[2017-10-27] Indonesian Central Bank Continues Campaign Against Cryptocurrencies

[CryptoLD]

The Indonesian Central Bank has resumed its campaign against digital currencies as it ordered a ban on the use of the leading virtual currency Bitcoin as a method of payment. The bank claimed that Bitcoin represents neither a legal nor a recognized medium of exchange and payment in Indonesia.

The latest action by the central bank was seen as the reason behind the closure of the Indonesia-based Bitcoin payment platforms BitBayar and TokoBitcoin. BitBayar, an alternative to services such as BitPay, has issued a notice that it will stop its services on Nov. 1.

Also, TokoBitcoin has opted to stop accepting the leading cryptocurrency as a method of payment.

Although there are no reports that the central bank has officially requested the closures, the pronouncement by central bank governor, Agus Martowardojo, against Bitcoin and its users is a clear warning to them.

In a statement, Martowardojo said that the top-dog cryptocurrency was not a legit means of payment and that if it utilized as such, action would be taken by the authorities.

Indonesia’s previous campaign against digital currencies

In February 2014, a report by Reuters claimed that the Indonesian government has opted to prohibit the use of virtual currencies in the country. The central bank also issued a warning against their use as legal payment tools.

Part of the central bank statement at the time read:

    “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 government, however, has reconsidered its position on digital currencies and virtually turned a blind eye to their use by individual users, Bitcoin exchanges and business services involving the virtual currencies.


Source : https://cointelegraph.com/news/indonesian-central-bank-continues-campaign-against-cryptocurrencies-bans-bitcoin-as-method-of-payment

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[Rahar02]

The new information from this article just Bitcoin payment platforms BitBayar will stop its services on Nov. 1
As this article mentioned Indonesian government warn their citizens regards cryptocurrency since 2014 but they have turned a blind eye to their use. Honestly, nothing to worry about bitcoin as it's not harm anything, govs could easily regulate exchanges in order to avoid money laundering or illegal funding. But the advantages of bitcoin to send huge amount of money to outside the country is inevitable.

[Kemarit]

The new information from this article just Bitcoin payment platforms BitBayar will stop its services on Nov. 1
As this article mentioned Indonesian government warn their citizens regards cryptocurrency since 2014 but they have turned a blind eye to their use. Honestly, nothing to worry about bitcoin as it's not harm anything, govs could easily regulate exchanges in order to avoid money laundering or illegal funding. But the advantages of bitcoin to send huge amount of money to outside the country is inevitable.

Well, I really thought that Indonesia is a safe haven for bitcoin enthusiast because to see it looks like they are all crypto lover. I guess I'm wrong because they just ordered their local exchanges to closed and ceased operations by Nov. 1. That what very immediate and I now I speculate that the price could be affected by all of this, just a little though but not enough to put a significant dent. But on the other side, their neighbors Philippines and Singapore is different, both countries sees bitcoin as a opportunity for their citizens to earn bitcoin by trading. And even The Philippines is opening 2 trading platforms, exchanges next year. What a stupid moved by the government of Indonesia.