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Koro-Sensei
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October 30, 2017, 10:05:21 AM
 #41

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/
Well not every country really agree with bitcoins system or the idea of digital currency because i think it is a threat to them their being cautious and vigilant only because as you know bitcoin can be used in every transactions and it doesnt apply the term traced because it is anonymous. Theyre only preventing the mass damage or the crime acts as possible
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October 30, 2017, 10:24:21 AM
 #42

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.

First off, good article. I agree that there is definite risk in the bitcoin market, which is why, many governments and countries are very reluctant in including bitcoin in their market because of those risks. While other countries are pessimistic, others are optimistic as well and have already allowed bitcoins to penetrate their markets. I think it depends on the how a country views bitcoin usage and the advantages and disadvantages it can do to their own market systems.

 
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October 30, 2017, 10:59:35 AM
 #43

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.

Maybe the heads up they need to be giving us is the risk involved in holding fiats or their centralized currency. In so many countries, people have suffered from the government's hand based on the ways they have manipulated things, controlled the people and their standard of living and make the less privileged suffer for it. Well, the time is getting over for them and now, they should better start expecting so many things changing and start realizing that people are getting wiser by the day as we are going to take the power stolen from us a long time ago away from them.
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October 30, 2017, 11:11:29 AM
 #44

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/



Indonesia ban bitcoin as method of payment and they have a big reason that's why they take an action about this. Based on the news of CNN early of 2014 the central bank of Indonesia issue a public notice that giving warning to there own citizen to be careful in using virtual currencies as method of payment. Meaning since 2014 bitcoin is illegal currency  including other crypto's in Indonesia and it is not valid currency of payment instrument in any transaction conducted of any person using bitcoin in Indonesia. These reason why Indonesian government keeping ban bitcoin and any crypto currencies  is to protect there own legal currency and avoid unnecessary transaction through illegal activities in digital activities.
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October 30, 2017, 11:23:06 AM
 #45

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/

Well this seems like just more FUD that has been coming up the last few months. I dont know which country will be next but seems like every other country is going to spread FUD about bitcoin. However they will accept it in future because fiat will not be able to run the economic needs to the people as the time passes. So then they will also swallow their words and accept bitcoin.

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

This may the case that the government wants people to be careful of their investments in the crypto market and that is why they released this article.

However I still a feeling this is just more FUD.

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October 30, 2017, 12:32:25 PM
 #46

That blows. At least they are not banning the use, just discouraging it. It is true that it is risky for non-tech savvy people. Maybe they just do not want their citizens to be victimized by scams. Those who are already using it can continue to do so.
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October 30, 2017, 12:33:32 PM
 #47

What I get from this is not that the government necessarily wants to ban crypto in Indonesia, but the big players in banking and lobbyists are pushing to make it illegal to keep their monopoly on the finance sector. They do not want to see something like Bitcoin or another crypto take over their business like robots are doing to lower-class workers these days.
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October 30, 2017, 12:42:05 PM
 #48

What I get from this is not that the government necessarily wants to ban crypto in Indonesia, but the big players in banking and lobbyists are pushing to make it illegal to keep their monopoly on the finance sector. They do not want to see something like Bitcoin or another crypto take over their business like robots are doing to lower-class workers these days.

Ah, it makes sense now, it all boils down to greed and personal gains and that has been the problem of many around the world especially the corrupt guys who don't like competition and will fight tooth and nail to push their agenda at the expense of the masses.
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October 30, 2017, 12:45:02 PM
 #49

Most countries prefer ignoring the mere fact that btc exist and are currently more and more used. Seems that in Indonesia, the government has made it an official statement but actually in general bitcoins are not really acknowledged, rather tolerated.

For the moment, bitcoins are quite linked with the deep/darkweb but as the use of this money gets larger, government will no longer be able to ignore it or even refuse it as means of payment!

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October 30, 2017, 01:41:01 PM
 #50

 Indonesia became the latest country  to ban the use of the Bitcoin virtual currency.Since its launch in January 2009, the digital currency has grown popular with those with doubts about using the traditional banking system. But there are also concerns that the system is being used for money laundering.“Bitcoin and other virtual currencies are neither currency nor legal payment tools in Indonesia. People are advised to be careful about Bitcoin and other virtual currencies,” the central bank said in a statement.
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October 30, 2017, 04:54:58 PM
 #51

Indonesia not ban bitcoin, Indonesia just not legalizing bitcoin but not mean bitcoin is illegal. bitcoin user in Indonesia still allowed to earn bitcoin and bitcoin users should accept all the consequences when they try to invest their money in bitcoin..
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October 30, 2017, 10:25:22 PM
 #52

