Bitcoin Forum

indonesian goverment banned bitcoin, affect the bitcoin price of the world ?

If we can philosophize a bit, what is it really a digital currency? Because the official definition of the government of the Republic of Indonesia does not exist when this article was created. We take the closest definition according to Law no. 7 Year 2011 Article 1 Paragraph 1 which writes, as quoted "Currency is money issued by the Unitary State of the Republic of Indonesia hereinafter referred to as Rupiah." And if combined with Law no. 23 Year 1999 Article 2 Paragraph 2, as quoted "Rupiah currency is a legal means of payment in the territory of the Republic of Indonesia". Of the two definitions of cryptocurrency is certainly not official because it is not issued by NKRI and not a legal means of payment.So the impact of a bitcoin ban on a country can be said to defend its own currency, in the presence of bitcoin they may fear the price of its currency is not worth anymore.

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If cryptocurrency will work in Russia, China, USA, Japan and Europe, like now - cryptocurrency will never die.

I hope Bitcoin will never stop. According to my knowledge, it is high prise. So Everybody loves this bitcoin.

No I don't think Indonesian governments ban of BTC alone will affect the price. Though some major governments are current active players on BTC, more governments will come on board and the BTC will have a more stable value.

No govt can ban Bitcoin it is connected tocomputers decentralised nt in one control  govt form rules but can't ban completely

We never know if the ban is just temporary until they finalise a law for their citizens. Bitcoin is still useable even online. The rise of bitcoin was quick and being young it hs achieved a lot already.

There's no event that can influence the fluctuation of BTC price in Brazil.

The BTC value in US can drop to 10K, in Brazil the price remains stable. That's why traders buy it in US exchanges for a cheaper price and resell it in Brazil, to profit from the price difference between countries.

I don't think so. Don't get me wrong but Indonesia is not such important player on Bitcoin market so that this ban could influence price significantly.
Also, Bitcoin price has become more resilient to such events and doesn't react so havily anymore. But hope that this ban will be just temporary.

is Indonesia so big and has so many internet and bitcoin users in order to have such a big influence over it?

I so agree too if the government will ban bitcoin because it's a crypto currency system, moreover some countries still let it to do, such as Russia, China, Japan and Europe. For those countries still use the crypto currency, the middle country like Indonesia that it's still not banned.

I think it will affect the market. I'm totally sure that the price of BitCoin will be back to its true price, which is higher than it is at the moment.

so basically as long as you have internet you're covered, right?

Indonesia doesn't really occupies any major share in the world of bitcoin. Rupiah trading with bitcoin isn't a very common scenario. So I highly doubt whether this will affect bitcoin on a global level. But yes its quite astonishing to see ho these small countries keep on banning bitcoin.

With this kind of news the government forbids bitcoin, then the price of bitcoin today is indeed declining dratis. So friends bitcoin players then do not feel disappointed with the existence of firal as done by the government.

According to my knowledge bitcoin will never banned.Indonesia alone can't affect the bitcoin, Indonesia doesn't really occupies any major share in the world of bitcoin.

If they ban in Indonesia then its their own loss honestly. China banned bitcoin and thr people suffered the losses.

On the contrary, the banning of bitcoin will only make it more popular globally. From what I can tell according to a Google search, the Indonesian central bank and government have been very hostile to bitcoin and are trying to ban cryptocurrencies. This will have the effect of depressing economic growth in the nation.

Indonesia is simply not large enough to affect bitcoin's price somehow. I think if whole Europe banned bitcoin then we would see price's difference, but not now... It is silly that they are banning bitcoins though. Is there any reason why?

as long as Bitfinex through Tether are pumping fake money into BTC or other e-currencies, you won't see any  price's difference.

China tried that before, it affected the price of Bitcoin for the few days then it bounced back. So not too much to worry about when Indonisia banning it to be honest.

Indonesia probably thought that bitcoin is a threat in some ways and trying to warn their people about it, still I believe its affect on the price of bitcoin is just a scratch.

