Businesses banned from accepting Bitcoin in Indonesia

harryopal

Does this mean it is illegal for anyone in Bali to buy cryptocurrency even if they are not using it for trading or paying for things in Bali?

davita

harryopal wroteDoes this mean it is illegal for anyone in Bali to buy cryptocurrency even if they are not using it for trading or paying for things in Bali?

I'm sure that isn't what it means as crypto-currencies (CC's) can be bought and traded over the internet. It means that banks and traders cannot exchange CC's into Rupiahs nor use them for trading in any other commodity.

balinews

Bank Indonesia (BI) has teamed up with the National Police to prevent transactions using cryptocurrency bitcoin in Bali after the central bank declared it an illegal form of payment in Indonesia. “We are looking out for bitcoin transactions in Bali, particularly in tourist spots. We will take measures against non-rupiah transactions,” said BI’s Bali office head Causa Iman Karana over the weekend in Denpasar as reported by tempo.co. As a noted tourist destination, he said, Bali was an alluring place for those who wanted to carry out illegal transactions. Therefore, he called on the people not to accommodate offers of transactions using the virtual money. “We warned people not to carry out transactions with virtual money because there is no authority that regulates the transactions,” he said. Previously, BI spokesman Agusman said the central bank prohibited payment using bitcoin as it violated Law No. 7/2011 on currency. http://www.thejakartapost.com/news/2018/01/15/bank-indonesia-police-prevent-bitcoin-transactions-in-bali.html

Markit

Not being a cryptodiot can anyone explain how, since the "use" of crypto is purely online, the banks or government can follow anyone using it, anywhere?

meerkat

Crypto ownership in Indonesia ranked 20 out of 146 countries in 2022 https://www.statista.com/topics/10053/cryptocurrency-in-indonesia/#topicOverview

dustyrivergardens

Bank Indonesia (BI) has teamed up with the National Police to prevent transactions using cryptocurrency bitcoin in Bali after the central bank declared it an illegal form of payment in Indonesia. “We are looking out for bitcoin transactions in Bali, particularly in tourist spots. We will take measures against non-rupiah transactions,” said BI’s Bali office head Causa Iman Karana over the weekend in Denpasar as reported by tempo .co. As a noted tourist destination, he said, Bali was an alluring place for those who wanted to carry out illegal transactions. Therefore, he called on the people not to accommodate offers of transactions using the virtual money. “We warned people not to carry out transactions with virtual money because there is no authority that regulates the transactions,” he said. also visit this [COLOR=rgb(0, 0, 0)]one pounds uk[/COLOR] Previously, BI spokesman Agusman said the central bank prohibited payment using bitcoin as it violated Law No. 7/2011 on currency.

Bank Indonesia (BI) has formed a partnership with the National Police to prevent cryptocurrency bitcoin transactions in Bali, following the central bank's declaration of bitcoin as an illegal payment method in Indonesia. Causa Iman Karana, the head of BI's Bali office, stated that they are actively monitoring bitcoin transactions in Bali, especially in tourist areas, and will take action against transactions that are not conducted in the national currency (rupiah). Bali's popularity as a tourist destination makes it an attractive location for those seeking to engage in illegal transactions. Karana urged individuals not to engage in transactions involving virtual currencies, emphasizing that there is no regulatory authority overseeing such transactions. He cautioned people against accepting offers for transactions using virtual money, highlighting the lack of regulatory oversight. Previously, BI spokesperson Agusman explained that the central bank's prohibition on bitcoin payments is based on the violation of Law No. 7/2011 on currency. This law serves as the basis for the central bank's authority to regulate payment systems in Indonesia.

meerkat

harryopal wrote Does this mean it is illegal for anyone in Bali to buy cryptocurrency even if they are not using it for trading or paying for things in Bali?

Crypto, as an asset, is allowed in Indonesia but it is banned as a payment instrument, ~ head of Bank Indonesia, Bali Representative Office Trisno Nugroho. " According to Indonesian law, if one uses other forms of currency other than rupiah, they can face imprisonment of up to one year and a maximum fine of 200 million rupiah (US$13,300). "People who carry out foreign exchange business activities without permission from Bank Indonesia can be punished with imprisonment for one-year minimum and five-year maximum, and a minimum fine of 50 million rupiah and a maximum (fine) of 22 billion rupiah," Mr Koster said."