[2017-09-24] Bitcoin Bad in Ukraine and Indonesia, ICOs Reviewed in Thailand

[moriskarlov]

In recent days, several governments have issued statements pertaining to bitcoin regulations. The Indonesian and Ukrainian central banks have clarified that bitcoin will not be recognized as a means of payment, whilst Thailand’s Securities and Exchange Commission (SEC Thailand) has made preliminary statements regarding initial coin offerings (ICOs).

The Central Banks of Indonesia and Ukraine Will Not Recognize Bitcoin as a Means of Payment

Speaking at a recent Ukrainian Financial Forum event, the deputy chairman of the National Bank of Ukraine, Oleh Churiy, has revealed key insights into the government’s determinations regarding impending Ukrainian bitcoin regulations. Churiy stated that Ukrainian officials have concluded that bitcoin is not a currency due to the absence of a government issuer and that bitcoin will not be legally recognized as a form of payment. “We can say that it is definitely not a currency as it has no central issuer. We also cannot recognize cryptocurrency as means of payment”.

At the start of the month, Ukrainian lawmakers met to conduct preliminary discussions regarding the legality of bitcoin and other cryptocurrencies within the country, agreeing to finalize their determinations within “3 weeks”. The preliminary discussions suggested that Ukraine may move to develop a permissive regulatory apparatus pertaining to cryptocurrency and blockchain technology, with the Chairman of the National Securities and Stock Market Commission stating that “blockchains, bitcoins, tokens and other technology solutions have already become an integral part of the financial market”. Less than a week later, Reuters reported that Ukraine’s Justice Ministry had conducted the country’s first trials of blockchain technology being conducted by the state, with the ministry planning on utilizing blockchain technology in conducting auctions of seized assets as part of an initiative designed to “modernize state institutions and eliminate corruption.”

Indonesia’s central bank, the Bank of Indonesia, has reaffirmed that bitcoin transactions are not legally recognized according to its “Service Provider of Payment System” (PSJP) legislation. Indonesia media outlets have reported that Executive Director of Payment System Policy Department, Eny V Panggabean, stated that Bank of Indonesia “forbid Bitcoin to be transacted in PJSP,” at a recent Indonesia Banking Expo seminar.

CNN Indonesia reports that Oscar Dermawan, the CEO of Bitcoin Indonesia, has criticized the central bank’s position, implying that the government has failed to fully recognize the technological phenomenon and innovative potential that bitcoin encompasses. Dermawan described bitcoin as “a remarkable technological achievement”, stating that “the workings of [bitcoin] are even commented on by Bill Gates as … a technological tour de force.” When asked to discuss the development of Indonesia’s domestic bitcoin economy, Dermawan said that “transactions in Indonesia are still very low.”

SEC Thailand Has Issued a Preliminary Statement Regarding ICO Regulations

The Securities and Exchanges Commission of Thailand has warned that ICOs issuing tokens that “resemble financial returns, rights and obligations in similar ways to securities under the Securities and Exchange Act” will fall under the regulatory jurisdiction of the SEC Thailand. The SEC states that “in cases where an ICO constitutes [the] offering of securities, the issuer will need to comply with applicable regulatory requirements under the SEC Thailand’s purview.”

The SEC Thailand is seeking to adopt a balanced policy with regard to ICOs, expressing a desire to “strike the balance between supporting digital innovation and protecting investors from potential ICO scams.” The SEC highlights concerns that “in some cases ICO may be deliberately used as a tool for fraud or scam”, before stating that the “SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO in answering startups’ funding needs.”

Ultimately, Thailand’s SEC “realizes that ICO may not yet fit neatly with SEC Thailand’s current regulatory framework…. and welcomes comments and suggestions from the private sector.”

https://news.bitcoin.com/regulations-round-up-bitcoin-bad-in-ukraine-and-indonesia-icos-reviewed-in-thailand/

[Argoo]

Until recently, Ukraine announced full support for the crypto currency and even the Central Bank of Ukraine was going to issue its own digital currency called Cryptogriva. Now the statements of this bank have changed a little. However, one can agree that the bitcoin can not be considered a currency in the classical sense of the term. But that bitkoin National Bank of Ukraine refused to recognize as a means of payment, it's already bad. Although at the level of individuals, bitcoin can still walk unchecked. However, it is not known what steps Ukraine will take in the future. Apparently, the negative information that came from China and the ensuing criticism of bitcoin and crypto-currency in general as a bubble and a pimp played its part here.

[iamTom123]

Until recently, Ukraine announced full support for the crypto currency and even the Central Bank of Ukraine was going to issue its own digital currency called Cryptogriva. Now the statements of this bank have changed a little. However, one can agree that the bitcoin can not be considered a currency in the classical sense of the term. But that bitkoin National Bank of Ukraine refused to recognize as a means of payment, it's already bad. Although at the level of individuals, bitcoin can still walk unchecked. However, it is not known what steps Ukraine will take in the future. Apparently, the negative information that came from China and the ensuing criticism of bitcoin and crypto-currency in general as a bubble and a pimp played its part here.

It is quite unfortunate that these countries are listening to China and the recent news emanating from that country. They failed to see what is happening right now in Japan, South Korea and Russia. This could have been the right time to be a part of the pioneering countries that provided the regulatory platform and framework where cryptocurrency can worked on. We are still wishing that the time will come when they can realized the mistake they made and will eventually allow cryptocurrency to flourish in their respective countries. Anyway, it can not be denied that cryptocurrency as embodied by Bitcoin can really be disruptive because this is taking the power of control from the state into the hands of the people.

[Bezobraznike]

Until recently, Ukraine announced full support for the crypto currency and even the Central Bank of Ukraine was going to issue its own digital currency called Cryptogriva. Now the statements of this bank have changed a little. However, one can agree that the bitcoin can not be considered a currency in the classical sense of the term. But that bitkoin National Bank of Ukraine refused to recognize as a means of payment, it's already bad. Although at the level of individuals, bitcoin can still walk unchecked. However, it is not known what steps Ukraine will take in the future. Apparently, the negative information that came from China and the ensuing criticism of bitcoin and crypto-currency in general as a bubble and a pimp played its part here.

I would like to correct you a bit - Cryptogrivna, that's how would call their national crypto-currency, in which I actually see no sense, because the price of this currency would be the same as the price of their national fiat on the world's market and as I know it's very little, so, logically this national crypto-c currency doesn't want to be on demand and I think this project is just wasting of money and the time.
 In the beginning of the month I heard a new here on the forum that Ukraine is planing to legalize bitcoin in the period of three weeks. That was fantastical to me and unreal. But as I see now that was just words to catch some attention on the country and in fact they just followed bad news from China and their decisions towards crypto-currncies.