29 Apr, 2024

Bank of Laos Issues Warning on Counterfeit Currency Circulation

The Bank of Laos has issued a public alert regarding the circulation of counterfeit currency, specifically targeting LAK 50,000 notes from 2004. This illicit activity has been observed predominantly in the northern region, with Bokeo province being notably affected.Authorities have identified the counterfeit notes by their serial numbers, ranging from AZ 0218001 to AZ 0218999, the Bank of Laos reported in an official notice on 26 April. These fake bills are produced using sophisticated printing technology, closely mimicking the appearance of genuine banknotes. However, discrepancies between the fake and authentic notes have been identified by central authorities.To mitigate the risk of unwittingly accepting counterfeit currency, individuals are urged to carefully scrutinize 2004 version LAK 50,000 notes, referring to guidelines provided by the central bank to distinguish genuine bills from forgeries.In response to this threat, the Bank of Laos is working closely with law enforcement agencies to implement the safety measures outlined in national laws to combat counterfeit currency circulation.Members of the public who encounter or possess information about the origin of counterfeit currency are encouraged to report it to the police or directly to the bank. Additionally, all parties are advised to exercise caution and remain vigilant when handling 2004 version LAK 50,000 currency notes.Here are some differences between authentic and fake banknotes:Authentic banknotes feature distinctive photosynthetic fibers, a security feature absent in counterfeit notes. Additionally, authentic notes display safety lines bearing the denomination “50,000” and “Bank of Lao PDR” in Lao script, whereas counterfeit notes lack visible numbers or letters.Another hallmark of authentic notes is the clear and detailed shadow image of former Lao leader Kaisone Phomvihane, whereas counterfeit notes feature line images devoid of shadowing and resemblance. Furthermore, the lettering “50,000” on authentic notes is intricately detailed, contrasting with the less detailed lettering on fake notes.Authentic notes also bear the number “50,000” (in Lao) partially displayed on both sides, aligning to form a complete number when combined. In contrast, counterfeit notes display the number partially on both sides but fail to arrange them to form “50,000” (in Lao).Authentic notes feature soft and clear “50,000” numbers (in Lao) that can be distinctly felt when rubbed, whereas fake notes lack clarity and do not produce a tactile sensation when rubbed.Under UV light, genuine notes exhibit a distinctive glistening effect on the numbers “50,000” (in Lao), the Lao national emblem, and the That Luang stupa. This effect is absent on counterfeit notes.

24 Apr, 2024

Bitcoin Payments App Strike Rolls Out Services to European Users

Quick TakePopular Bitcoin payments app Strike has launched its long-awaited services to eligible customers in Europe.Strike’s “Send Globally” feature allows users to make fast and low-cost local currency remittances using Bitcoin’s Lightning Network.The highly-anticipated European launch of the popular Bitcoin and Lightning Network payments app Strike was announced today, enabling eligible individuals and businesses in the region to buy, sell, send and withdraw Bitcoin and to make local currency payments.European Bitcoiners have long asked the company “Wen Europe?,” referring to when it might launch its services in the continent, to which founder and CEO Jack Mallers replied “Now!” in a statement shared with The Block. However, users in some European countries had already begun to notice Strike appearing on app stores ahead of the announcement.The custodial iOS and Android app enables European users to buy Bitcoin directly with free unlimited SEPA euro deposits from their bank account, instantly where supported, as well as schedule recurring purchases, according to the firm. The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.Customers can sell their Bitcoin and similarly withdraw to their bank accounts, transfer to their self-custodial wallet, or make payments over the Bitcoin or Lightning Network without limits, the firm added.Strike also offers “free” on-chain withdrawals, helping users to navigate high-fee periods of network congestion and designed to help support Bitcoin’s use at scale, according to the team. However, users must be flexible enough to accept a target confirmation time of around 24 hours, with faster on-chain transactions still requiring a sliding scale of fees.Leveraging the Lightning NetworkLightning operates as a network of bi-directional payment channels on top of the Bitcoin blockchain, enabling fast and cost-effective micropayments.All Strike customers have a Lightning Address, using the email-like format of username@strike.me, to simplify the process of receiving payments compared to more complex Lightning invoices. Strike users can select whether to receive Lightning Address payments in bitcoin or euros — automatically converted for the latter. Similarly, senders can choose whether to send from their bitcoin or euro balances. Alternatively, users can issue zero-value Lightning invoices to receive any amount of bitcoin to their bitcoin or euro balances from other wallets using the app.European users can also leverage Strike’s global peer-to-peer transfers via Lightning, allowing them to send from their euro balance to a friend’s Strike account instantly anywhere Strike is available, with the value received as bitcoin, euros (in Europe), U.S. dollars (in the U.S.) or USDT (in supported global regions). Additionally, Strike’s “Send Globally” feature allows European users to make fast, low-cost local currency remittances to supported regions, including Africa (Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal and Togo), Brazil, the Philippines, Mexico and Vietnam, using Bitcoin’s Lightning Network as a global payment rail under the hood.Strike’s Rapid ExpansionU.S.-based Strike has expanded rapidly over the past year from Latin America to Africa, with its app now available in more than 70 countries. “Bitcoin is reshaping the global financial landscape with its technological innovation, global interoperability, resilience, and unforgeable monetary policies. It transcends borders, enhances financial inclusion and solves some of the world's most pressing challenges,” Mallers said.“As the third-largest economy globally, and with over 440 million inhabitants, Europe presents vast opportunities for Bitcoin adoption. As a leading bitcoin-only app, we believe that Strike is uniquely positioned to meet the needs of millions seeking access to Bitcoin in Europe,” he added.