Bangladesh threatens to sentence Bitcoiners up to 12 years in jail

New Bitcoin ATMs: SF gets first BTM as Argentina, Germany and Italy get more locations

inShare1

Bitcoin teller machines (BTM) network has been recently expanding with new Bitcoin ATMS appearing all around the world. Time has come for next countries and cities to introduce these machines and allow their citizens to enjoy easy access to digital currencies. From now on Buenos Aires, Bochum, San Francisco and Reggio Emilia will have the BTMS of their own.

However, it is not the end of good news for Bitcoin community. This month has also brought a technological novelty from Robocoin, BTM manufacturer. The company has decided to introduce PalmSecure, a biometric technology which will improve the security of future Bitcoin ATMS.

Bitcoin ATM in Argentina

Argentina received more Bitcoin ATMs which opened for business in one restaurant in Buenos Aires. Bar and restaurant Antidomingo can be found in the city’s residential suburb in Pinto 4860. The installation of this one-way BTM was initiated by Daniel Alós, who got help from Sebastián Serrano from BitPagos to make it come true. The machine only accepts Argentinean pesos, has a user-friendly interface and is operating with open-source code which enables users from around the world to propose changes.

“The Bitcoin ATM is unidirectional,” said Alós to PanAm Post. “The machine sells you bitcoins for pesos… a traditional ATM [that releases pesos] would have been much more expensive, larger, and heavier. This machine is super small and compact. We brought it over from the Amsterdam Bitcoin Conference.”

The restaurant’s visitors can already have a drink with their newly bought bitcoins, but in the future, Alós plans to offer discount for Bitcoin payments as well. The enthusiast claims that by now he was notified about other places, like University of San Andrés, interested in installing Bitcoin ATMS.

According to Argentinian law, in case of small business, Bitcoin is treated like cash and does not cause any troubles, but the problem may arise when it comes to Bitcoin ATMS. Argentina has introduced an exchange limit of AR $1,000 on ATM withdrawals. Daniel Rybnik, a lawyer specialized in cryptocurrency, explains the problem:

“Given that one Bitcoin is worth AR$7,000, to buy a Bitcoin via an ATM, one would need to engage in seven transactions.

“Bitcoin is not considered a currency, and in that sense you can operate without approval from the central bank. You can buy Bitcoin and with that buy [US] dollars. There is nothing illegal in that.”

Last, but not least, the owner of the restaurant, Daniel Alós, remarks that he does not see the installation of BTM as competition to other ways of acquiring Bitcoin. Quite the opposite, he agrees that it only helps the network to expand and make the currency even more popular. “The more alternatives there are, the better,” he explains “because that helps to grow the network, which is most important.”

Germany’s first two-way Bitcoin ATM

The first two-way BTM started operating on September 13 in Bochum, Germany. This event can also be found on Facebook as it is quite a big deal.

The device installed in Bochum will be Europe’s first Bitcoin/Altcoin ATM that works in a two-way manner. It will allow customers to buy in real time Bitcoin or Litecoin for cash or cash in exchange for these digital currencies. This BTM is located in Bochum’s city center at Husemannplatz 1.

[https://www.google.de/maps/place/Husemannplatz+1,+44787+Bochum/@51.4790941,7.2160216,17z/data=!3m1!4b1!4m2!3m1!1s0x47b8e014c3d9c8c3:0xc023d1b548697455]

BitAccess launches its BTM in San Francisco

The official launch of San Francisco’s first BTM has been lively celebrated on September 11. Many enthusiastic guests have turned up to welcome BitAccess’s first BTM in San Francisco located at the front of the Workshop Café. The Workshop can be found on 180 Montgomery, in a city’s financial district, and offers different kinds of technological novelties.

The newly installed BTM is operating in a two-way manner allowing its users to buy as well as sell Bitcoin for US Dollars. San Francisco’s Bitcoin ATM offers two language options (English and French) and a simple verification process based on a phone number. The lucky ones who had a chance to use this BTM praise it as easy to use and reliable.

This machine also represents a partnership of BitAccess, responsible for developing BTM’s hardware and software, with Zenbox, a US-based BTM operator. According to the partnership agreement, Zenbox is going to launch BitAccess machines at other locations in the United States.

