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Japan: Bitcoin to Be Regulated

(Nov. 4, 2016) On June 3, 2016, an act that amended Japan’s Bank Act and other acts, including the Payment Services Act, was promulgated. (Act to Amend Parts of the Bank Act and Other Acts in Order to Correspond with Changes in the Environment Made by Information and Communications Technologies, Act No. 62 of 2016, […]

Italy: Amendments to the National Budget Law

(Oct. 6, 2016) On September 9, 2016, new legislation amending the national budget entered into effect in Italy. (Law No. 163 of August 4, 2016, Amending Law No. 196 of December 31, 2009, Concerning the Content of the Budget Law, Implementing Article 15 of Law No. 243 of December 24, 2012 (Law No. 163), GAZETTA […]

Italy: Legislation on Debtor-Creditor Relationships

(June 21, 2016) On May 4, 2016, new legislation introducing provisions related to debtor-creditor relations, bankruptcy procedures, executive debt collection procedures, and procedures for the protection of investors in banking institutions that are under liquidation entered into effect in Italy. (Decree-Law No. 59 of May 3, 2016, Urgent Provisions Concerning Executive and Bankruptcy Procedures, as Well as […]

North Korea: Anti-Money Laundering and Anti-Terrorism Financing Law Adopted

(May 19, 2016) On April 20, 2016, the Presidium of the Supreme People’s Assembly of the Democratic People’s Republic of Korea (DPRK) issued a decree on the adoption of the Law on Anti-Money Laundering and Combating Financing of Terrorism. The Law has 40 articles divided among six chapters.  (Revision: KCNA: North Korea Adopts New Law […]

Indonesia: Procedural Simplification as Development Incentive

(Feb. 29, 2016) Indonesia’s President Joko Widodo, speaking on February 22, 2016, advocated building the country’s infrastructure and decreasing regulatory obstacles as vital to Indonesia’s economic competitiveness. The issue of competitiveness in the region is especially important, he said, now that Indonesia is part of the ASEAN Economic Community. “This is the era of competition […]

Israel: New Law Enables Electronic Clearing of Checks

(Feb. 16, 2016) On February 1, 2016, the Knesset (Israel’s parliament) passed the Electronic Clearing of Checks Law, 5776-2016. (Electronic Clearing of Checks Law, 5776-2016 (ECC Law) (Feb. 1, 2016), Knesset website (in Hebrew) (scroll down to link to appropriate law.) According to section 44 of the Bill of Exchange Ordinance (New Version), “a bill […]

Switzerland: Referendum on Sovereign Money Will Go to a Vote

(Jan. 20, 2016) On December 24, 2015, the Swiss Government announced that a proposed referendum on sovereign money had achieved the required 100,000 number of signatures to be put to a vote. In a sovereign money system, all physical and electronic money is created by the central bank and the commercial banks act only as […]

Eritrea: Law on Issuance of New Currency Notes Enacted

(Nov. 10, 2015) On November 4, 2015, the Bank of Eritrea, the country’s central bank, issued the Legal Tender Nakfa Currency Notes Regulations to provide for the replacement of the currency notes currently in circulation (the old Nakfa) and to impose limitations on the amount of money individuals may hold in cash. (Legal Notice No. 124/2015 Legal Tender Nakfa […]

Vietnam: Central Bank Currency Regulation Issued

(Nov. 3, 2015) On October 2, 2105, the State Bank of Vietnam issued Circular No. 15/2015/TT-NHNN, on foreign currency transactions at credit institutions. The goal of the Circular, which went into effect on October 5, is to limit speculation in and hoarding of U.S. dollars and other foreign currencies. (Central Bank to Tighten Management of […]

Indonesia: Central Bank Measures to Stabilize Currency

(Oct. 7, 2015) On September 30, 2015, Indonesia’s central bank, Bank Indonesia, announced new measures designed to stabilize the rupiah, the country’s currency. The Bank will issue certificates in foreign currency and also will intervene in the currency market, hoping to stem the fall of the rupiah, both in fact and in public perceptions about […]