Bank Indonesia Calls Cryptocurrency Illegal

The central bank of the Republic of Indonesia stated that ownership of virtual currency is highly risky and loaded with speculations
15 January 2018   300318

Bank Indonesia published a press release on Saturday where it affirms that virtual currencies, including bitcoin, are not recognized as legitimate instrument of payment, therefore not allowed to be used for payment in Indonesia.

The central bank of the Republic of Indonesia added that ownership of virtual currency is highly risky and loaded with speculations, considering there is no authority responsible, no official administrator, no underlying assets to base the virtual currency price, and that the trade value is highly volatile.

Cryptocurrencies are vulnerable to bubble risks, and susceptible to be used for money laundering and terrorism financing, therefore can potentially impact financial system stability and cause financial harm to society.

 

Bank Indonesia statement

The news comes as Bank Indonesia announced on January 15 that it has teamed up with the National Police to prevent transactions using cryptocurrency in Bali.

We are looking out for bitcoin transactions in Bali, particularly in tourist spots. We will take measures against non-rupiah transactions.

 

Causa Iman Karana

The head of Bank Indonesia Bali office

Recently, we have reported that cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones.

Lightning Desktop App to be Launched in BTC Mainnet

The application, which is based on the lightweight Neutrino client, is available for the macOS, Windows and Linux, however, it's oriented fro test environment
24 April 2019   152

Lightning Labs, a leading developer of solutions for the Lightning Network, announced the launch of its desktop wallet in the main Bitcoin network. An application that was previously tested in a test network is available in the alpha version.

The application, which is based on the lightweight Neutrino client, is available for the operating systems macOS, Windows and Linux, however, as the developers emphasize, is still oriented primarily to the test environment. At the same time, more advanced users can also experiment with the wallet interface and get access to their funds.

Lightning App Desktop Version Screenshot
Lightning App Desktop Version Screenshot

The Neutrino client allows non-custodial Lightning wallets to verify Bitcoin transactions without the need to synchronize with the full version of the blockchain.

The new release includes such a function as displaying a single balance, which will allow users to see the cumulative number of coins both in the network base and in the payment channels by percentage.