BI Reminds Again that Virtual Currencies, Bitcoins are Banned

CO, Jakarta – Bank Indonesia (BI) once again released a public announcement regarding virtual currencies such as Bitcoin that are not considered to be a legitimate payment tool in Indonesia. In accordance with Law, No 7/2011 on currencies state that legitimate currencies are the ones that are issued …

TEMPO.CO, Jakarta – Bank Indonesia (BI) once again released a public announcement regarding virtual currencies such as Bitcoin that are not considered to be a legitimate payment tool in Indonesia.

In accordance with Law, No 7/2011 on currencies state that legitimate currencies are the ones that are issued by the country and that every transaction must use Rupiah as its currency.

“This makes it clear that virtual currencies are not included in the rupiah currency definition. That is why Bank Indonesia banned its use in Indonesia,” said Bambang Pramasudi, Head of Bank Indonesia’s branch office in Maluku Province on Tuesday, February 20.

Bambang reasoned that virtual currencies are saturated by risks, speculations, and fluctuates easily because of the lack of any official administrator that is responsible for controlling the value of the currency.

He also argued that virtual currencies are prone to be used for money laundering and source funds for terrorist activities.

Bambang once again reminds that Bank Indonesia has banned the use of virtual currencies such as Bitcoin by Indonesian payment system providers and financial technology organizers.

ANTARA

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ArtByte (ABY) 1-Day Volume Reaches $27316.00

ArtByte can be purchased on the following cryptocurrency exchanges: YoBit, Bittrex, LiteBit.eu and Cryptopia. It is not presently possible to purchase ArtByte directly using US dollars. Investors seeking to acquire ArtByte must first purchase Bitcoin or Ethereum using an exchange that deals in US dollars …

ArtByte logoArtByte (CURRENCY:ABY) traded 4.9% lower against the dollar during the 1 day period ending at 22:00 PM ET on February 14th. ArtByte has a total market capitalization of $10.59 million and $27,316.00 worth of ArtByte was traded on exchanges in the last 24 hours. Over the last week, ArtByte has traded down 3.3% against the dollar. One ArtByte coin can now be purchased for approximately $0.0134 or 0.00000124 BTC on popular exchanges including Cryptopia, LiteBit.eu, Bittrex and YoBit.

Here is how similar cryptocurrencies have performed over the last 24 hours:

  • Litecoin (LTC) traded down 3.5% against the dollar and now trades at $219.78 or 0.02054390 BTC.
  • Verge (XVG) traded 3.2% lower against the dollar and now trades at $0.0678 or 0.00000634 BTC.
  • Dogecoin (DOGE) traded 5.9% lower against the dollar and now trades at $0.0067 or 0.00000063 BTC.
  • Bytom (BTM) traded 2% lower against the dollar and now trades at $0.35 or 0.00003305 BTC.
  • Syscoin (SYS) traded down 6.4% against the dollar and now trades at $0.65 or 0.00006087 BTC.
  • Polymath (POLY) traded up 5.8% against the dollar and now trades at $1.33 or 0.00012465 BTC.
  • GameCredits (GAME) traded 5.5% lower against the dollar and now trades at $2.60 or 0.00024329 BTC.
  • BridgeCoin (BCO) traded down 5.7% against the dollar and now trades at $4.52 or 0.00042239 BTC.
  • Einsteinium (EMC2) traded down 1.9% against the dollar and now trades at $0.36 or 0.00003377 BTC.
  • CyberMiles (CMT) traded down 4.8% against the dollar and now trades at $0.17 or 0.00001605 BTC.

About ArtByte

ArtByte is a proof-of-work (PoW) coin that uses the Scrypt hashing algorithm. It was first traded on May 1st, 2014. ArtByte’s total supply is 792,537,250 coins. ArtByte’s official Twitter account is @artbyteme and its Facebook page is accessible here. ArtByte’s official website is www.artbyte.me. The Reddit community for ArtByte is /r/ArtByte.

According to CryptoCompare, “Artists can receive and spend (cash in) ArtByte , just as you would cash-in airline mileage points or credit card bonus points. This provides real financial support for their careers. Additionally artists gain increased exposure (at no cost) on ArtByte’s social media and forum. “

Buying and Selling ArtByte

ArtByte can be purchased on the following cryptocurrency exchanges: YoBit, Bittrex, LiteBit.eu and Cryptopia. It is not presently possible to purchase ArtByte directly using US dollars. Investors seeking to acquire ArtByte must first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase ArtByte using one of the aforementioned exchanges.

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Several Factors Are Driving Renewed Bullish Sentiment for Bitcoin

… of catalysts to explain Bitcoin’s rally, such as regulatory softening by some governments and new technological developments. Even PayPal’s Chief Financial Officer now predicts that Bitcoin might become a favorite payment method. In the meantime, Coinbase and Bitfinex are implementing SegWit to …
· February 21, 2018 · 10:00 pm

Bullish sentiment for Bitcoin is gaining renewed momentum. Investors and financial experts are suggesting a variety of catalysts to explain Bitcoin’s rally, such as regulatory softening by some governments and new technological developments. Even PayPal’s Chief Financial Officer now predicts that Bitcoin might become a favorite payment method. In the meantime, Coinbase and Bitfinex are implementing SegWit to reduce transaction costs.


