JAKARTA, KOMPAS.com - The presence of bitcoin as a virtual currency reap the pros and cons. Bitcoin is considered to facilitate financial transactions. However, transactions with this virtual currency can also raise the risk of money laundering.
Different countries respond differently to the presence of bitcoin in the country.
The bitlegal.net site classifies three legal statuses of bitcoin in different parts of the world with color indicators. A country colored green means allowing bitcoin, yellow means there is still a debate, and red means forbidding.
Russia and Iceland are the countries that prohibit the use of bitcoin. According to Iceland's central bank, transactions with bitcoin are perceived as the movement of foreign and illegal capital because of capital controls conducted in the country after the collapse of the banking system in 2008.
The Russian central bank warned businesses using bitcoin as a means of payment would be potentially considered to be involved in money laundering or terrorism financing. However, transactions with bitcoin in Russia are very large and underground.
"Russia is in the red category, but the transaction is very large, bitcoin transactions there reach 20 percent of all bitcoin transactions worldwide," said Bitcoin Indonesia CEO Oscar Dharmawan in Jakarta, Saturday (15/2/2014).
Meanwhile, China, India, Thailand and Kazakhstan still have debate over bitcoin. In China, for example, bitcoin circulates freely with warnings. Prohibition applies to companies, but the public is allowed transactions with bitcoin as a commodity trading activity on the internet.
Many countries respond to bitcoin transactions with permissiveness, which is marked by a green legal status. In the United States, bitcoin may be circulated as an electronic transaction.
As in Singapore, the central bank decided not to interfere with the transaction with bitcoin, but it will impose a tax because bitcoin is considered a commodity.
In neighboring Malaysia, the central bank allows transactions with bitcoins. However, people are encouraged to be careful in transacting and investing with the virtual currency.
source: kompas.com
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