     I think government can only impose laws and regulations to bitcoin users but not to ban the bitcoin  because bitcoin is decentralized,it is totally freedom and government can't hold it. So bitcoin will continue to grow as long as people still believe in bitcoin.

I think so, Indonesia is not really prohibiting the use of bitcoin just trying to enforce regulations in order to prevent illegal use that can harm the country, they do not forbid anyone to use bitcoin, the freedom of everyone to act in accordance with their wishes, but with the existence of the rules can curb his society, and the effect on price changes I suppose is just a small scratch does not really impact on the serious decline

Of course not, Indonesia is a big country with a big population but not many people use bitcoin there and there is not a significant amount of exchanges where a lot of money is moving, taking that into account, I do not think we are going to see any kind of big crash or anything, most traders will keep their daily routine and will keep trading as usual.

Then you think the real price will be how much? I feel will have an impact, but the impact will not be so big.

Maybe it will affect the price a little bit that's why bitcoin price is now dropping, but as what I notice it is still prove itself and still on its average price so I think there is nothing to worry about that.

They are banning something that they cannot ban. Besides they have not expressed their desire to ban Bitconnect. That is the highest form of absurdity in this case.

I agree. But you are specifically talking about the national currency of the Republic of Indonesia. It is going to be Rupiah, the one agreed to be the official legal tender of the nation. With such basis, Bitcoin will of course find itself a total stranger. It is because Bitcoin is not a currency as we understand it traditionally. It is some kind of revolution in the payment system. It is even something that is against the way the world is working right now so how can it be in any way protected by law?

Any ban in general might have some sort of effect "Short term" If anything I still feel like bad publicity is still good publicity as when bitcoin gets banned the people are left wondering "Oh, what is bitcoin anyway?" and even if it were to have a small effect on the price the price is almost guaranteed to recover as we have seen with other countries banning bitcoin.

Maybe at the beginning of it, as it has passed, the bitcoin will rise again for no reason at all. and in my opinion there is no real price in bitcoin.

Nope. Bitcoin, in it's early days and even up to now, governments and financial institutions have tried to kill it for the longest time and have failed several times over and over again.

It's like trying to shutoff the internet. Nobody can do it once it has been unleashed.

How can they ban an asset or currency that is not in their control?They can ban it from publicity but as long as bitcoin is alive it doesn't matter. It is decentralize and it will continue to grow but I think it somehow affect the market.

Oh no. The bitcoin is dead. Oh dear. Whatever shall we do.  :(

If it was banned (which is bullshit) it wouldn't matter because it's decentralized. No one can shut it down even if they tried. There is no one person to take down in order to have Bitcoin gone. You can try to ban things but people can still hold them very easily.

No country can ever successfully ban bitcoin. As far as the market goes, I doubt it would even sneeze after the Indonesian government banned it.. Yes, the people from that country would be affected as it would be difficult for them to find places to buy. However they will find a way like others did from other countries.

Relax the bitcoin will remain strong, it all takes time to get better. The government is quite worried about the very fast price of bitcoin. We all have to wait until the bitcoin price is stable and that's the thing that can convince the government. Never panic and continue to develop bitcoin as best you can. I think that using bitcoin regularly in everyday life can make bitcoin much better.

Didn't even know Indonesia people were into bitcoins till you put up this post. From what I know their market share should be insignificant so I would care less for it. Then again people can always buy and sell in other countries how'll the stop that. My point is you can't ban bitcoins cause you just can't stop it. So don't read much into the news.

I don't think that ban will have a major impact on the BTC price. At most it could have minimal fluctuations for a couple of days only to recover quickly.

No that is not true any government can ban bitcoin in their respective country :o. Bitcoin is Decentralized means it doesn't under control of single authority but in order to establish in any country bitcoin must need permission of government. Country like china Bangladesh Ecuador and recently Malaysia government ban bitcoin  :'(. Every government give  permission to bitcoin according to their country economic. Bitcoin is also use for various criminal activities like anti money laundering and other serious issue so many government ban it. Bitcoin doesn't pay tax which also effects a country economy  :-[

If you agree with the government banned the use of bitcoin, then why are you here?
This forum is a great community, and the community here expect bitcoin to get legalized in the country.
I am not worried about the Indonesian government banning the bitcoin, it will not affect the price.
otherwise, if japan, American prohibit this bitcoin will be very detrimental to the price that the possibility of bitcoin will not be worth at all.

omg I am really surprised to hear this news. hopefully that does not really happen. I just a few days register in bitcoin. if so, what sanctions we get?

