the legality of bitcoin in many Asian countries
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Bitcoin Legality
At Bitcoin's original site at bitcoin.org related to bitcoin legality, it is mentioned that Bitcoin is not an official currency. So it could be in certain countries will be able to levy a tax on sales, or tax on capital gains on Bitcoin transactions.
Furthermore, Bitcoin users are personally responsible for the use of Bitcoin by also observing and complying with applicable laws in that country. While in each different country, of course could be will make different rules about this Bitcoin. While the official legality of the use of Bitcoin by many observers is still in the "gray" area.
the legality of bitcoin in indonesia
In the State of Indonesia, Bank Indonesia (BI) has issued a statement to a press release issued on February 6, 2014. Here's a press release regarding BI's statement to Bitcoin:
No: 16/6 / DKom
Paying attention to Law no. 7 Year 2011 on Currency and Law no. 23 of 1999 which was amended several times, most recently by Law no. 6 Year 2009, Bank Indonesia states that Bitcoin and other virtual currency are not valid currency or payment instruments in Indonesia.
People are encouraged to be careful of Bitcoin and other virtual currency. Any risk associated with the ownership / use of Bitcoin is borne solely by Bitcoin owners / users and other virtual currency.
Source
the legality of bitcoin in chinese
The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason.
As quoted from Reuters on Friday (15/09/2017), there are several reasons Bamboo Curtain country banned Bitcoin transactions.
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.
Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.
Destroying the investment world
Bitcoin is potentially bubble and breaks after a lot of popularity and more people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.
China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered ### when bubble and break.
China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.
Source
the legality of bitcoin in south korea
The virtual currency, especially Bitcoin, will soon get its legal umbrella in South Korea. South Korea is now preparing legislation related to Bitcoin transactions within their country to ensure its legality.
In a recent revision of the draft law filed by Park Yong-Jin of the Democratic Party of Korea, there is a prerequisite that requires any person or business or other related business type to deposit a minimum of 500 million won or around 5.9 billion rupiah and facilities data processor for Know Your Costumer (KYC) and Anti-Money Laundering (AML), as reported by Korea Herald.
Although it has not yet made the regulation governing the entire Bitcoin industry, the South Korean government has officially legalized Bitcoin service providers to facilitate payments, transfers and buying and selling.
The Korea Herald also reported that the South Korean Foreign Trade Transactions Act has started allowing fintech companies and Bitcoin service providers to obtain permission from South Korea's OJK.
Currently Bitcoin market in South Korea is the third largest in the world by registering 14 percent of transactions from all transactions in the world.
Source
the legality of bitcoin in japan
The regulator in Japan made a surprising move in enacting regulations on the use of digital currency.
Now, the Government of Japan has legalized the use of digital money as the official means of exchange in the country.
Fisco Ltd., a company is allowed to issue a bitcoin base-bond bond, as a move to monetize the digital currency.
Japan became a treating country
bitcoin, a digital currency (cryptocurrency) like any other currency in general. The legality, then drives the use of bitcoin as an underlying asset (asset basis) of bonds or bonds.
Fisco Ltd., a research and investment company from Japan, released a unique new issue, issuing bitcoin-based bonds (bonds).
Bloomberg, Thursday (17/08/2017) and reported, the value of this bond issuance is still fairly mini, which is only 200 bitcoin equivalent to US $ 813,000 or Rp 10.85 billion. The offered coupons are 3% per annum.
Masayuki Tashiro, Chief Product Officer of Fisco Ltd. stated, this product became the first in the world to test the effectiveness of the use of bitcoin into a fundraising tool.
It is also a method for investors to monetize bitcoin.
Currently many investors treat bitcoin as a safe haven, following tensions between the United States (US) and North Korea (North Korea).
Masayuki added that Japan is arguably the most advanced country in treating cryptocurrency as a valid payment instrument.
Source
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