[2015-06-18] Insidebitcoins: BI: Bitcoin Not Currency or Legal Payment Tool

[Grand_Voyageur]

Bank Indonesia: Bitcoin Not Currency or Legal Payment Tool

In a statement issued to the public, Bank Indonesia says that citizens are encouraged to be careful toward Bitcoin and other virtual currencies, as they are not currencies or legal payment instruments. It further declared that all risks related to the ownership and use of Bitcoin should be borne by the owners.

Full story: http://insidebitcoins.com/news/bank-indonesia-bitcoin-not-currency-or-legal-payment-tool/33239

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[Kakmakr]

" It further declared that all risks related to the ownership and use of Bitcoin should be borne by the owners. "
This is the whole point to using Crypto currencies. Take control over your own money and do not pay huge fees for 3rd parties like banks to manage your money for you. Did they not get the memo?

"“From that statement, we may conclude that the legal medium of exchange in Indonesia should be only Rupiah. US Dollar and gold are also not a legal medium of payment. Thus, in a way, Bitcoin can be treated as a commodity (a digital commodity), same as gold. Bitcoin is allowed to exist in Indonesia, and people are allowed to buy, sell and own Bitcoin as long as it is not used as a medium of payment.”
So what do you do with a digital commodity, if you cannot pay with it?

So Indonesia just blocked off any tourism income from Bitcoin users and they killed Bitcoin innovation and job opportunities to protect the Rupiah? Like the other countries who restricted Bitcoin, they will be left behind.