This week, Brazil, Indonesia advanced the regulation of the Crypto-currency, and Ukraine began to draft a new bill. That’s what news come from these countries, and what is the status of bitcoin in them now.
Ukraine is trying to introduce regulation of the Crypto-currency. Again
The Ukrainian parliament again proposed legalizing bitcoin. Now they are setting up an ad hoc committee to draft regulations. Last week, Minister of Justice of Ukraine Pavel Petrenko made such an offer.
According to him, the share of crypto-currency in the market is already quite large, in order to introduce regulation that bitcoin already forms a significant part of money transactions.
This is already a fait accompli, Petrenko continued.
Today the real situation of the crypto currency in Ukraine is deplorable. Miners are not protected by law. There have already been cases when the Security Service of Ukraine came and seized video cards with witty bitcoins. Miners and traders need protection, so the issue of regulation in Ukraine is acute.
Petrenko added that the Central Bank and other state regulators are already engaged in drafting laws. This is not the first attempt to introduce regulation of bitcoin in Ukraine. In 2017 they tried to promote two bills and one amendment. Considered the possibility of stimulating the miners and introducing a tax on bitcoin-transactions. None of the laws was adopted.
Central Bank of Indonesia v. Bitcoin
The Central Bank of Indonesia made a sharp statement about the crypto-currencies and suggested that they be tightly limited by regulation.
Do not sell or buy – calls on the Central Bank.
Virtual currency, including bitcoin, is not recognized as a payment instrument, therefore it is prohibited to use it as a payment instrument, the statement said.
Now in Indonesia it is forbidden:
- Use bitcoin and other crypto-currencies to pay for goods / services
- Accept for payment of a crypto currency
- Buy / Sell virtual currencies
- Conduct other financial operations with its use
The head of the Central Bank called deposits in bitcoins risky, as it has no administrative regulation and a fundamental asset, can be used for
- money laundering;
- financing of terrorism;
- to influence the stability of the financial system;
- to harm the public.
The Central Bank introduces regulation so that all financial transactions within the country are conducted exclusively using the state currency – the Indonesian rupee.
Brazil prohibits investment funds to invest in crypto-currencies
The Securities and Exchange Commission of Brazil on Friday said that now investment funds will be prohibited from investing in bitcoin and other crypto-currencies. Punishment – up to six months in prison or fine.
Crypto-currencies can not be considered financial assets.
This law is the result of numerous conferences and meetings. In 2017, Brazil held seven public hearings. Brazilian governors (including the Central Bank) do not plan to interfere with the development of the crypto industry.
The volume of trading in the country is growing rapidly, bitcoin can be used as payment, and the first bit of ATM-ATM was installed as early as 2016.
Investment regulation is just a way to protect large investment funds from possible losses.