Italy welcomes commercial BTM

Another BTM in Italy has been installed in Reggio Emilia. This commercial Bitcoin ATM is located in Unity, a contemporary teenage clothing store. The launch was warmly welcomed by the citizens with a special event during which future customers could get to know more about the machine.

According to the Unity’s official statement:

“It will be possible for anyone to see the ATM, installed permanently in the store, try out its features and buy Bitcoin. The staff of Unity will be able to provide more information about the machine and how to use it”.

Italy’s commercial BTM will operate in a one-way manner allowing its users to buy Bitcoin.

Bitcoin “vending machine” in Bali

The device that will be installed in Bali cannot be perceived as your typical ATM. “The machine will not dispense money like regular ATMs, but instead it will dispense bitcoins,” empahsized Bitcoin Indonesia CEO Oscar Darmawan, “So, the term ‘vending machine’ is more appropriate than ‘ATM.’”

Even though the machine was installed in the company’s headquarters and is ready to allow people to purchase bitcoins, Bitcoin Indonesia is waiting for the government’s approval to launch this “vending machine.”

However, Bitcoin’s legal status in Indonesia is not clear as the central bank does not consider it as a currency so the company is experiencing some difficulties with the launch of the device. Mr. Darmawan explains their current situation:

“We want to comply with the law, but we’re not sure yet where we need to apply for the relevant license. If we are acknowledged as a financial company, we will apply for a license to BI [Bank Indonesia] or the OJK [Financial Services Authority].”

Robocoin’s 3rd factor biometric authentication

This month has also brought an amazing novelty introduced by Robocoin. So far, the company’s kiosks were using a mobile phone and PIN as their authentication mechanisms, but that is about to change.

The palm vein authentication system, called PalmSecure, was originally created by Fujitsu. The BTM manufacturer decided to use this innovation because of its simple enrolment and speed of authentication. The registration with this system is extra fast as it uses “near-infrared light to capture a user's palm vein pattern, generating a unique biometric template that is matched against the palm vein patterns of pre-registered users.”

According to the company’s CEO, Jordan Kelley:

"PalmSecure technology for authentication also projects and is consistent with the image we want to project as an innovative company providing world-class services to our account holders”.

Hopefully, this move serves as a step toward a safer way in buying and selling your coins.

Source : http://cointelegraph.com

Bitcoin Brands to expand ATM offering to New Hampshire

Cephas Holding Corp, also known as Bitcoin Brands, says that it plans on launching Bitcoin ATMs in New Hampshire, one of the more bitcoin-friendly states.

The company cleared a regulatory hurdle when the state’s Banking Department ruled that it does not require a Money Transmitter license for the ATMs. The license is only required if issuing payments or stored value, or if monetary value is transferred from one location to another. In selling bitcoins to buyers at the kiosk, its activities do not fall into any of these categories.

The company currently operates ATMs in Michigan and Montreal. It plans on adding more in other locations including Las Vegas and Manchester.

Bitcoin Brands says that it is publicly traded in the United States under the symbol CEHC. It is a penny stock traded on the OTC markets, currently worth $0.0017 per share. The publicly traded entity is in fact called Cephas Holding Corp, but emphasizes on its website that “we will soon change our name to Bitcoin Brands Inc.”

The only other publicly traded Bitcoin companies in the United States are Bitcoin Shop, also traded on the OTC markets under the symbol BTCS, and more recently, Alternet Systems with their facilitation of Bitcoin payments.

According to its website, “Cephas Holding Corp is committed to developing and building businesses in the Bitcoin economy. We are focused on the promotion and marketing of bitcoin to the public through automated kiosks, enabling professionals to accept bitcoin in their businesses, and taking ownership in emerging bitcoin businesses.”

Specifically, it says to operate “The Bitcoin Vending Network” and offers a payment solution for medical businesses called BitMD. In looking to partner with Bitcoin entrepreneurs, they “seek to invest as little as $1,000 and up to $25,000 in financing rounds of other digital currency enterprises.”

Source : http://dcmagnates.com

Bangladesh threatens to sentence Bitcoiners up to 12 years in jail

The new statement released by the central bank of Bangladesh has turned out to be everything but Bitcoin-friendly. The authority revealed that the local Bitcoiners could be sentenced up to 12 years in jail if the authorities are able to prove they are dealing with cryptocurrency.