I don't think it will be a large impact on the price of the currency, Indonesia's first of the world's currency trading volume is small, and second, the currency as a result of globalization, will not only affect a country

I don't know whether they truly banned bitcoin or just regulated the crypto currency exchanges in their country.Nowadays lots of rumors coming around here that countries banning bitcoin but they are just regulating the exchanges so it is better to stop spreading fake news and if the news is true just provide the link of the official announcements.
I know only the Bangladesh recently banned bitcoins totally and if someone caught using bitcoins then there will be a severe punishment for them.But I didn't hear about Indonesian ban yet so wait until the official news.
But this kind of rumors will create down fall in the bitcoin price.

If bitcoin is banned in Indonesia how does government sanction bitcoin players? It seems the Indonesian government needs time to regulate the laws and sanctions to be given. I am personally very helpful with the presence of bitcoin.

I think there is no law drafted yet to regulate the cryptcurrency.
BTC as now cannot considered as a currency it just considered as an asset just like gold. It is useful only when converted to cash though some market already accepting btc as payment.
Banning the btc is a government prerogative because there is no law regulate on it. Besides there are huge of money in btc which is tax free.
It can endanger the economy actually. Investor earn and spend huge money without a tax.

I am a citizen of Indonesia, and I have been working with bitcoin for several months now
the government is currently issuing a ban on bitcoin in Indonesia, what really happened? why so does bitcoin damage the banking system in this country?
I can not believe it, but with bitcoin we can mengruangi pengagguran
maybe they want rich themselves, we should not be rich

I guess Indonesian government is too small to influence the bitcoin price, lol. US maybe.

Remember the times when you were told as a child that smoking were not for underage kids. You did that, because it was "illegal" This is exactly what is going to happen in these countries. Their government is doing this to protect their own local piss ass currencies. < In this case the Rupia >

They have a population of +/- 261.1 million people on all those little islands and exellent tourist potential. <Bitcoin supporters will just use their bitcoins on other tourist destinations, where they are welcomed and turn their back on these Indonesian destinations>

The losers will be the Indonesian businesses and the government. <Loss in potential tax income>

Well, Why your country going to ban bitcoin.? Is they don't want that their country people become rich.?
I think Bitcoin have no disadvantage to any country but should have advantages to all countries because all countries are getting money through BTC.
So all countries should need to give positive response to BTC.

I'm not too versed in the influence of the bitcoin banned in indonesia, but I am sure it will affect the world, because of the bitcoin user bitcoin in indonesia very much, even now many already know and step into the world of the bitcoin.

I dont think indonesian government has been a big influence that price becomes decreased. There are many reasons why affect the bitcoin. If one country banned bitcoin it will not influence the whole bitcoin process.

The number of cryptocurrency users will be lessen but I think it won't do harm to the community. There are just fear that some of the Asian countries will also be banning btc. It will really affect the rest, people from Indonesia are going to sell their btc for fiat. Will it ever be regulated like the will unbann soon? We'll never know. We can only wait for the Chinese to legalize it.  ;D

No one can ban it the true example is of China which have banned but yet million of Chinese crypto lovers still trading.and i agree with jtbcoins arguments. If Bitcoin is traded in Russia,USA,Europe and Asia it will never go to decline.

In my opinion bitcoin will continues its business even some country banned bitcoin. It cannot stop bitcoin. It's rule is strong and unstoppable.

maybe the Indonesian government has its own alesan to prohibit bitcoin,
but not an effect of bitcoin reduction, I'm sure bitcoin will continue to exist

I also assure as it is, BTC is currently very strong and convincing for all in desperate need of BTC.
some countries may have started banning but I see just not making the transactions approved only, but for other transactions still running.

bitcoin is big digital business it is great...... why bitcoin banned???

happy because we do not recognize and accept as a legitimate transaction, but our country does not prohibit and restrict for us to transact with bitcoin.
compared to some countries have started to ban bitcoin to be and be there.

