar on the first day. The theme of “the legal application of digital currency and password” password “currency system safety research” “block chain and social credibility” collaboration “block chain structure and stability” BasedCryptocurrencyMonero “-” CryptographicAccumulatorandItsApplicationtoBlockchain “based on the blockchain searchable symmetric encryption” “electronic cash” development and decline “practical progress and application of lattice signature block chain potential analysis” “cryptography in block chain security application and Engineering” “practice” chain block cipher of the keynote speech. Shanghai Jiao Tong University professor Gu Dawu team Liu Zhiqiang, associate professor of Peking University, Professor Xu Maozhi, Shaanxi Normal University Professor Yu Yong, associate professor Fan Lei of Shanghai Jiao Tong University and the University of Electronic Science and technology Dr. Yang Ting at the seminar on the second day the “distributed” key technology “books and privacy” blockchain “zero knowledge proof in the digital currency” application “in the open environment of PoS block” contract agreement “chain of intelligent development and future” keynote speech.

The evening of November 18th, held a seminar of experts, the key problem how to focus on digital currency and block chain technology development direction, the experts use cryptographic technology to achieve digital currency and the blockchain privacy protection and supervision and other digital currency and block the development of in-depth discussion. The meeting of experts spoke enthusiastically, full communication, warm atmosphere. The theoretical basis the results of discussion will help consolidate the digital currency and block chain technology development direction, to help clear the digital currency and block chain technology, promote industrial upgrading and escort for the block chain technology.

This seminar provides a good exchange platform and loose, equal and free communication space for the research and application of cryptography technology in digital currency and the blockchain technology workers, delegates speak freely, published a collision sparks high perspicacity, and promote academic progress, mutual exchanges and enhance friendship. The research with contact. Conference on research, development and application of cryptography technology in China to further promote the digital currency and the blockchain, has a positive role in promoting.

India set up a special committee to investigate India bitcoin investigation report will be completed in 3 months

India set up a special committee to investigate India bitcoin investigation report will be completed in 3 months

In April 12th the Ministry of finance of India announced that the India government has set up a research on digital currency (including India bitcoin) committee, the report will be completed within three months.

India was set up to investigate the inter departmental Committee of India bitcoin

India’s Finance Ministry of economic affairs to establish an inter departmental Committee, the committee chaired by the Ministry of finance professional secretary, by the Secretary for economic services, financial services, tax department, the Ministry of civil affairs, Department of electronic and information technology, the Reserve Bank of India, on behalf of India national reform institutions and the National Bank of India.

The inter departmental Committee is:

1, record the status of India and the global digital currency bitcoin, including India;

2, research on digital currency existing global regulatory and legal structure;

3, put forward in consumer protection and money laundering and other fields, India bitcoin measures;

4, check with the digital currency related to any other related matters.

India bitcoin digital currency concerns

The Ministry of finance of India wrote in the notice:

Bitcoin India circulation due to its cryptographic properties, this is the reason to be concerned. The Reserve Bank of India to India bitcoin users, owners and traders issued a warning, warning them to use India bitcoin has the potential financial, operations, legal, customer protection and security related risks.”

The first official warned India’s central bank on India bitcoin released in December 24, 2013, second in February 1st this year.

Recently the India parliament KiritSomaiya to bitcoin oral speech. It also expressed concern that India bitcoin lack of supervision, urging regulators soon announced bitcoin is illegal in India.

Somaiya the difference between India and Japan from India, that the central bank must take action as soon as possible to India bitcoin, and believe that RBI will put into action. Japan in April 1st the formal implementation of the newly revised “Payment Service Act”, admits bitcoin payment legal. Somaiya told the media,

I do not recognize Japan’s practice, what actually happened in Japan bitcoin, nobody knows. But this is my city of our country. RBI must take action, we will see them to take action.”

But contrary to Somaiya’s view, bitcoin transactions in India has been rising. Last week, the India third largest bitcoin exchange Localbitcoins data show that last week the completion of the transaction amounted to 18 million 500 thousand rupees in India.

Bitcoin can break the monopoly of oil dollars?

Bitcoin can break the monopoly of oil dollars?

Bitcoin can subvert the existing economic order, promoting world peace, the revitalization of the economy at the same time? To answer this question, we must start from the phenomenon of crude oil and the existing “petro dollar monopoly”.