The institution, which oversees the country’s underdeveloped banking system, claims the penalties are included in Bangladesh’s strict anti-money laundering laws. According to The Telegraph, the sudden warning was issued after the bank acknowleged the existence of reports in local media regarding Bitcoin transactions in Bangladesh performed through online exchange platforms.

“Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other cryptocurrency is a punishable offence“, the bank warned in a statement released this Monday (15th).

Although the crypto-activity might land some Bitcoiners in jail in more than one country across the world, Bitcoin’s popularity keeps growing. So far several countries have warned users of the risks associated with digital money.

Just last week, for instance, Europe’s top banking regulator “reminded” the region’s banks that they should not deal in virtual currencies until further rules are created to protect the users and the banks. Also last week Russia announced its definitive plans to ban Bitcoin and all other cryptocurrencies by 2015.

What remains to be seen is how Bangladesh’s banking authority will deal with the presence of a Bitcoin Foundation affiliate in the country. The creation of the national affiliate institution’s group – which intends to promote the use of Bitcoin in Bangladesh and South Asia – was announced about a month ago.

Source : http://bitcoinexaminer.org

Bitfinex Launches Tradable Bitcoin Mining Contracts

Bitfinex has entered the bitcoin mining space with the introduction of a new tradable asset tied to hashing power.

The Hong Kong-based bitcoin exchange will offer the asset, which it says will be sold in a live beta tranche. The asset, dubbed TH1, represents hashing power in a pool that produces approximately 3,500 Th/s in mining power, according to its announcement.

The approach is similar to the way hashing power is sold on exchanges like CEX.io, but differs from other types of contract mining in which customers pay for an amount of hashes over the course of an established period of time.

Bitfinex said in a statement that it actively sought a different approach to offering mining power, but emphasized that the initiative could change as future tranches are rolled out, noting:

“We have worked for some time to develop what we believe is a superior approach to ‘cloud mining’ that is smartly packaged to offer simplicity and transparency.”

The exchange indicated that, while excited about the offering, it expects to improve the product during its beta stage. The beta will last three months and feature a total tranche size of 100 terahashes, the price of which includes maintenance fees.

Tradable commodity

By creating an asset, Bitfinex joins other exchanges in seeking to turn hashing power into a tradable commodity that can appeal to more investors. In the case of Bitfinex, exchange members will also have the opportunity to borrow and margin trade TH1.

Rewards for TH1 ownership will be based on the time of purchase in relation to the time that blocks are discovered and paid out, the company said.

Bitfinex explained:

“The block chain time stamp on block rewards will be used to determine ‘holders of record’ at the time that the block was mined. Positions will be aggregated between balances in the Exchange Wallet and trading position in the trading wallet to determine a ‘net position’.”

Bitfinex went on to say that “dividends will be computed as the pro rata share of the block reward less the pool fee”, and those who borrowed or margin traded TH1 will receive dividends as well.

In addition to its latest product, Bitfinex offers three accounts, its basic exchange wallet, deposit wallets that allow users to provide liquidity to traders and trading wallets for leveraged trading.

Advanced bitcoin finance

Assets that generate BTC returns aren’t new to the bitcoin exchange marketplace.

China-based bitcoin exchange Huobi recently closed the sale of a fixed-return investment asset. Like similar products offered on the market, these returns are tied to the rewards of a mining operation owned by Huobi. Demand for Huobi’s fixed-return asset was strong, with the company reporting that the tranche had sold out within two hours of initial offering.

Offerings like Huobi’s and the Bitfinex mining asset point to the continued development of advanced bitcoin-denominated financial instruments.

Yet, the growth in advanced trading options has come at a cost, some say. Recent fluctuations in the price of bitcoin have been connected to these activities, although the platforms that offer margin trading say that it is an important part of the ecosystem that could help lead to long-term stability.

Source : http://www.coindesk.com

Plan to Launch 1,000 US Bitcoin ATMs Collapses Amid Alleged Misconduct

A previously announced business partnership between BitXatm and CryptVision that would have resulted in the launch of 1,000 bitcoin ATMs in the US has been dissolved.

First revealed on 20th July, the deal made CryptVision the exclusive provider of BitXatm bitcoin ATMs in the US and Canada. At the time, Los Angeles-based CryptVision aimed to establish itself as one of the more prominent bitcoin ATM operators in North America, while Germany-based BitXatm aimed to further its presence outside of Europe.

