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October 27, 2017, 02:02:52 PM
 #1

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.


Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

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October 27, 2017, 02:34:47 PM
 #2

Indonesia’s central bank, has threatened action against bitcoin and say

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I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.


Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/
all things are definitely risky but it should, I think Indonesia should have a foresight as well with this bitcoin. certainly should be able to follow the country that has legalized bitcoin and know the rules so as not to contain too much risk. so Indonesia is able to legalize bitcoin without thinking about the risks it carries.
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October 27, 2017, 02:37:14 PM
 #3

I think now days countries are not ready to accept btc as they cannot regulate this space and would not like such things to exists which is not owned or controlled by them. Due to which the ban is being placed and I think this is a bad thing from the bitcoin space for future if it continues this way only.


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October 27, 2017, 02:43:28 PM
 #4

I think it's merely a warning that lacks effective enforcement. Still it's outright stupid by Indonesia taking a Bitcoin hostile stance considering that especially emerging countries have the most to gain from financial innovation in that regard.

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October 27, 2017, 02:50:27 PM
 #5

doesn't look like the world central banks are too keen on letting their power and control over issuing currency slip out of their grasp.  they're colluding to limit the power individuals have outside of their system and we're going to see more countries begin to implement the same restrictions across the globe before Bank of International Settlement (BIS) issues their own universal digital currency in 2018. 

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October 27, 2017, 02:54:05 PM
Last edit: January 22, 2018, 08:30:52 PM by hugeblack
 #6

I think now days countries are not ready to accept btc as they cannot regulate this space and would not like such things to exists which is not owned or controlled by them. Due to which the ban is being placed and I think this is a bad thing from the bitcoin space for future if it continues this way only.



A country like Indonesia is starting to fear a large number of bitcoin users. they start to ban exchange sites and will do more in future.
bitcoin is more stronger than to be stopped by small country

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October 27, 2017, 03:01:53 PM
 #7

every country has its own policy, some will regulate and embrace bitcoin and  some are not. most advance country are  capable and easily understood the importance of bitcoin as cashless system to their citizens, mostly in Europe they are now launching a Bitcoin ATM what i observed that countries with terrorist prone area like Indonesia are fearing to adapt bitcoin because they think that bitcoin will be exploited by the terrorist group and that's my opinion. Central Bank concern as just secondary.
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October 27, 2017, 03:11:57 PM
 #8

Authorities are probably trying to sort out a method or regulatory system for now, and they feel that the growing transactions is making it hard for them. They'll change their mind, just wait.
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October 27, 2017, 03:14:53 PM
 #9

It's a warning, it doesn't say anything about banning the use of bitcoin.
As we can see at the last words, it says " We see using bitcoin as a risk".
It's okay, most of the countries have announced that bitcoin is a risky investment, it doesn't mean that they have banned it, it just says that they want to give a warning to their people, but can't have a solid statement on the coin right now.
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October 27, 2017, 03:30:50 PM
 #10

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.


Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/
This is way too common statement by any bank. Banks are warning people about cryptocurrencies since ages. I am bored of it now. They only have warned and haven't yet imposed any rule against Bitcoin. So, I don't think people who understand Bitcoin at all would fall for that. Banks had been wary and will be too unless Bitcoin proofs itself in financial landscape. These banks who are today warning people will themselves be inheriting Bitcoin in future.
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October 27, 2017, 03:37:39 PM
 #11

Its risky because they will not support it as a currency they have fear to use bitcoin that maybe in the future banks may collapse because of bitcoins.I cant see any reason why some governments ban using bitcoins it only needs to regulate.


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October 27, 2017, 04:56:57 PM
 #12

Ahhh, governments trying to protect the 'best interests' of their people and acting as if they care. Using fiat also carries risk—heck, it carries more risk when transacting with large amounts. I remember one time back in 2016, I was buying an expensive watch for buy and sell when suddenly a motorbike pulled up in front of us and I was held at gunpoint. That is in front of a freaking restaurant with 2 armed guards roving around the restaurant's perimeter. The timing of that was so precise that they took the watch and the money without the guards being alerted. Luckily, a police checkpoint was way ahead of them just a couple of blocks away from where we're at and they were arrested immediately. With bitcoin, I can carry tens of thousands, or even millioms without having to fear for my safety. The only thing I should be aware of is if the machine I'm using to transact is not compromised by any malicious software that could steal.my money.

 
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October 27, 2017, 05:03:03 PM
 #13

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.


Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

I think they are not banning bitcoin or cryptocurrency per se. They are just giving its citizens a heads up regarding the risk of involvement in bitcoin. Each country has different policies regarding bitcoin and Indonesia seems to be on the gray area for now, but totally banning it just giving a warning to its constituents. So there's nothing to be afraid of from their declaration. So if you are a Indonesia, which I think there are a lot here, you don't need to worry from your government. They have given you fair warning about the risk involved, it is up to you if you are willing to take that risk or get out of the ecosystem system now.

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October 27, 2017, 05:08:31 PM
 #14

I think it's merely a warning that lacks effective enforcement. Still it's outright stupid by Indonesia taking a Bitcoin hostile stance considering that especially emerging countries have the most to gain from financial innovation in that regard.
Exactly, and I believe it'll be ignored by the hardcore bitcoin users, and will
certainly do nothing to deter those who earn bitcoin, say, from bounties and such. 
This is just like Jamie Dimon saying he thinks btc is a fraud.  It's just words. 
Indonesians probably trust banks and government about as much as Americans
do, which is not at all.  And certainly the bitcoin using population won't trust either
and won't listen to such naysaying.

 
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waynechong1995
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October 27, 2017, 05:09:18 PM
 #15

Not a great news, soon other similar third world countries would follow its steps to against cryptocurrency and it's very likely to happen in months or even weeks. What can we hope is their government would issue something more like a 'soft ban' rather like Bangladesh that jailing people from using it. Centralized decision are pretty selfish always, the richer would be always richer by restricting others to gain their own fortune, how difficult it is for their people to have another source of income legally without being harassed or live with pride? I think those with powers should regulate cryptocurrencies to prevent fake/scammy ICOs and embrace technology as whole, not going backwards with their monopoly business empire.

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October 27, 2017, 05:10:04 PM
 #16

Ahhh, governments trying to protect the 'best interests' of their people and acting as if they care. Using fiat also carries risk—heck, it carries more risk when transacting with large amounts. I remember one time back in 2016, I was buying an expensive watch for buy and sell when suddenly a motorbike pulled up in front of us and I was held at gunpoint. That is in front of a freaking restaurant with 2 armed guards roving around the restaurant's perimeter. The timing of that was so precise that they took the watch and the money without the guards being alerted. Luckily, a police checkpoint was way ahead of them just a couple of blocks away from where we're at and they were arrested immediately. With bitcoin, I can carry tens of thousands, or even millioms without having to fear for my safety. The only thing I should be aware of is if the machine I'm using to transact is not compromised by any malicious software that could steal.my money.

What the fuck kabayan? Is this for real?

Anyways, I agree with your point. Even fiat has more risk than bitcoin. I guess that Indonesian declaration was just a means for their Central Bank to somewhat step up because Indonesian are also a big bitcoin community out there. And I'm sure one way or another the government of Indonesia can't ignored the fact that bitcoin is gaining popularity in their country. Risk in bitcoin and fiat are always there. It's up to the individual on how to mitigate that risk. And if you know what you are doing then I don't see any reason for you not to transact bitcoin inside and outside of the country. And you have to thank the Central Bank of Indonesia for making such statement at least to quell the speculation that they are anti-bitcoin, which is not.




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nidacoinlove
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October 27, 2017, 05:15:28 PM
 #17

I think it is not a ban on anything but the Indonesian government has done a great job and has informed it's people to be aware of any kind of dealing in bitcoin. This is like you can't draft an agreement with declaring bitcoin as a mean of payment.
They have just declared it that bitcoin can't be used as an official payment. I don't think that it's a great matter of concern to bitcoin users in Indonesia.
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October 27, 2017, 05:25:34 PM
 #18

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.


Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/
That doesn't even make sense as a statement, really. It boils down to "We don't recognize it thus everyone should make sure that they aren't using it in a way that we don't want them to". It's not like a statement that is as vague as that is something people will actually recognize, at least in Canada no-one has ever responded to something as weak as that with anything more than a shrug.

I'm surprised Indonesia cares so much, but, according to the title of the article, they seem to care a lot more than one would think.

Probably another instance of trying to control the internals of a country by controlling their currency with a tighter fist.
nurlela
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October 28, 2017, 11:46:33 PM
 #19

the title is too extreme, not like that actually.
the Indonesian government simply does not recognize bitcoin as a means of official payment, not bitcoin ban.
because the official payment instrument in Indonesia is only IDR.
everyone also knows that bitcoin has the risk of being stolen, therefore the government is not responsible for the loss of bitcoin we have.
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October 29, 2017, 02:25:33 AM
 #20

It is true that there are risks, but I think that some risks are manageable in bitcoin use. I imagine the start of credit cards and other online banking and online payments, how these things also faced skepticisms and oppositions before.

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