Bitcoin Forum

although Indonesian banks have not yet acknowledged bitcoin and still prohibit users that bitcoin is not a valid means of payment in Indonesia, it will not stop bitcoin users in Indonesia. because already too many bitcoin users even looking for income through bitcoin. how opinion exists
 

it is true what you have said, I am an Indonesian. I see that dominating in this bitcoin mostly from indonesian people, they are looking for income here. but our government has not implemented or allowed bitcoin as a transaction tool. I do not think that would be a problem for these bitcoin users. and if later the government allows this bitcoin and legalize it. I think that there will be a huge tax return. because they see bitcoin more and more in demand by indonesian people.

not just banks in Indonesia but around the world.
the more strict the prohibition against crypto the more curious about it.
and Indonesian government banks also have no final certainty for the ban cryptocurrency.

My opinion about bitcoin is the prospect of bitcoin fore very good and promising.
let alone can be done by all circles and can improve the economy of society, especially the people of Indonesia.
and my hope in the future Indonesia can receive digital money like bitcoin.

Even in India also government put some restrictions in Feb on cryptos trading. But none of the exchanges has stopped crypto trading instead I heard that they are adding more and more coins for trading. Governments are worried about tax and people may miss use it so as long as there is a system for them to track all the transactions going to exchanges then they will not worried much. I believe slowly over the time all governments will regulate these cryptos but it may take some time.

at this day and age when a lot of big countries are adopting bitcoin and are considering it as a legal way of payment, if some random country decides to do something else in the opposite direction that would be like shooting themselves in the foot!
and that is what Indonesia is doing, they are preventing their advancement and falling behind in the wold of technology and cryptocurrency adoption. and that would just make things harder for their people, they won't stop using bitcoin anyways.

banks dont bitcoin and bitcoin doesnt need banks.. thats the whole point of bitcoin

let the banks just hold and transfer fiat between people that want fiat.
its like asking why dont american banks allow euro to be withdrawn from american ATMS.

because american banks by laws and policies only handle dollars. this does not mean euros are illegal in america, it just means that you need to go to a bureau de change to get euros.

I believe this is not something new. The central bank of Indonesia said the same thing during last year's bitcoin surge. I am seriously not surprised by this statement and expecting more banks to issue such statement in future as well. Bitcoin is directly affecting the busines of banks hence no surprise that they will try to discourage people from using it. At least they are not playing double faced game as USA.

still prohibits bitcoin, because it can be considered dangerous to the local bank Indonesia

the indonesian bankster cartel only wants to print money and enrichthemselves privatly they naturally hate cryptocurrencies.

They wouldn't be changing their stance against cryptocurrencies anytime sooner, as it seems that the Indonesian government are somewhat keen on preventing money laundering and illegal trades happening in their soil with bitcoin as the medium. But the way I see it, the number of bitcoin users in Indonesia is growing day by day, as attested by their local board in here and circulating news from the web. Also, we need to understand that there are differences between each statements of the government. In this case, they simply just don't recognize the crypto as a form of legal payment, but that doesn't mean they would ban it or it is illegal to use it, so there's still a possibility that the Indonesian government would reconsider their stance.

Bitcoin cannot be used as a means of payment in the country of Indonesia because the country has a special regulation related currency that is legal to use as a means of transactions society. However, the Indonesian government does not forbid its citizens to have bitcoin because its government also recognizes that bitcoin is a digital asset that phenomenon in the present day but its government advises people not to use bitcoin because it is very risky and the government will not be responsible for what happens to bitcoin to its users.

Does it mean, it is illegal in Indonesia? I know we have many Indonesian friends amd very active in crypto too.Since it is not a valid mode of payment, no regulation to  be made as of the miment,isn't it?

It seems that mainly Asian countries have some issues without cryptocurrencies, especialy bitcoin. But I don't think they have something against cryptocurrencies in general, but they don't want to introduce them in their economy. Think they are too unstable and that could make damage to them.
Still I don't think this will influence bitcoin in negative way, Indonesia is not that important. And the good thing is that citizens are still allowed to use cryptocurrencies and that is all that matter actualy.

The head of the Central Bank of Indonesia, threatens with actions against bitcoin supporters, if the crypto currency will be used as a method of payment.

In early 2014, the country's central bank issued a public notice stating that citizens should be careful with the use of virtual currencies. "The Bank of Indonesia states that bitcoin and other virtual currency are not valid currency or payment instruments in Indonesia," the bank's statement said at the time.

Head of the Bank of Indonesia Agus Martovardoggio confirmed the position of the financial regulator that bitcoin is not a legal method of payment in the country.