Several Factors Are Fueling Bitcoin’s Rally

Bitcoin’s current rally has many drivers. One of them is regulatory softening towards cryptocurrency. In this regard, CNBCreports, Brian Kelly, the founder and CEO of BKCM LLC, points out that one of the catalysts for the cryptocurrency’s rally is the fact that the Wyoming House of Representatives unanimously passed two crypto-friendly bills: House Bill 70, and House Bill 19.

House Bill 70 is entitled “Open blockchain tokens-exceptions.” According to State Representative Tyler Lindholm, Bill 70 “exempts initial coin offering [ICO] tokens issued on an open blockchain from Wyoming’s money transmitter and securities laws, as long as the token has not been marketed as an investment and is exchangeable for goods or services.”

On the other hand, Bill 19 is entitled “Wyoming Money Transmitter Act-virtual currency exemption,” and it exempts cryptocurrencies from the state’s money transmitter laws.

Kelly also suggests that another catalyst for Bitcoin’s rally is the South Korean government’s shift from a very hostile stance towards cryptocurrencies to a more supportive attitude, encouraging “normal” crypto trading.

As a result, Kelly concludes:

The sentiment has changed here, which to me is going to start bringing in more investors to the space.

Moreover, John Rainey, CFO of PayPal, is also optimistic about Bitcoin’s future, predicting that Bitcoin will become a popular payment method. When The Wall Street Journalasked him whether “Crypto or bitcoin [will] ever be popular as payments?” Rainey replied:

At some point, there is a very high likelihood. The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.

Technological Advances Motivate Bitcoin Optimism

Most importantly, Bitcoin is gradually but surely solving its problem with scalability. Indeed, new schemes and technologies such as Segregated Witness (SegWit), Lightning Network, and Atomic Multi-Path Payments over Lightning, are being implemented to facilitate near-instantaneous low-value Bitcoin payments.

For example, leading Bitcoin exchanges, such as Coinbase and Bitfinex are already implementing Segwit to trade Bitcoin.

Our engineering team has finished testing of SegWit for Bitcoin on Coinbase.

We will be starting a phased launch to customers over the next few days and are targeting a 100% launch to all customers by mid next week.

— Coinbase (@coinbase) February 20, 2018

In one of its earlier announcements regarding the SegWit implementation, Coinbase explained:

For those unfamiliar with SegWit, this upgrade helps reduce the size of transactions, which improves the overall transaction capacity of the Bitcoin network. This upgrade should also help reduce the fees customers pay on bitcoin transactions.

Bitcoin price chart - Feb 21 2018 - CoinMarketCap

As a result, Bitcoin has been able to withstand threats and hostile actions from bankers, governments, and world financial authorities. And, once again, as the chart above suggests, the cryptocurrency is starting to attract investors with renewed enthusiasm.

How do you think the softening of restrictions will affect Bitcoin’s value? Let us know in the comments below.


Images courtesy of Wikimedia Commons, CNBC, Coinmarketcap

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Korea Accounting Institute Considers Classifying Virtual Currencies into Liquid Assets

In addition, their value as an asset will be fair value in the case of crytocurrencies with active markets where price information is reliable as the market has high transaction volume and transaction frequencies but historical cost will be regarded as the value of virtual currencies without active markets.

The Korea Accounting Institute said on February 21 that the institute is considering a plan to classify crytocurrencies such as Bitcoin into liquid assets in financial statements. The institute can, however, allow them to be classified into non-current assets depending on the purposes and periods (one or more years) of holding them.

In addition, their value as an asset will be fair value in the case of crytocurrencies with active markets where price information is reliable as the market has high transaction volume and transaction frequencies but historical cost will be regarded as the value of virtual currencies without active markets.

The Korea Accounting Institute added that they were discussing damage treatment methods when the book value of virtual currencies is lower than expected selling prices.

This discussion about a virtual currency accounting standard was had at the request of Bithumb, a December settlement corporation, among virtual money market exchanges. Bithumb is an exchange that is subject to the External Audit Act along with Korbit and Coinone. “A virtual currency accounting standard is still in the draft stage. We need to discuss more about it,” said an official of Korea Accounting Institute said. “We will prepare the virtual currency accounting standard by next month.”

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Cryptocurrency Targets Fifa and Player Transfers

But despite this many of clubs, some of whom are based in the U.K., are facing serious financial woes. Now, one London firm is set to transform the sector with a new initial coin offering, or ICO, designed to give fans ownership of teams. BlocSide Sports, a sports franchise-backed token on the Ethereum …
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A new cryptocurrency designed to allow fans to raise funds to buy and make direct decisions on how their favourite football teams operate has been launched.

Four billion people – a lot of them in Asia too – actively support teams in the industry that generates an estimated 28 billion pounds (almost $40 billion) annually. But despite this many of clubs, some of whom are based in the U.K., are facing serious financial woes.

Now, one London firm is set to transform the sector with a new initial coin offering, or ICO, designed to give fans ownership of teams. BlocSide Sports, a sports franchise-backed token on the Ethereum blockchain, aims to change the way fans interact with their favourite teams.

Purchasing a Team

MVP, a popular baseball acronym which translates to «Most Valuable Player», can be used to purchase team merchandise and tickets, fund player transfers, and, ultimately as the market develops, purchase a Fifa soccer team, according to New York based BlocSide chief Daniel Taylor.

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