Indonesian Ban

[aardvark15]

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

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 can’t stop people from owning or using Bitcoins regardless of a ban. The citizens that want to hold Bitcoins will still hold them and there will be black markets where they are used. This is true for any country that tries to ban Bitcoin or other cryptocurrencies. The people will find a way to keep their money out of the control of the government or banks and since it’s not physical money, the government can’t really enforce a ban.

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[novhitadaloma]

the Indonesian government continues to monitor the development of bitcoin, I am very sure someday the government will legalize bitcoin in Indonesia.

[appleffi]

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

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/

Upon checking the link, instead of having a say on indonesian banned to bitcoin, the country philippines is the one that catches my attention the most simply because I am from that country. It catch my attention due to that I like how the Philippines accepted the bitcoin and pioneers the regularization without limiting the benefit of using virtual currencies like bitcoin in investing and to its other services.

[vv181]

the Indonesian government continues to monitor the development of bitcoin, I am very sure someday the government will legalize bitcoin in Indonesia.

in my opinion legalizing bitcoin in Indonesia, will have a bad impact in the country itself, because uneducated people about bitcoin will have a curiosity about it, why its bad instead of good? , because Indonesia Had high corruption rate, so it will a lot of people using bitcoin for tax evasion and money laundering. although its good for the bitcoin ecosystem because many people recognize bitcoin more.

[Hell-raiser]

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

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 can’t stop people from owning or using Bitcoins regardless of a ban. The citizens that want to hold Bitcoins will still hold them and there will be black markets where they are used. This is true for any country that tries to ban Bitcoin or other cryptocurrencies. The people will find a way to keep their money out of the control of the government or banks and since it’s not physical money, the government can’t really enforce a ban.

I second this view. But what I want to add is that it could be even more difficult for them to ban physical money. Of course, they can declare some paper notes as no longer valid and similar stuff like they did in India, but if they do something like that, ordinary people will just start to use foreign currency between them like it happened in Zimbabwe. Most likely, it will be the US dollar, the reserve currency of all the people around the world. Gold and silver coins could work too for bigger purchases.

[futuret]

That reads to me as there is an inherent risk associated with bitcoin its just a warning not a outright ban on bitcoin.

This is the bad news because it is not good to ban the bitcoin in Indonesia, I am really worried because at the start the china ban the bitcoin and now the Indonesia doing like this but the value and the price of the bitcoin can never get down because of this, the popularity and he value of the bitcoins is now increasing and the government of the Indonesia might be afraid of the paper moneys future.

[justspare]

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

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.

I strongly oppose this risk factor now. People talk about digital currencies especially bitcoin and Ethereum like they are bubbles but let’s just face the facts now.

Is it really possible to stop the idea of digital currencies from spreading and defame the block chain technology when many tech companies are getting involved into them? The co-founder of Apple Company passed a statement in which he declared bitcoin better than gold.

[katiecbell]

Yes, It's the same situation in Vietnam too, the goverment already made a law that prohibited guys who use bitcoin as the official payment and you could be busted by using it at a method payment.

Even though that's true, the ban only applies to situations where people try to use bitcoins to make purchases online. It doesn't apply to to people owning and saving bitcoins so I think this is rather very fortunate for the bitcoin network because the news didn't even affect the price as a whole.

Yeah all the people are believing the news but I think it is not true because the Indonesia is still using the bitcoin in some areas, I hope the news is fake and soon we will hear the Indonesia is using the bitcoin because the bitcoin users are still upset for the ban of the bitcoin in the chins and now this news made all the people really sad and upset so I hope the future will be better.

There is nothing authentic about this news. There are number of people who are saying this thing but there is no such news on record. Still there are number of people who are investing in bitcoin. Above all, they are also using their bitcoins in meeting their daily based needs in Indonesia. I don’t think so that this news has any existence and it is just a propaganda to bring down the value of bitcoin.

[Hell-raiser]

That reads to me as there is an inherent risk associated with bitcoin its just a warning not a outright ban on bitcoin.

This is the bad news because it is not good to ban the bitcoin in Indonesia, I am really worried because at the start the china ban the bitcoin and now the Indonesia doing like this but the value and the price of the bitcoin can never get down because of this, the popularity and he value of the bitcoins is now increasing and the government of the Indonesia might be afraid of the paper moneys future.

It may work out any way in the long term. I mean the governments that choose to ban Bitcoin may make the situation in their countries even worse simply because they fight the wrong party. They might think that Bitcoin is their ultimate foe while they should actually try to improve the economic situation at home. By banning it, they might also think that they have solved their problems, while in fact they have just postponed them, if at all.

[Lm2e4]

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

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'm afraid not for bitcoin but for them rather because they see things differently as we sees them. They say there is a risk, but does they think that there is no things existing without a risk. Risks are nothing compared to success. And if bitcoin can bring success to their community then why would you think for risks. I guess they are really against on bitcoin and they're just making some excuses.

[Dilladupak]

many of us know that in the country of Indonesia or in all countries the government will not prohibit people using bitcoin.
but they let citizens use bitcoin, even as a payment metode,
on their grounds, because bitcoin can help all the people around the world and is good for investing in earning a good income.

[CodyAlfaridzi]

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

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/

Please don't make people panic. That statement contains no threat at all. They are just stating that business shouldn't accept Bitcoin in exchange for goods or services (i.e as a currency/payment system). Citizens are still allowed to own and trade Bitcoin into local currency. Indonesian Bitcoin exchanges are still operating as usual, withdrawal via bank is still enabled. That is not what community perceive as banning.

That reads to me as there is an inherent risk associated with bitcoin its just a warning not a outright ban on bitcoin.

