Central Bank of Indonesia Issues Bitcoin Warning
Next up issue a bitcoin warning: Indonesia. The Indonesian central bank's deputy governor - Ronald Waas - said that using the digital country violates some of the country's laws and echoed much of the concerns other central banks have already vocalized. The news comes from Indonesian news website Kontan. But despite the fact bitcoin isn't legal tender in Indonesia, Waas stated the central bank has no plans to stop the digital currency, but the central bank is working with the Ministry of Communications to learn more about the use of digital currency in the country. Still, Waas believes....
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The last time we heard from Indonesia's Central Bank, they were issuing a firm warning - noting that the use of bitcoin was in violation of some laws. Bank Indonesia (BI) has now issued another statement on bitcoin, on that could perhaps be considered more neutral: Noting the Law no. 7 of 2011 on Currency and the Law. 23 of 1999 which was amended several times, most recently by Act No.. 6 In 2009, Bank Indonesia stated that the virtual currency Bitcoin and other not constitute currency or legal tender in Indonesia. People are encouraged to be careful of Bitcoin and other virtual currency.....
The statement from Bank Indonesia was rather neutral. Photo via F H Mira. Bank Indonesia, the Indonesian central bank, has released a statement on Bitcoin, but it doesn't really tell us much about what the central bank officials think of the digital currency. Ignoring the fact that it is routinely referred to as a "virtual currency", it seems that all the central bank has decided to do for now is declare that the digital currency is not legally recognized as money or legal tender. This means that certain consumer protection laws do not apply to Bitcoin, and the people of Indonesia need to....
The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”
Crypto Warning Issued by Egypt’s Central Bank
The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt....
Indonesia's central bank, Bank Indonesia, has issued a new statement defining its stance on bitcoin. The comments bear similarities to others released over the past few months, but suggest the government will now take a hands-off approach to digital currency. Today's statement differs slightly from the reports issued last month, in which Bank Indonesia's deputy Governor suggested digital currency might break the bank's rules. Since then, representatives from the local bitcoin business community have participated in informal discussions with regulators to clarify the boundaries of their....
The Bank of Lebanon, the country's central bank, has issued a bitcoin warning, the first such warning in the region. The warning was issued on 19th December 2013 and outlines a number of risks associated with digital currencies, many of which we are all too familiar with. The Bank warns of several risks: Transactions made through unregulated networks cannot be guaranteed and losses cannot be recovered. Unauthorized and incorrect transactions using digital currencies are irreversible. The highly speculative nature of digital currencies and the fact that they are not guaranteed by any....