The news was first detailed in an 8th September blog post published by BitXatm that announced it would withdraw from the partnership, effective immediately, alleging that CryptVision “never conducted any organized effort to secure new customers as stipulated by the agreement”.

BitXatm wrote:

“Refusal of CryptVision’s management to act in good faith and respect legal obligations arising from our partnership agreement left BitXatm with no choice but to terminate the collaboration and remove any right of representation from CryptVision.”

Speaking to CoinDesk, CryptVision president Sergey Yesayan was equally critical of the actions of his company’s former partner.

“We have been deeply disappointed with BitX[atm]’s behavior and its demonstrated unwillingness to deal ethically with CryptVision,” he said.

CryptVision confirmed that it is still seeking to launch a fleet of bitcoin ATMs in North America, while BitXatm has pledged to announce further expansion plans in what it has called a key international market.

Moving past the partnership

Representatives from both parties suggested that, while the split was not amicable, neither intends to pursue legal action.

Catalin Tincu, co-founder of BitXatm, told CoinDesk:

“Our intention is to put behind this unfortunate event, to take care of our customers and prospects in US. We are not here to tarnish CryptVision reputation, we just present ‘the ugly truth’ and is not our fault that CryptVision put themselves in such position.”

Tincu went on to claim that while it has “strong evidence of [CryptVision's] lack of honesty and business ethics”, it is not willing to make the information public at this time. BitXatm has asked potential business partners that may have been in touch with CryptVision to contact it directly.

CryptVision is represented by Pillsbury Winthrop Shaw Pittman attorney Marco Santori, who recently joined Blockchain as its global policy council. Santori declined to comment on the partnership or BitXatm’s statements, but indicated CryptVision is excited to move on to upcoming business.

Announcements upcoming

Both companies indicated their willingness to move on with their larger plans, albeit independently.

For its part, Yesayan indicated that CryptVision intends to rebrand its company; that it is considering building its own proprietary bitcoin ATMs and expects to have forthcoming announcements. Yesayan claimed the rebranding was necessary, citing a dissatisfaction with how the name may reflect its larger goals. CryptVision’s former website is no longer active.

In turn, Tincu told CoinDesk that he is optimistic that BitXatm will be able to move forward with its formal plans for entering the US market, adding:

“We were contacted by few companies from US interested in taking over what supposed to be CryptVision’s part in this partnership, and is very possible for us to conclude this new partnership in upcoming weeks.”

Source : http://www.coindesk.com

University of Nicosia Issues Block-Chain Verified Certificates

Certificates for a pioneering course on cryptocurrencies by the University of Nicosia in Cyprus were recorded on the block chain yesterday, allowing anyone to verify their authenticity.

The free online course, titled DFIN-511: Introduction to Digital Currencies, was taught by Antonis Polemitis and Andreas M Antonopoulos.

The duo published a comprehensive explanation of how they designed the certificates to be block chain verifiable. This means that course graduates no longer have to rely on the university to verify that they completed the course successfully.

“Even if the University of Nicosia and its website were to disappear, so long as the validated hash still exists as a public record, people can [...] authenticate any certificate,” the course website said.

How it works

Verifying the university’s certificates relies on the OP_RETURN field that is contained in each transaction. The field was designed to allow a small amount of extra data to be stored in the block chain, as a first step towards allowing assets like property or documents like contracts to be exchanged using the protocol.

The course instructors created hashes of the PDF versions of each certificate, collated all the certificates into an index document, and then generated a hash of that. This hash was then entered into the OP_RETURN field of an unspendable transaction.

Hashes are unique strings of characters that can be generated by any input, using an algorithm. In this case, the SHA-256 algorithm, which is also used in the bitcoin protocol, was used. Hashes are only one-way, so someone with a particular certificate can replicate a hash using the algorithm, but that hash can’t regenerate the certificate.

Hashes of hashes

The instructors have published the hash of the certificate index on the university’s website. Anyone who wishes to verify a certificate must first check that he has the correct index document. This is done by checking the OP_RETURN field of the particular transaction sent by the instructors.

Once the index has been verified, then individual certificates can be verified. This is done by creating a SHA-256 hash of a given certificate, and then comparing it against the hashes listed in the authenticated index document.

The hash of the index document is published on the University of Nicosia website, along with the specific transaction containing this data. The hash contained in the transaction’s OP_RETURN field can be seen at sites like Coin Secrets.

