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Tight Bitcoin Scrutiny in Bali

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Bali, an island in the Indonesian archipelago has recently increased scrutiny with Bitcoin being under heavy surveillance.

Increased Scrutiny

Scrutiny

Central Bank officials are searching for a way to crack down on the use of the cryptocurrency anywhere in the country. Causa Iman Karana, head of Bank Indonesia’s representative office in Bali stated:

“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 has had previous encounters with reports of Indonesia having significant local adoption of Bitcoin usage, but more recent reports indicate that the government is trying to curtail the use of cryptos. The risk of money laundering and criminal activity has led to the increased scrutiny which seems to be necessary.

The hard words against Bitcoin and other digital currencies falls more into place with the Chinese and potential South Korean bans than the more recent Australian case.

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Bank Bans Credit Card Crypto Purchases

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The Lloyds Banking Group in Britain is one of the giants in the whole world and the largest in the UK, and it has recently become the first major credit card provider in the country to ban its customers from using credit cards to purchase digital currencies.

Credit Card Ban: Cryptocurrencies

The ban comes after the case of J.P. Morgan Chase, Bank of America, and Citigroup’s similar choice yesterday to ban credit cards purchases of cryptocurrencies for all their customers.

Lloyds, has in itself Halifax, Bank of Scotland, and MBNA, and it will block its 9 million credit card users from buying cryptocurrencies.

However, Lloyd’s customers will still be free to buy cryptos with debit cards.

The credit card crypto ban came into place after Bitcoin saw a huge price drop in the market this week, falling below $8000 for several days which is not very good for the mainstream crowd.

Lloyds stated that the ban will “protect customers” that could store big amounts of credit debt if the market price keeps going crazy, which it may, if cryptos stay true to their rule of volatility

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Airline in Japan to Support BTC

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Japanese airline, Peach Aviation has announced that it plans to accept Bitcoin (BTC) as a payment method.

Airline BTC Payment

The idea had been delayed, however it has been confirmed that they will in fact go through with it.

Japanese broadcasting corporation NHK World had previously posted an article about Peach Aviation doubting cryptocurrencies after the Coincheck hack for $534 mln. The article was removed not long after.

According to the airline, the rumors that Peach Aviation would not follow through with their BTC payment option after the NHK article, are false.

They said:

“There have been some reports today on our company retracting its plan to enable airline tickets to be purchased with Bitcoins; however, this is not something that was announced by our company and is not a fact. We are currently considering our start period in aiming to introduce such a service.”

Although it is still a new thing to include cryptocurrencies as a form of payment in airlines, Peach Aviation is not the first to accept them.

Back in July 2017, AirBaltic introduced to their customers the option to purchase flights with Bitcoin. On the Blockchain court, Singapore Airlines have just today, announced a Blockchain-based frequent flyer app which will be releasing in August this year.

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Bitcoin: $50K Before Crash, Says Jordan Belfort

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Jordan Belfort, or “Wolf of Wall Street” has shown some doubt concerning Bitcoin’s price.

Belfort’s Opinion

Belfort

Belfort said that he does not believe that Bitcoin is a scam, however he thinks that the cryptocurrency is a good tool for manipulation.

He believes that the rising price of BTC can be attributed to wild speculation because of what he sees as improper use of the cryptocurrency:

“Something [BTC] was designed to be used as a currency, and it’s being used as an investment vehicle […] As a currency, Bitcoin is no more useful at $20,000 or $100.”

“The Wolf” has spoken negatively about the potential for manipulating digital currency markets due to the thinness of the market. He referred to the case of Olaf Carlson-Wee, an early Bitcoin enthusiast who was paid in cryptocurrency when working at Coinbase back in 2013.

Belfort’s predictions rest on the fact that while Bitcoin is, in his words, a “wolf in sheep’s clothing,”  it also “might go to $50,000” before what he is certain will be its fall to $0.

He previously said that Bitcoin was problematic due to hackers having easy access to the currency. He also said in October that ICOs were the “biggest scams ever.”

Belfort is not a Bitcoin investor.

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