But how..? I dont know how any government could ban Bitcoin as we only need the Internet to use most of the cryptocurrencies. Everything else is decentralized and people can freely exchange with the help of open source wallets.

Now in the world Bitcoin is famous digital currency,its user number reached higher and higher.no one can stop it.no one can banned it..Bitcoin rules are so much strong and unstoppable.it has strong regularity authority of monitoring.also it has great future.

I think this news is in the interest of a group of people in Indonesia, my understanding is more on the rules of using bitcoin as an asset and forbidding bitcoin as a valid payment instrument in Indonesia, but this rumor is very influential the decrease of bitcoin price in Indonesia, especially for new bitcoin users will causing panic and thinking immediately sell all its bitcoin assets

Let them banned bitcoin, countries like that were just too greedy they don't want their people to earn at least some portion of money, they were not just thinking of what potential it will give to everyone they were just stating that they are the rules and if they said no so nothing can do about it.

If the issue really occur, i think no effect with bitcoin price.
if it happens, it is very small i think....

But, I hope it's just a hoax

indonesian is a small player and when ban bitcoin will never effect value.
they can ban sites with is less than to be added

I was not surprise that other country would ban the bitcoin because I know that they are very much concern how this bitcoin affects their economy and because of this the price of bitcoin was affected. I am sure that the price of the bitcoin will going to high again because even the Indonesian ban the bitcoin there still more country that bitcoin is allowed.

There were unbelievable thing that South Korea will ban cryptocurrencies. It was occured that this is just desinformation. I don't want to know about indonesian scenario. Country with 400millions populations banned crypto! Unbeliavable!

Actually, Koreans are still not simpy sure how to regulate the cryptocurrencies.
At first, they wanted to ban them, that was true. Not anymore, however, which I am sure lots of people are glad to hear!

indonesia has a small market compare then other country such as russia,korea,china,japan. so, it's not really affect that much, and also it's not confirmed news yet

News is very influential on price movements of a commodity, although the news is not necessarily true, but it is very influential on the psychics of market participants to take a decision, if we look back time many similar news that a country will do ban against bitcoin but in fact news it is just that country's strategy to buy bitcoin when it's expensive, and automatically get a lot of bitcoin.

Bitcoin is now traded around the world, and if it is banned in Indonesia, it has little impact because the share of transactions in Indonesia's bitcoin market is low.

Well as long as the major countries in the world like USA, China, Japan, and others not necessarily go up against bitcoin and try to ban in their country. Then it will go a long just fine because these countries are in terms of the growth of the country in business, stocks, and other income generating are the best among the best.

I agree with this opinion, it's just that I think crypto currency will not have a significant effect because we do not transact directly using the money ... again we convert it into rupiah ... so we keep using our own currency without risking the value of the eye money it self

To enlighten you up, The Government can ban Bitcoin or any other cryptocurrencies. The Government can block any websites that are related to cryptocurrency or Digital currency and etc. But Government has its limitation, It can't shut the internet down without any legal grounds (Depends if the leader of the Country has declared let say martial law or do social media blackout, including cutting off internet access) there are VPNs or Proxy sites in which one can use to continue it's crypto related activities.

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Though it wouldn't affect the industry since Indonesia is a small market plus they can still engage in such activities if they only knew how to use VPNs. The big markets are still up and most likely will just compensate for that loss (not really), The players of the industry this year will most likely increase. Bitcoin already had built a good foundation before 2017 end and this year, there is a higher possibility that Bitcoin could make another history.

The government can do whatever they want but they cannot stop the people from using it. Bitcoin will never be affected by this, as you can see with what happened when China banned the use of bitcoin.

Don’t worry there is nothing to be worried upon. These news have been rumoring in the world since the production of bitcoins and even now when bitcoins are going towards success, the hater are there to just publish such fluffy news. If you are newbie in this world, you need more concentration on the coin and don’t just invite in this kind of notorious stuff that can harm you.

