Indonesian Ban

[vonnyaries]

im indonesian and i know about this news, and right now the banning of bitcoin is for the transaction, because the transaction is can created by real money that distributed by central bank only. its okay if we trade and sell our bitcoin in indonesia

[criz2fer]

Every country have own decision about bitcoin, they have own reason to ban bitcoin not tobe used on their region, bitcoin can still use on their region but government do not have obligation to protect user bitcoin.

Countries are afraid about their economy. Governments think that bitcoin would decrease the average economy of their country. They are doing right in one sense but the government seem to be selfish they don't think  that it facilitates the people and is helping them to do exchange easily and transfer money from one place to another but think only about the economy of the country. 

To be frank, the users of bitcoin is always a minority in the entire parts of the world. Saying that it's selfish for the government to decide banning the bitcoin in Indonesia as the means of payment method just can't justify your statement. By allowing bitcoin, it will only facilitates small parts of community in their country while banning it and only use legal currency in their country could bring greater good for their economy.

If bitcoin community is still significantly small in a country then there is no point in banning the bitcoin is first place. Because that small group or community wont be able to make much impact on the economy. So there is no harm to the economy. However banning bitcoin will definitely affect the people from that country from prospect of getting rich or improve their financial situation with legal means. I mean buying bitcoin and getting rich after value of bitcoin increases is profitable to the people. And they are not committing any crime nor any fraud as well. A country could collect the tax from the people when they encash their profit from the bitcoin.

Aside from a small peer of users for bitcoin transactions it really cant affect the economy of a country. I think the government are too afraid without realizing the potential of the blockchain technology. They are also not knowledgeable of the good benefit  of the blockchain which in the future they can control it by the law of the government.

[Cangkeman Wae]

More and more countries are banned bitcoin then this becomes a free publication that will make a lot of people curious and finally buy bitcoin, I think bitcoin banned from Indonesia will not affect anything because previously there has been the largest country of bitcoin users that is china.

[Netnox]

More and more countries are banned bitcoin then this becomes a free publication that will make a lot of people curious and finally buy bitcoin, I think bitcoin banned from Indonesia will not affect anything because previously there has been the largest country of bitcoin users that is china.

And what happened after Bitcoin was banned in mainland China? Most of the users joined crypto-exchanges based in Hong Kong and South Korea. Exchanges based in South Korea in particular have seen their user base getting multiplied by many times during the past few months. The same will happen with Indonesia as well. The users will just join exchanges based in Singapore.

[terracapable]

There are some countries that are not accepting bitcoin probably due to corruption that they will never say in the media. It's a sad thing, really.

[shaun98]

While Indonesia will likely ban bitcoin and altcoins in general, there is no way for the government to crackdown on citizens buying and selling on exchanges. They may only crackdown on bitcoin transactions between merchants and such.

[budz0425]

While Indonesia will likely ban bitcoin and altcoins in general, there is no way for the government to crackdown on citizens buying and selling on exchanges. They may only crackdown on bitcoin transactions between merchants and such.

Just like other countris, Indonesian was also in a lists of countries who will likely to ban bitcoin as we all know Indonesia is one of the top countries wherein bitcoin was widely using, so the government became alarmed with that and they begun to research about it, and as for them bitcoin was just a big mistake and just like a ponzi scheme as well so they don't trust it.

[taiwww]

Bank of Indonesia have put a complete ban on bitcoin currency from 1st January, 2018. Bank Indonesia head of transformation Onny Widjanarko said the regulation on e-money would be issued in the near future. He further appealed to vendors and merchants not to accept Bitcoin transactions stating that it would not be held responsible for any losses incurred. According to Indonesian government bitcoin is largely used in illegal activities like terrorism, money laundering, prostitution, and drug trafficking in their country.

[Kemarit]

Bank of Indonesia have put a complete ban on bitcoin currency from 1st January, 2018. Bank Indonesia head of transformation Onny Widjanarko said the regulation on e-money would be issued in the near future. He further appealed to vendors and merchants not to accept Bitcoin transactions stating that it would not be held responsible for any losses incurred. According to Indonesian government bitcoin is largely used in illegal activities like terrorism, money laundering, prostitution, and drug trafficking in their country.

Oh well, its really sad to see that a nation think that bitcoin is really used for illegal activities. They could at least put a tighter regulations on it instead of a total ban. Some of its Asean neighbors though are bitcoin friendly, that's why I'm still surprise to find out that Indonesian's government decision. Again, its not bitcoin's fault that criminals are taking advantage of its psuedo-anonymous nature, but there are a lot of cryptos suited for them. And the bottomline here is who are going to be affected? its their citizens who have been enjoying bitcoins for many years. And I'm sure that a lot of our Indonesians bitcoiners are really unhappy with the government decisions. I don't know if they can still go trade or purchase bitcoin around because of this news. But I'm sure that they will find a way, however, there are risk because once the government find it there's a penalty for sure. Just be careful.

[onebtcforlife]

There are some countries that are not accepting bitcoin probably due to corruption that they will never say in the media. It's a sad thing, really.

Countries are not directly mentioning that they are going to ban the Bitcoin. Cryptocurrency are very risky trade them at your own risk, so i think government are expecting tax from the people who trading cryptocurrency.

[jackky]

I read the news on the crypto blogs with a lot of information saying that many countries in Asia started issuing bans on Bitcoin. The countries there are more negative about Bitcoin and Altcoin that prevent investors from joining the crypto.

[onrise]

I read the news on the crypto blogs with a lot of information saying that many countries in Asia started issuing bans on Bitcoin. The countries there are more negative about Bitcoin and Altcoin that prevent investors from joining the crypto.

In Asia , Japan is the country which has legalized the cypto currency and making its way forward in this space. Their trade volume is huge and also it is helping their economy as well and their citizens as they get an opportunity to earn income from this cypto currency and in return pay the taxes to the government.

[shaun98]

While Indonesia will likely ban bitcoin and altcoins in general, there is no way for the government to crackdown on citizens buying and selling on exchanges. They may only crackdown on bitcoin transactions between merchants and such.

Just like other countris, Indonesian was also in a lists of countries who will likely to ban bitcoin as we all know Indonesia is one of the top countries wherein bitcoin was widely using, so the government became alarmed with that and they begun to research about it, and as for them bitcoin was just a big mistake and just like a ponzi scheme as well so they don't trust it.

Same goes to neighbouring country, which is Malaysia. Use of crypto in the country is on the rise, and I expect the central bank to introduce some sort of regulations in the coming months or so.

[Ninmag]

in every country has its own government. And the Indonesian government is still afraid of the risks that exist in bitcoin. So Indonesia still considers the bitcoin of illegal transaction tools and no taxes associated with bitcoin.