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Title: Bank Indonesia to ban Bitcoin transactions next year Post by: Oliver A on December 06, 2017, 07:03:22 AM Bank Indonesia plans to issue a regulation prohibiting transactions using Bitcoin, a digital currency created in 2009 by an unknown person or group under the alias Satoshi Nakamoto.
The regulation would take effect starting next year, an official has said. Bank Indonesia head of transformation Onny Widjanarko said the regulation on e-money would be issued in the near future. “Currently, there is no single regulation for those who carry out transactions using Bitcoin,” Onny said in Jakarta on Tuesday as reported by kompas.com. He said the central bank was currently carrying out an in-depth study to determine whether the central bank would include a ruling on Bitcoin in the prevailing e-money regulation or in a separate regulation on cryptocurrency. Therefore, BI called on merchants not to accept Bitcoin as an official payment instrument as the bank would not be responsible for any losses incurred through transactions, Onny said. He said that Bitcoin could potentially be used to violate prevailing regulations on terrorism, money laundering, prostitution and drug trafficking. Countries hold different stances on Bitcoin, with China and Russia rejecting it while Japan accepts it as a payment instrument. Bitcoin transactions are made with neither middle men nor banks. There are no transaction fees and transactions can be made anonymously. (bbn) Originally posted at: http://www.thejakartapost.com/news/2017/12/06/bank-indonesia-to-ban-bitcoin-transactions-next-year.html Title: Re: Bank Indonesia to ban Bitcoin transactions next year Post by: jseverson on December 06, 2017, 07:11:38 AM Therefore, BI called on merchants not to accept Bitcoin as an official payment instrument as the bank would not be responsible for any losses incurred through transactions, Onny said. Well that's disappointing. I want to clarify something though: are they banning Bitcoin in its entirety or are they banning merchants from accepting Bitcoin? It looks like they're still on the fence about regulations, and they at least want to stop its unregulated use as they seem to fear it could do damage. So users can still trade with each other? I'm guessing exchanges are off the table. Either way, it looks like it's not yet final so let's keep our fingers crossed. Keep in mind that while a country may have a small volume of Bitcoin transactions, a ban closes the door for future adopters. It's a big loss in the long run. Title: Re: Bank Indonesia to ban Bitcoin transactions next year Post by: lenj on December 06, 2017, 07:18:44 AM Well i think also its not the final decision to ban bitcoin.
And Bank indonesia only forbiden merchant accept bitcoin as payment but people can still trade it. I hope the final decision will not disappointing bitcoiner espesially indonesia bitcoiner like me. Title: Re: Bank Indonesia to ban Bitcoin transactions next year Post by: putlink on December 06, 2017, 01:47:55 PM Therefore, BI called on merchants not to accept Bitcoin as an official payment instrument as the bank would not be responsible for any losses incurred through transactions, Onny said. Well that's disappointing. I want to clarify something though: are they banning Bitcoin in its entirety or are they banning merchants from accepting Bitcoin? It looks like they're still on the fence about regulations, and they at least want to stop its unregulated use as they seem to fear it could do damage. So users can still trade with each other? I'm guessing exchanges are off the table. Either way, it looks like it's not yet final so let's keep our fingers crossed. Keep in mind that while a country may have a small volume of Bitcoin transactions, a ban closes the door for future adopters. It's a big loss in the long run. Banning businesses from accepting bitcoin will affect Bitcoin's growth in the country |