For the validation process to work, the index document has to be readily available. The course instructors note that students are encouraged to host the index document themselves to reduce reliance on the document located on the university’s website.

The course instructors also announced that the course completion rate was over 20% from a cohort of 615 students. The next session of the course is scheduled to start on 15th October.

The University of Nicosia is a visible proponent of cryptocurrencies, accepting bitcoin for tuition fees and offering a masters degree in digital currencies.

Source : http://www.coindesk.com

Bitcoin Compliance Solutions Startup Vogogo Goes Public

Vogogo is now trading as a public company on the TSX Venture Exchange (TSXV) under the ticker symbol ‘VGO’.

Operated by TMX Group, a Canadian financial services company that oversees the Toronto Stock Exchange among other properties, the TSXV specializes in hosting small-cap stocks and provides early-stage companies the ability to raise funds from the capital markets.

Geoff Gordon, CEO of Vogogo – a Calgary-based payment processing, risk management and regulatory compliance platform – framed the move as a strategic decision that will provide the company with additional access to capital and the ability to execute acquisitions.

Gordon added:

“More importantly, it helps as far as our reputation with banking partners, our ability to secure new banking partners, our ability to provide a sense of comfort to regulators, which to us is all very important stuff when you want to make a big move in the crypto space.”

The move follows the company’s $8.5m funding round in August, and comes as Vogogo is looking to extend its compliance solution to digital currency startups.

Vogogo provides a solution that automates payment processing, regulatory compliance and risk management for cryptocurrency businesses, removing the need for them to build in-house systems.

Reaching out to investors

Apart from providing validation for Vogogo, the stock offering will also provide Canada’s retail investors with new exposure to the digital currency industry.

Gordon said:

“I think there are a lot of people who would like to speculate on bitcoin and altcoins and cryptocoins in general, but they’re looking for perhaps an interim way to do that. We’re very much a great option in that regard.”

Although the news marks the introduction of Vogogo to the Canadian stock market, legally the move reinstates the trading of shares on behalf of its previous legal entities. Earlier this May, Southtech Capital Corporation and Redfall Technologies amalgamated to form a new corporate entity, a move that formally dissolved both Southtech and Redfall.

Vogogo was originally a product introduced by Redfall Technologies in 2012, while Southtech Capital Corporation was a capital pool company.

Crypto goes public

With its arrival on the TSXV, Vogogo also becomes the latest bitcoin industry company to pursue access to the capital markets and the wider investing public.

Although Gordon indicated he is confident in the decision, other prominent public bitcoin companies have struggled in recent months to hold investor interest.

Bitcoin Shop, which is publicly traded on the OTCQB market, for example, has seen its stock decline from a February high of $5.26 to a press time level of $0.10. Bitcoin Shop’s executive team agreed last week to forgo their salaries for the next six months in light of the stock’s recent performance.

Although primarily focused on the cryptocurrency space, Vogogo also notably serves businesses in the traditional e-commerce space.

Vogogo joins Vancouver-based bitcoin product and service provider Newnote Financial Corp, which is traded on the Canadian Securities Exchange, as the latest Canadian digital currency company to list its shares on a major domestic exchange.

Source : http://www.coindesk.com

Assange: Bitcoin and WikiLeaks Helped Keep Each Other Alive

Julian Assange has described how bitcoin founder ‘Satoshi Nakamoto’ asked him not to use the fledgling digital currency for WikiLeaks fundraising, and how going along with that request helped protect bitcoin from government scrutiny during its early days.

The revelations came in a Reddit Ask Me Anything (AMA) session set up by the WikiLeaks founder to promote his new book, When Google Met WikiLeaks.

Most of the Q&A revolved around WikiLeaks and politics, but the subject of bitcoin was raised on more than one occasion.

Assange said:

“There’s lots on bitcoin in my book – on my thoughts on it, and on WikiLeaks’ history with it. [Google's] Eric Schmidt and I conversed for a while about it, and I also included a lot of notes to expand on my views. It’s a fascinating and complex subject, so I can’t possibly go through all of it.”

Assange further explained that he started exploring the possibility of using bitcoin to raise funds in late 2010, after major payment processors started denying their services to WikiLeaks.

The pros and cons of bitcoin fundraising

That idea, however, proved controversial, since some bitcoin pioneers were concerned that it could provoke unwanted government interest in the new digital currency. On the other hand, some believed the media attention would make bitcoin more popular. An online discussion ensued on a bitcoin forum early in December of 2010.

