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Businesses banned from accepting Bitcoin in Indonesia

Discussion in 'Bali News - Indonesia News' started by balinews, Jan 15, 2018.

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  1. balinews

    balinews Member

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    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/...ice-prevent-bitcoin-transactions-in-bali.html
     
  2. harryopal

    harryopal Member

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    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?
     
  3. davita

    davita Well-Known Member

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    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.
     
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