True.

many of us know that in the country of Indonesia or in all countries the government will not prohibit people using bitcoin.
but they let citizens use bitcoin, even as a payment metode,

Not true. Indonesian government currently prohibits using Bitcoin as a payment method. That's why BitBayar, Indonesian version of Bitpay, recently shutting down their service.

[Kingofbitcoin12345]

Why does every country have different approach toward cryptocurrency??,, central banks officials has no common goals toward bitcoin because some show support and others is not.. There just showing that there is no proper connection with those banks or they’re just trying to tell us they’re not but in reality they’re just playing games with us.. It’s hard to tell and hope this insane propaganda against bitcoin will soon stop..

[Hell-raiser]

Why does every country have different approach toward cryptocurrency??,, central banks officials has no common goals toward bitcoin because some show support and others is not.. There just showing that there is no proper connection with those banks or they’re just trying to tell us they’re not but in reality they’re just playing games with us.. It’s hard to tell and hope this insane propaganda against bitcoin will soon stop..

As to me, there is so much of hidden agenda and open propaganda because governments can't fight Bitcoin in the open. It is obvious that many governments like that of Indonesia, Venezuela, or even Russia can't embrace Bitcoin but they can't fight it openly either. They would look like black sheep in the eyes of the rest of the world, especially those countries which many refer to as developed countries and where Bitcoin feels quite at home.

[Nahl]

the Indonesian government continues to monitor the development of bitcoin, I am very sure someday the government will legalize bitcoin in Indonesia.

in my opinion legalizing bitcoin in Indonesia, will have a bad impact in the country itself, because uneducated people about bitcoin will have a curiosity about it, why its bad instead of good? , because Indonesia Had high corruption rate, so it will a lot of people using bitcoin for tax evasion and money laundering. although its good for the bitcoin ecosystem because many people recognize bitcoin more.

maybe the cause why indonesia has slightly fear with the risk of bitcoin users because possibly if bitcoin legalizing in indonesia this is will increase the activities of illegal acts such as corruptions or money laundering but i think we cannot only seeing this for one side only and if indonesian government could change their mind i think bitcoin can be considering as a part of important financial in this country and i believe admitted or not some people has helped from financial side during using bitcoin

[Quidat]

the Indonesian government continues to monitor the development of bitcoin, I am very sure someday the government will legalize bitcoin in Indonesia.

in my opinion legalizing bitcoin in Indonesia, will have a bad impact in the country itself, because uneducated people about bitcoin will have a curiosity about it, why its bad instead of good? , because Indonesia Had high corruption rate, so it will a lot of people using bitcoin for tax evasion and money laundering. although its good for the bitcoin ecosystem because many people recognize bitcoin more.

maybe the cause why indonesia has slightly fear with the risk of bitcoin users because possibly if bitcoin legalizing in indonesia this is will increase the activities of illegal acts such as corruptions or money laundering but i think we cannot only seeing this for one side only and if indonesian government could change their mind i think bitcoin can be considering as a part of important financial in this country and i believe admitted or not some people has helped from financial side during using bitcoin

Not only indonesian government do have the fear on those possible effects to its vicinity but on all governments for sure are already seeing on this kind of possibility that might happen if they would decide to adopt it and let their citizens knows about bitcoin because sooner or later they would really know the other usage of bitcoin which can lead up on illegal doings.

[anhhung409]

meaning that using bitcoin to pay in indonesia is an illegal activity and the government does not allow. However, I think the people there are still able to participate in Bitcoin and convert fiat to the currency in that country and use it normally. We always find a way to keep up with what's going on without being bothered by all of the information on the forum, so no one will know who you are, including the government.

[konco_kenthel]

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. 

Yes I just hope that Indonesia will not ban bitcoin until whenever So that people's life can be guaranteed in fulfilling all the basic needs Because bitcoin now has a high exchange rate in which we must be able to utilize well.

[TTITA]

the Indonesian government continues to monitor the development of bitcoin, I am very sure someday the government will legalize bitcoin in Indonesia.

in my opinion legalizing bitcoin in Indonesia, will have a bad impact in the country itself, because uneducated people about bitcoin will have a curiosity about it, why its bad instead of good? , because Indonesia Had high corruption rate, so it will a lot of people using bitcoin for tax evasion and money laundering. although its good for the bitcoin ecosystem because many people recognize bitcoin more.

maybe the cause why indonesia has slightly fear with the risk of bitcoin users because possibly if bitcoin legalizing in indonesia this is will increase the activities of illegal acts such as corruptions or money laundering but i think we cannot only seeing this for one side only and if indonesian government could change their mind i think bitcoin can be considering as a part of important financial in this country and i believe admitted or not some people has helped from financial side during using bitcoin

either want to make regulation about it, but sadly Indonesia got high corruption.
so it worries if it legalize can be another way to do illegal transaction which doing by some people power group.
on my opinion let it be bitcoin as decentralize as its nature without government involved.

[Omega Weapon]

I think maybe bank indonesia is not ready and can not accept btc. But I believe one day btc can be accepted by the bank Indonesia. Why can I say it because I am sure that later that currency will change with electronic money, it is something that will happen sometime

It could be something like that. It could be possible that indonesian people aren't pursuing crypto as their government went into that decision. Anyway, life will goes on and crypto currencies were gaining more supporters to proved its power to dominate over fiat in field of online transaction. Maybe Indonesian government doesn't make feel with this, but believing they will bring back crypto in their backyard.

It is very obvious to me that if the government went through all of that to ban bitcoin then it is likely that adoption is growing in Indonesia and that is causing a discomfort in the government big enough to ban bitcoin, but like most bans it is going to be ineffective especially against something like bitcoin that does not have a physical form, so unless they can block bitcoin traffic, people from Indonesia will be able to keep using bitcoin as they want.