In the book, Assange recalls Nakamoto’s pragmatic position on the matter:

‘Basically, bring it on,’ wrote one poster. ‘Satoshi Nakamoto,’ the pseudonymous inventor of bitcoin, responded: “No, don’t ‘bring it on.’ The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.

Assange said the WikiLeaks team looked into the matter and agreed with Nakamoto. Consequently deciding against accepting bitcoin donations at such an early date, giving the cryptocurrency more time to mature and establish itself as an alternative method of payment.

WikiLeaks eventually opened up to bitcoin donations in June 2011.

Bitcoin innovation stretches beyond payments

Assange has already spoken in favour of bitcoin on several occasions. Earlier this year he described bitcoin as “the most intellectually interesting development in the last two years” and said he expects the world’s next major innovation will be in the finance sector, with bitcoin playing a role.

During the AMA session, Assange argued that bitcoin has a lot to offer beyond mere payments, as the block chain can be used for a range of different tasks and, in theory, the network could be used to “nail down” history.

Assange explained:

“Bitcoin is an extremely important innovation, but not in the way most people think. Bitcoin’s real innovation is a globally verifiable proof publishing at a certain time. The whole system is built on that concept and many other systems can also be built on it. The block chain nails down history, breaking Orwell’s dictum of ‘He who controls the present controls the past and he who controls the past controls the future’.”

Assange also confirmed that WikiLeaks made a substantial amount of money via what he called a “strategic investment” in bitcoin. Assange recalled that bitcoin had risen above the US dollar and reached parity with the euro on the day of his conversation with Eric Schmidt. Although he tried and failed to persuade Schmidt to embrace bitcoin, Assange’s belief in the concept helped WikiLeaks in its darkest hour.

“WikiLeaks’ strategic investments in the currency saw more than 8,000 percent return in three years, seeing us through the extralegal US banking blockade,” said Assange.

While Assange takes credit for keeping bitcoin safe from government scrutiny following the publication of US diplomatic cables, he also gives bitcoin credit for helping WikiLeaks survive the government clampdown.

Source : http://www.coindesk.com 

Bangladesh Central Bank: Cryptocurrency Use is a ‘Punishable Offense’

The central bank of Bangladesh has issued a new statement suggesting that the use of digital currency is now illegal in the country.

The Bangladesh Bank, as originally reported by the Agence France-Presse (AFP), has said that the use of bitcoin and other cryptocurrencies is unlawful under existing anti-money laundering (AML) statutes.

The Bangladesh Bank noted in its advisory that harsh penalties could be imposed on those who use digital currencies, saying:

“Bitcoin is not a legal tender of any country. Any transaction through bitcoin or any other cryptocurrency is a punishable offense.”

AFP also reportedly spoke to a representative from the bank, who said that the act of using a digital currency could be punishable by as much as 12 years in prison.

Bangladesh recently enacted Money Laundering Prevention Act, 2012, a revision of a 2009 law that aimed to bring the country’s AML policies up to global standards.

Popularity leads to announcement

Notably, the bank’s decision to outlaw digital currency transactions derived from increasing reports in the local media regarding the use of bitcoin by domestic residents.

The announcement follows the formation of the Bitcoin Foundation’s official chapter in Bangladesh, the organisation’s first affiliate program in Asia. The Bitcoin Foundation Bangladesh opened to great fanfare in mid-August and counts international bitcoin evangelist Roger Ver among its advisors.

At the time, members of the group expressed optimism that formal recognition of the group would lead to greater domestic awareness of the technology.

At press time, the Bitcoin Foundation and Ver had yet to respond to requests for comment.

Latest nation to restrict bitcoin

With the announcement, Bangladesh became the latest nation to restrict bitcoin activities outright, although it is not clear whether the country has enacted a formal digital currency ban.

Bolivia’s central bank, for example, banned bitcoin earlier this year, saying that it had taken the action in order to protect both Bolivia’s national currency, the boliviano, and its citizens.

Soon after, bitcoin was banned in Ecuador as part of a legislative vote that created a new state-backed digital money. Though not named specifically in the bill, the ban was formally affirmed in statements to local businesses.

While other central banks around the world have issued warnings about the use of digital currency, potential dangers and the risk of fraudulent applications, many have avoided outright restrictions.