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Bitcoin Under Increasing Scrutiny on Island of Bali NEWS Bitcoin is under heavy surveillance on Bali, an island in the  Indonesian  archipelago, according to  local reports . Central Bank officials are seeking to crack down on the use of the cryptocurrency anywhere in the nation. Causa Iman Karana, head of Bank Indonesia's representative office in Bali said: "We found out from some postings on social media that Bali appeared to have become a haven for Bitcoin transactions. The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah.” The country had previously been  reported as having significant local adoption  of Bitcoin usage, but recent reports indicate that the government is  trying to curtail the use of digital currencies . The risk of money laundering and criminal ac...

Bitcoin Hits $20,000 Per Coin, Capping Year of Enormous Growth 461 Total views 6 Total shares Bitcoin  has cemented its glory year by hitting $20,000 barely a month after achieving five figures for the first time. After several weeks of  considerable volatility , mixing rapid growth with sudden declines, momentum finally boosted Bitcoin to its new historic high. Outperforming almost everyone’s expectations in 2017, Bitcoin prices received a decisive push from Wall Street regulated futures trading, as well as the imminent implementation of the  Lightning Network . CBOE launched its Bitcoin futures product  on Dec. 10 , and CME (a much larger market) will begin trading the cryptocurrency’s futures on Monday, Dec. 18. Markets reacted to rising prices with a snowball effect, triggering mass consumer interest in both buying and trading the virtual currency. Over the last few weeks, the Coinbase app has been at the top of Apple’s “mo...

Brett King: Banking Will No Longer Be as We Know It 2908 Total views 162 Total shares INTERVIEW Brett King is an author, speaker and radio host with extensive experience in the financial industry. He’s worked with  Deloitte , Center for Financial Services Innovation and Breaking Banks Radio. He’s also a Founder and Executive Chairman at Moven, a mobile banking app. King is an advocate for innovations in the banking system. The main idea he puts forth in his books, interviews, and speeches - most recently at  Money 20/20  October this year - is that banks are losing their dominance and we’ll most likely see a new era of “financial technologies without banks” services in the very foreseeable future. We decided to ask him how the banking future looks and whether  Blockchain  has anything to do with it. Cointelegraph: You believe that the banking system might become less relevant in the future. Why do you think that a...

Israeli PM: Bitcoin Could Replace Banks 41730 Total views 1416 Total shares In a  video  published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually  become obsolete  and could be replaced by  Bitcoin . He based his claim on the trustless nature of  Blockchain technology and on Bitcoin’s continuous,  notable growth  this year. In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen: “Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.” The head of the Israeli state also spoke about the role of banks, explaining that they were created and continue to exist to ensure that transactions between two parties are val...

India’s Tax Man Knocks on Door of Cryptocurrency Exchanges; Seeks Identifying Information 11785 Total views 192 Total shares REGULATIONS India’s Income Tax Department, which falls under the Department of Revenue of the Ministry of Finance, began conducting surveys across the country on December 13, 2017. Investigators for the government agency visited nine exchanges spread out across Delhi, Bangalore, Hyderabad, Cochin and Gurgaon according to India’s  Economic Times . The publication also said that these surveys were undertaken under Section 133A of the Income Tax Act, which is for the purpose of gathering evidence. Tax authorities seeking identity information Business Standard  reported that the tax men visited exchanges with financial data and inputs already in their possession and wanted to know more about the workings of cryptocurrency exchanges in India. According to the  Indian Express , Section 133 A related surveys can be used for: “Gathering e...

Bitcoin Price Will Hit $1 Million, Says Social Capital Founder 23263 Total views 550 Total shares Chamath Palihapitiya, founder of Social Capital and co-owner of the Golden State Warriors,  voiced his opinion  on the value and potential growth of  Bitcoin  in an interview on CNBC on Tuesday. The business leader, who first invested in Bitcoin in 2012, indicated that he sees the price of Bitcoin rising massively in the next 20 years as adoption continues to grow. His analysis echoes  other commentators and investors  who have seen the potential for Bitcoin’s price to reach levels close to $1 mln. Palihapitiya explains his prediction as based on the evaluation of Bitcoin as a  store of value  comparable to  gold . He said: “This thing has the potential to be comparable to the value of gold…This is a fantastic hedge and store of value against autocratic regimes and banking infrastructure that we know is corrosiv...