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UCHCHILD
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October 29, 2017, 02:57:16 AM
 #21

I guess we all know that already that having bitcoin is a big risk at all, especially if you put all your money into it. Nothing is complicated if you know how to handle things with it, on how to manipulate abd how to make things worth with bitcoin at all.
And so many banks forsee that bitcoin is a big threat to them so they jumo to conclusion of making a negative news with bitcoin now.
Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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October 29, 2017, 04:41:28 AM
 #22

At my country, after 1/1/2018 if use or provide altcoin is illegal. So maybe government cope up with cryptocurrency hardly. I dont care about them. But i really want sell, buy, trading cryptocurrency as legal way. Our government cannot control this market so they ban. LOL
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October 29, 2017, 05:36:56 AM
 #23

The Indonesian government forbids bitcoin to be used in direct transactions because to keep the rupiah exchange rate, because if bitcoin is used in a direct transaction it will make the rupiah weakening and even no value.
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October 29, 2017, 06:18:21 AM
 #24

So now Indonesia has stepped up to ban bitcoin. Bitcoins decentralization making it not possible to regulate bitcoin by any government or organization, maybe is striking a good fear in the hearts of the government. It's good to see how governments are fearing the potential and power of bitcoin and to stop the spread in their nation, they are trying to ban it. But i don't think that's gonna change anything, people would still continue use of bitcoin using VPN's.
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October 29, 2017, 06:45:54 AM
 #25

They just want to ban the bitcoin as a payment method because it impose such risk and volatility because they are not ready yet to adapt this kind of currency and it can be a tool to used for scamming and stealing. But at the same article Philippines already legalized and acknowledge the use of bitcoin by the Philippines central bank issuing a regulation to its exchanges. well i hope some countries in Asia also follow this step. on another page Indonesian central banks threatened by this currency not just because of its negative features but because they fear it will replace their businesses.

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October 29, 2017, 07:38:04 AM
 #26

That just means that the Indonesian Banks are aware of the potential of BTC and are threatened by it. Scaring people is their way of shutting down bitcoin users in their country. We all know how the government works, they disapprove anything that they are out of control and those they cannot profit from. Besides, this is what banks always tell people. They always present the bad side of btc as if fiat money has no negative features. Anyway, I don't see this as something to be worried about because I believe that each of us here already knows the risks of btc.

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October 30, 2017, 12:56:37 AM
 #27

I think that is not a ban, it's just BI doing its duty that official payment in Indonesia is using Rupiah, BI just want to give explanation To the citizens that they do not intervene on risk and negative impact of bitcoin

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October 30, 2017, 01:30:31 AM
 #28

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.


that's true, I know that the country is not prohibited from using it, but it commemorates the citizens about the risks of cryptocurrency technology. So in other words, the government allows to use but please bear its own consequences. Besides, although in the country forbid bitcoin, I don't think it has a big effect on bitcoin. because the country is still a developing country and has no major contribution to the development of bitcoin.
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October 30, 2017, 02:38:00 AM
 #29

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/
The indonesian govt wants to maintain control over every economical aspect that their citizens are involved with, the govt doesn't have a way of generating income from Bitcoin, therefore, the ban was bound to happen sooner or later.

That's what a corrupt governments does, they criminalize every activity they don't control and profit from. Once they realized they were left behind the rest of the developing world, they will unban btc.

Oh, and the statement comes from the Central Bank, just like the rest of news we've heard over the past months, corrupt central banks in asia (China, Indonesia, Vietnam, South korea) are becoming aware of Bitcoin and its implications and have decided to act upon it. Bastards.

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October 30, 2017, 06:15:44 AM
 #30

This decision of banning Bitcoin payments coming from the central bank has caused exchanges like Bitbayer and Toko Bitcoin to shutdown its operations. Bitbayer has officially announced that it will shutdown all its operations starting from the 1st of November and existing users are requested to withdraw all its funds by the closing of this month. Took Bitcoin too is said to have followed the same line of action like Bitbayer.

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October 30, 2017, 06:19:34 AM
 #31

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/
Another country has understood what this threatens and introduces a ban. Very good, I believe, this will knock down the record bitcoin at times and people will think.
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October 30, 2017, 06:22:45 AM
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The price for a Bitcoin is quite high but users do not have to buy a whole dong. In addition, the potential of this virtual currency is also great.
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October 30, 2017, 06:37:50 AM
 #33

This decision of banning Bitcoin payments coming from the central bank has caused exchanges like Bitbayer and Toko Bitcoin to shutdown its operations. Bitbayer has officially announced that it will shutdown all its operations starting from the 1st of November and existing users are requested to withdraw all its funds by the closing of this month. Took Bitcoin too is said to have followed the same line of action like Bitbayer.


