Showing posts with label
Bank Indonesia Bitcoin Regulation.
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Showing posts with label
Bank Indonesia Bitcoin Regulation.
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The US agency puts out a call for prototypes to trace Monero, Zcash, OmiseGo, and other cryptocurrency tokens and platforms.
In brief
The IRS is on the hunt for new crypto tracing tools.
The request is focused on privacy-centric coins, as well as off-chain/side-chain protocols.
Interactive prototypes can be submitted until July 14.
The United States Internal Revenue Service (IRS) is seeking tools that it can use to trace privacy-centric cryptocurrency tokens, as well as Layer 2 off-chain transaction protocols such as Bitcoin’s Lightning Network.
The agency issued a Request for Information earlier this week for the pilot program initiated by the IRS Criminal Investigations Division. The IRS is seeking an interactive prototype with a graphical interface that will let it cluster together transactions from a user, as well as associate “user distributed addresses with distributed ledger addresses” of criminal suspects. The news was first reported by industry publication The Block.
Additionally, the agency wants a prototype that can provide a library of suspects’ distributed ledger addresses, uses open-source intelligence data, and lets agents share data between investigations, as well as export data into various file formats.
The request specifically calls out the cryptocurrencies Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizon (ZEN). In addition to Lightning, it also mentions Layer 2 protocol networks Raiden Network and Celer Network, as well as side-chains such as Plasma and OmiseGo (OMG).
The IRS admits that it doesn’t have a lot of options on those particular fronts.
“Currently, there are few investigative resources for tracing transactions involving privacy cryptocurrency coins, Layer 2 network protocol transactions, side-chain ledger transactions, or transactions on distributed ledgers that are adopting signature algorithms that provide privacy to illicit actors,” reads the request document.
Recently, public records discovered by The Block pointed to both the IRS and US Drug Enforcement Administration seeking to purchase Bitcoin tracing tools from Coinbase, much to the horror of the crypto community.
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April 1 saw Bitcoin's price surge by 19% from around $4,200 to $5,000, hitting its peak at $5,300 the following day across several major exchanges. While everyone was pleased with the sudden uptake, one crypto analyst predicts this is just the beginning.
According to the analyst, going by the Twitter handle @Rythmtrader, Bitcoin’s surge can be attributed by a buy order amounting to around 20,000 Bitcoin, worth about $100 million.
As CCN reports, if the absorption of sell orders a the $4,200 resistance level, which Bitcoin failed to test for most of the first quarter of 2019, the orders would amount to over 4200 million. However, the analyst states that if the rest of the movement from $4,200 to the $5,000 level was triggered by 7,000 Bitcoin, a promising rally can be expected as we approach Bitcoin’s halvening.
That 7,000 BTC figure came from a Reuters report, which quoted Oliver von Landsberg-Sadie, CEO of cryptocurrency firm BCB Group as saying:
“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he said. “If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”
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Regulators in Indonesia have finally recognized Bitcoin and other cryptocurrencies as commodities, thus providing legal backing for trading virtual currencies. Consequently, cryptocurrency exchanges in the country now have a set of requirements that must be satisfied before being allowed to operate.
REQUIREMENTS FOR BITCOIN EXCHANGES IN INDONESIA
Indonesian Trade Ministry Futures Exchange Supervisory Board (Bappebti) issued regulation No.5/2019 which includes regulations for cryptocurrency exchanges, as well as, a formal recognition of cryptocurrencies as commodities. Based on the new ruling, virtual currency trading is now legalized in the country.
As part of the new set of laws, Bitcoin exchanges must employ the services of IT security experts and keep records of their transactions for a minimum of five years. Also, one of their servers must be domiciled in the country and they must have clearly defined organizational structures with departments like legal, audit, client support, IT, etc.
Speaking to Hukumonline, Bappebti chief, Indrasari Wisnu Wardhana, highlighted the need for these regulations saying:
We want to give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers.
These regulations form part of a larger set of rules for cryptocurrency commodity trading both in the spot and futures trading market.
bitcoin price bottom
On Thursday, (February 14, 2019), Bitcoinist reported that traders in the country were protesting the excessive paid-up capital restrictions imposed on cryptocurrency futures trading.
CRYPTOCURRENCY PAYMENTS STILL PROHIBITED
While these new laws provide legal certainty for cryptocurrency exchanges, such services have been operational in the country since as early as 2014. Despite the formal recognition given to virtual currencies as commodities, the ban on cryptocurrency payment is still in effect.
Onny Widjanarko, a top executive of Indonesia’s apex bank (BI) said that the bank was part of the deliberations that led to the recognition of cryptos as commodities. For Widjanarko, the decision by Bappebti does not negate its ruling against cryptocurrencies as its mandate is the protection of rupiah sovereignty and monopoly within the country.
Speaking to CNBC Indonesia on Friday (February 15, 2019), Widjanarko said:
BI still prohibits bitcoin or crypto as a means of payment. Commodities regulation is not an area of concern for the BI.