And that is a sovereignty in the prevailing financial system in a country. That is not a problem, as long as the ownership of the cryptocurrency assets is not prohibited, and as good citizens must also obey the rules by not making the payment process using cryptocurrency, especially in Indonesia only allowed to use rupiah.

Not only Indonesia, this is the situation globally bro. We should not worry about that at all bro. You need to find the bitcoin has been implemented all the world countries with in 10 years for sure bro. There are very few world corporates only against the crypto currency emerging.
So we need to worry about this at all. I have few friends from Indonesia. Still they does not have any issue on exchanging cryptos into fiat cash buddy.

In addition, most governments are worried about the misuse of bitcoin as a crime tool, for example for terrorist financing, drug trafficking, illegal weapons, etc. And they do not have full control to prevent that.

That's not the only problem, they're afraid that Bitcoin will do the bank's job also, so goverments have a chance to lose banks then they have no control on the economy of that country because they absolutely can't control Bitcoin at all.
Banning them is just a temporary solution for them and i do think they're planning to wipe Bitcoin out.

Yes I think some people now rely on bitcoin to become the source of living, the unemployment rate in Indonesia is quite high so btc could help some family to survive, for now btc still not yet being accepted but in the future I think it can be adopted, the President of Indonesia had spoken that the country need to prepare of btc implementation because in the future there will be more crypto currencies usage

Not only in Indonesia, in other countries I think that prohibits bitcoin also the same, because everyone has the right to invest money wherever. the bank has no power to ban completely. banks have only been panicked by the rapidly expanding digital currency technology while still maintaining the paper.

I think it's only because of the goverments , actually there are so many residents already accepted the appearence of Bitcoin but the only barrier left is the prohibitions of goverments on Bitcoin.
I think they never gonna let Bitcoin free in their country unless goverments are going to disappear.

One of the reasons the banning of the bitcoin  (blockchain system) in each country is a concern of the government about the development of bitcoin a potentially lethal local bank for a conventional.

It’s unfortunate. Not just Indonesia, few more countries have imposed little bit restriction on it in some form. But that doesn’t make it illegal either. It won’t take much time for Governments to understand Crypto fully and release all the restrictions.

yeah i agree, also i heard before the indonesian bank is currently develop blockchain with digital rupiah as a payment method. means that rupiah will adapt the blockchain system without bitcoin intervene.

In fact, now many developing countries do not admit the legal status of the bitcoin, they believe that investment in bitcoin will cause a market bubble, once the bubble blown up, it will destroy a lot of investors, and most of investors are not much rich. once they loss their money which carrys their dreams and hope, it will cause a series of social unrest.

You are right and many Indonesians are currently looking for income through bitcoin.
in Indonesia alone uses only legitimate money to transact and refuse once with transactions using bitcoin for different reasons than some government employees there.

i believe on what dothebeats said there is no formal letter that saying bitcoin is illegal on the country of India. not just money laundering and also because all of the possible illegal transactions that may cause, because of just what you said there are a lot of people on India are using bitcoin. They are studying bitcoin very carefully on how will they add taxes too and implement things beyond their control.

So, what is this ban? If you read the RBI circular, they have never used the words "ban" pertaining to bitcoins. It has only prevented any organisation regulated by the central bank to deal with businesses that have anything to do with crypto currencies. Practically, this means banks will have to stop deposits and withdrawals to and from Indian rupee on crypto currency exchanges. This news spread widely and was seen as a “ban on bitcoin”.

Read more at:
//economictimes.indiatimes.com/articleshow/64191614.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

your opinion is right, the Indonesian state refused technological progress of the future, I myself from Indonesia, the members of the government still have not accepted the existence of technology that will develop in the future, they are not aware that technology can not be damaged, in Indonesia alone the government forbids the use of bitcoin in system of direct selling and purchase but not prohibit if only to be traded in the market,
on the one hand the government forbids and on the one hand its community uses its existence (bitcoin / altcoin) to another

Indonesian banks are restricting and not accepting the bitcoin trading as well , not allowing the people to purchase bitcoin. Banks are telling it will cause money laundering and funds to terrorist. People are hoping govt will bank crypto in due course of time.

for now Indonesia has not legalized bitcoin as a digital currency. but indonesian people use bitcoin as an investment, or daily trading for profit, but i know some bali entertainment place accept payment by using bitcoin. did not rule out the future bitcoin will be legalized in Indonesia.

yes in indonesia bitcoin is illegal but just can not be used as a means of payment, to make it place to invest and earn income it is not prohibited

yes, the Indonesian government issued a regulation on the prohibition of payment transactions using bitcoin.

Bank Indonesia has also expressed fears over the growing number of Indonesians who have been active in the Bitcoin world.
With or without the support of Bank Indonesia, I am sure that Indonesians who are interested in Bitcoin will be more and more, after what they get from Bitcoin