It seems that Vietnam too has banned bitcoin as a mode of payment (link), but the good thing is they could still buy bitcoin and hold them until the ban gets lifted. But seriously, those guys need to realize that using fiat has risk too and that is no different than using bitcoin as payment.
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October 30, 2017, 10:30:40 PM
 #53

The topic is very sinister than the fact.
I think it's unwise if the ban is said to be a threat.

while the title of www.cryptocoinsnews.com is "Bitcoin Banned as a Payment Method, Adopters Will be 'Dealt With': Indonesian Central Bank"

The purpose of the prohibition is as follows:
1. It is prohibited to use bitcoin as a method or means of payment, for example: we buy something and pay it using bitcoin directly (not rupiah).

2. BI will take action against the bitcoin adopters, for example: Stores, Supermarkets, Banks, Markets that serve the payments with bitcoin directly.

But, this prohibition I think doesn`t apply to bitcoiner Indonesia, because the means of payment used by bitcoiner is Rupiah (not bitcoin). The Rupiah is obtained from the sale of Bitcoin in the wallet-online, from the proceeds of the sale, bitcoiner transferred the amount of rupiah into a bank account and took it using ATM.
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October 30, 2017, 10:36:24 PM
 #54

The government only ban bitcoin to be used of payment tool and the government does not ban to have bitcoin, so bitcoin can still be owned and the government only reminds us to remain cautious to use bitcoin of payment tool because according to the government bitcoin is still not safe and unfit for use of payment tool. I personally don't care if the government ban bitcoin just for payment tool, we are still allowed to own and store bitcoins.

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October 30, 2017, 10:54:41 PM
 #55

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 what i thought when i readed the thread, but after taking a look at the original article i found that OP forgot to quote the most important statement which is: "The head of Bank Indonesia, Indonesia’s central bank, has threatened action against bitcoin adopters if the cryptocurrency is used as a method of payment."
Bank Indonesia is threatening any one that accepts Bitcoin as payment method. Such statements will, for sure, have an impact on Bitcoin value.

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October 31, 2017, 09:51:21 AM
 #56

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 what i thought when i readed the thread, but after taking a look at the original article i found that OP forgot to quote the most important statement which is: "The head of Bank Indonesia, Indonesia’s central bank, has threatened action against bitcoin adopters if the cryptocurrency is used as a method of payment."
Bank Indonesia is threatening any one that accepts Bitcoin as payment method. Such statements will, for sure, have an impact on Bitcoin value.
most likely the rule was made by the Indonesian government to anyone who made payment transactions using bitcoin without first switching to local currency that exist then it could be very risky and violate the existing law because the official payment transaction tool in Indonesia only use rupiah instead of bitcoin .

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Bitcoin_Delivery
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October 31, 2017, 09:53:32 AM
 #57

But some say that bitcoin is prohibited only for the means of payment because it is required to use their currency is not bitcoin for buying and selling bitcoin exchanger Indonesia is still operating
buwaytress
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October 31, 2017, 10:25:16 AM
 #58


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" ?

All I'm saying is, the typical Bitcoin user should have nothing to worry about. These central bank warnings are not new in our part of the world, and serve as cautionary advice to people unfamiliar with it - as they are usually hearing it for the first time as a "get rich scheme", and then when they lose their funds they turn to the central banks, who in some part guarantee the safety of funds stored in regulated banks (BI and BNM for example guarantee all customer funds in banks, up to a certain limit).

Of course there is always a risk when the government steps in, but if they really made moves, you'd hear it first from the exchangers you're likely using. Luno and Localbitcoins come to mind. The motives behind these statements are unclear, made worse by media who don't understand them.

In worst-case scenario, the banks will want to ensure citizens have a chance to act before just seizing anything to avoid fallout.

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October 31, 2017, 10:35:27 AM
 #59

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 the kind of "oficial" statement central banques are issuing around the globe. The countries have rules and the monetary system as well. Here in Portugal our central bank issue something similar trying to stress out "the risk" of crypto as it is not regulated nor considered a valid currency. What i see a little diferente here is the "threat" to the adopters. Do they mean it? or is it just FUD?

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October 31, 2017, 10:37:12 AM
 #60

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/
Another FUD to bring price down so that they citizens can buy it at cheap prices!  I will hold my coin as I did not see any risk in it. Bitcoin has been surviving without any support or suggestions from our governments and central bank. Indonesia is not even all that popular with bitcoin and others cryptocurrencies. This attack will continue but one thing that I used to encouraged myself is that bitcoin is a discovery and with time our governments and leaders will come to see it as a helping tools to humanity intead of treating it as an enemy.
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