A research report pointed out: “capitalism is an economic system; while war is a political act.” The report said that the oil dollar monopoly phenomenon in full compliance with the Fed’s interest, so the United States at all, at the expense of the cost of peaceful coexistence countries (including the United States, Iran, China etc.), just to ensure its position.

What is the oil dollar monopoly?

“Oil dollar monopoly” refers to the bank, the cartel (translator’s note: This refers to the Federal Reserve, the Federal Reserve jointly held by the Bank of America alliance does not actually belong to government agencies) in order to ensure its economic power, the dollar as the field for money.

In 1971, after the collapse of the Bretton Woods “agreement”, in order to regain their monopoly of the dollar, the United States and Saudi Arabia have reached an agreement. Saudi oil output can only be traded in dollars, net for the development of national economy and other domestic spending after the surplus funds to buy Treasury bonds. In return, the United States to provide weapons and military protection.

Most American politicians of this Agreement are not optimistic, because this relationship is often contrary to the interests of the United States, and even cause unnecessary conflict.

As oil dollars and “Bretton Woods Agreement” agreement will only lead to the economic situation of tension, especially for developing countries, caused great harm to China. With the domestic exports and oil imports pattern change, affecting us debt devaluation of the China has become more and more small.

Chinese plan by leaving the dollar monopoly system or reduce production cost way to alleviate the economic pressure.

The risk of recent events to bring $

We review here in recent years, some of the more interesting events. Although they seem unrelated, once together, will be able to see these events are of great significance for the dollar and bitcoin.

In 2012, Iran agreed to crude oil trading in Renminbi (“RMB Chinese oil”), started from the petro dollar system. A number of oil exporting countries immediately follow.

Since the beginning of 2013, Chinese bitcoin transactions has been active, some domestic policy will often drive bitcoin prices, for example, bitcoin is defined as “right”, the central bank and the digital currency etc..

In 2015, Chinese plans to completely break the monopoly of the dollar. According to the Russian satellite network reported:”…… Chinese began to sell U.S. bonds, increased gold reserves, and open a bank for RMB in many places……”

In 2016, the International Monetary Fund (IMF) approved the yuan in the SDR basket.

If you lose the Chinese trading partner, the dollar is in jeopardy. The behavior of IMF is to break the China control of the yuan, bring a new trade money for other countries.

The devaluation of the renminbi may be caused by the people to Chinese bitcoin this incentive, factors also lead to bitcoin prices. But this is not the main factor to promote the development of bitcoin. If Chinese capital controls is the cause of soaring prices, then IMF should take the easing of the renminbi, but the fact that it did not.


If bitcoin can be used as a tool of international oil trade, so the price hike is to cater to the demand of crude oil daily circulation, that is to say, bitcoin prices in order to get the value of crude oil and the oil market bitcoin “value ($4 billion 600 million / barrel: 94 ml of *2015 oil output the average crude oil price of $49.49) equate. This is a reasonable explanation of bitcoin prices?

The Fed will face the risk, and the American economy will not

At first glance, the concept of risk and “oil bitcoin” seems to have harm to the U.S. economy and no benefit. Especially the anonymity of bitcoin, any country can in the premise of international relations, the use of the characteristics of secretly replace the dollar monopoly. However, it is worth noting that this feature of bitcoin can RMB investment to help the United States or any other country and Chinese relationship is not close.

The most important point is that bitcoin holders is unknown. Whether it is Chinese or any other country, if they attempt to create “oil bitcoin” phenomenon, should consider the following questions.

Once the dollar return to the origin of the global pattern of reset, each national crude oil purchasing power will decline, productivity will decline, resulting in a global recession.

In this recession, the price of bitcoin (like gold) will certainly rise. With the advent of the “oil bitcoin” concept, each country will tend to coherence in economic activity. Bitcoin anonymity helps to eliminate “capitalism and war” phenomenon, thus promoting world peace, but also help the global economic recovery.

In short, the situation will lead to the Fed’s position in jeopardy, and the American economy will not be affected. Because of its independence, the concept of “oil bitcoin” more reasonable – like just block chain technology, can help the United States and other countries in the economic crisis. “International Federation of petroleum bitcoin can prevent dangerous and unnecessary conflicts.