According to the news that I read, the shutdown was not due to an intervention by the Bank of Indonesia but rather an independent and voluntary decision by the companies. The bank of Indonesia statements just mean bitcoin is not official payment system but still can be used by anyone.
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October 30, 2017, 06:38:45 AM
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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.
Politicians play this card all the time, they try to ban things by playing the this is for your own good card, it is obvious that at the moment there are many scams going on on bitcoin no one is going to deny that but only a handful of people are going to fall for this and the rest are going to benefit with the use of bitcoin, but we know they are forbidding bitcoin for their own benefit they do not want bitcoin to win any support in their country but the truth is that is beyond their control.
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October 30, 2017, 08:11:16 AM
 #35

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/

sad to know that the country you mentioned are totally has no intend to adopt/accept bitcoin as a digital asset/currency to be use on that county. but we didn't hide the truth that all kinds of investments projects are has a high risk to grab, I think they don't know the real facts and the real benefits of this bitcoin on their country if they implement this. don't worry sooner or later they realize that they need to accept this bitcoin because of its benefits on us people.
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October 30, 2017, 08:48:03 AM
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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.

While it may have some influence on other countries, I don't think that there can be a trend for countries to ban Bitcoin and cryptocurrency. It is just a number game meaning that some will be open to Bitcoin and there would be some who are close-minded enough not to allow Bitcoin to enter their respective jurisdictions. And we have no choice but to respect these countries since they have the sovereignty of their own.

We  have to remember that Indonesia is dominantly a Muslim country and I can sense that many of these countries are doubting and fearing as to what Bitcoin can do to their country since it is beyond their own control and influence once they let it come in. Maybe it is not yet time for Indonesia to be a part of the Bitcoin club and hopefully the right time can be coming in the future. Anyway, what is important for now is that Indonesia is not yet an influential part of Bitcoin and its rejection of Bitcoin will just be taken as an ordinary story.
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October 30, 2017, 08:54:55 AM
 #37

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/
No need to panic at least at this stage. Because the ban or warning is against the bitcoin being used as currency or mode of payment in the Indonesia. It does not mention that purchase, selling, holding of bitcoin as illegal. This gives a hope for people from the Indonesia that they could still use the bitcoin as tool or investment. Only problem is they might not be able to use bitcoin as mode of payment. It is ironic that Govt has banned a currency in a country from being used as mode of payment. However they have not made holding, purchasing, selling of currency as illegal.
Till bitcoin selling, purchasing, holding is not a crime is a country one can enjoy major benefit of it. Majority of People are not using bitcoin for payment, they are using it as investment.
So lets remain calm at this stage.
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October 30, 2017, 09:14:31 AM
 #38

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/

This has been brought up before. To clarify, nowhere in the statement does it actually say ban. What is prohibited is to accept is as payment. This is only natural, as has been the same, unchanging stance for the central bank since 2014. This is exactly the same as with neighbours Malaysia in the same year - both central banks are historically on the same page when it comes to digital currency. They had the exact position with e-gold a decade before this, and with Paypal years earlier.

All these positions have actually been the result of use by groups linked to pyramid/ponzi/hyip schemes who use these currencies/payment processors.

Since 2014, not a single action has been taken against those using the prohibited currencies for personal, OTC, or private transactions. All known exchanges are still operating today, and localbitcoins volume has not been affected.

So don't worry. If you aren't doing anything naughty, you're good.

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October 30, 2017, 09:29:54 AM
 #39

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/
They should have atleast given them time to convert their bitcoins into fiat if this law will be long term, they should refrain from using it for the meantime.
This decision of banning Bitcoin payments coming from the central bank has caused exchanges like Bitbayer and Toko Bitcoin to shutdown its operations. Bitbayer has officially announced that it will shutdown all its operations starting from the 1st of November and existing users are requested to withdraw all its funds by the closing of this month. Took Bitcoin too is said to have followed the same line of action like Bitbayer.
Glad to know that they will give time to withdraw all their funds. Let just wait, if a bigger country will be opened on Bitcoin and advertises it to other country, then Indonesia will surely think about their decision regarding Bitcoin.

EDIT:
This has been brought up before. To clarify, nowhere in the statement does it actually say ban. What is prohibited is to accept is as payment. This is only natural, as has been the same, unchanging stance for the central bank since 2014. This is exactly the same as with neighbours Malaysia in the same year - both central banks are historically on the same page when it comes to digital currency. They had the exact position with e-gold a decade before this, and with Paypal years earlier.

All these positions have actually been the result of use by groups linked to pyramid/ponzi/hyip schemes who use these currencies/payment processors.

Since 2014, not a single action has been taken against those using the prohibited currencies for personal, OTC, or private transactions. All known exchanges are still operating today, and localbitcoins volume has not been affected.

So don't worry. If you aren't doing anything naughty, you're good.
Thank you for Clarification, then after all the Indonesian Government just doing nothing for their law? Therefore the Law is just for "person who used bitcoin on bad activities" ?
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October 30, 2017, 09:35:51 AM
 #40

Indonesian seem to be the most active participants of any ICO.. So Indonesian ban might have quite advesary  consequencies
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