There is no chance that someone will ban bitcoin because bitcoin is here to help us and whenever it reached to any country so it bring changes there it reduced unemployment there so bitcoin is very use full for every one and I’m sure that every single country will make bitcoin legal bitcoin is not like other crypto it’s something different and I’m sure that bitcoin can help them a lot as now a days a lot of countries they are enjoying bitcoin.

I was also good and agree for the people said about USA, China JAPAN, RUSSIA. If those Country I mean they already have BTC. So I think well accepted the whole world cryptocurrency will be the money that can transact around the world.

The Bitcoin banned news is just a way of bringing down its dollar value so that the bigger players can buy at a dip and dominate the crypto market. This is a good way of creating FUD among noobs. I believe that majority of those governments banning cryptocurrencies especially Bitcoin in their countries are big players in the market. This can be likened to the Big Brother's influence in book 1984 by George Orwell.

I really don't think so.

if in my country bitcoin is indeed prohibited, but it's all there is no clarity from the government then there are still using bitcoin as income

The ban on bitcoins in Indonesia does not affect the value of bitcoins in the world. Bitcoins are currently banned in some countries. But do not worry about that

if bitcoin banned in my country im so disappointed and sad because why they need to do that government is government but im pretty sure bitcoin is a good investment why other government has a connection in bitcoin

I think the price drops not because of the influence of Indonesia.If you go to the past, you will see the same moment, where in December and January bitcoin down.And for the issue of bitcoin banned by the Indonesian government, in fact they are only afraid of the rupiah replaced with bitcoin

I think if the Indonesia ban bitcoin the price will never affected because there are so many country used bitcoin and ever day manh people are welling to invest in bitcoin. In fact you don't worry about the value of bitcoin because if the other country ban bitcoin the value is not affected.

and another example of a country

Bitcoin is one that we needed to rise from the poverty and sustain our needs in order to survived everyday. I experience and learn a lot of things here in bitcoin and it includes the banning of the government on the Bitcoin currency, I know that it is a sad rumor from other people that some country don't accept Bitcoin or banning it but we as a people who can freely access this crypto currency must focus on the coins, supporting the bitcoin, and learn how to invest money for yourself, for me , you should not mind that rumors cause you will be the one will be affected give yourself a time to learn more about this currency and live to the fullest with Bitcoin.

Bitcoin is banned, is not it a new thing when the big crypto currency countries like China, Korea, Japan or even India? , Bitcoin down, let's look back:
8/2017 China Ban ICO, so now ICO dead or still thrive and even have projects have become strong and 100 times more expensive as TRONX from China ???
As far as China continues to ban decentralized trading floors in China such as HOUBI OKEX ...., so now how ???? HOUBI and OKEX are both developing worldwide and volume is growing stronger than before?
Next came KOREA BITCOIN, ???? The bitcoin price is about 6000 usd and the fast increase is 9000 usd, so here it is no longer the government, but the whole world is accepting crypto currency as a means of payment.
And I believe that Bitcoin will reach $ 1 million soon!

Indonesia is not a powerful and strong country. Bitcoin will survive because lots of powerful countries accept it

Indonesian isn't a country with a big Bitcoin traffic so looks like it not gonna affects too much on the price of Bitcoin .
The scary thing is Bitcoin is now prohibited at South Korea and China. That sounds terrifying.

If bitcoin is banned then don't think about it because it is still changeable and as they are seeing that bitcoin is getting some good range of progress then they will just remove the ban for bitcoin and accept it again because bitcoin is unstoppable even though there is a lot of FUDs and bad news about bitcoin because it will still go up and fight the FUDs.

Today we see a real crypto boom

I do not understand how can  a country ban Bitcoins. We have international exchanges taking payments from all over the world. Even if they ban all the exchanges in their country,people will but BTC from those exchanges.

In the midst of bitcoin Indonesian government bans bitcoin, not because it affects the price of litecoin in the world. But the truth is that early anticipation of the love of the bitcoin digital currency exceeds the love of digital currency litecoin.