Adopters 'Dealth' with Indonesian Central Bank, Since Bitcoin is Banned as a Pay

[bakerlisa510]

Perhaps these "prohibitions" are good for crypto and proof of its sustainability.
When the crypto market starts neglecting these efforts of central bankers to impose stops, the market is confident in coin power and is further adopting it.
More highs and the fewer lows looks like the order of the day  
Somewhere these bankers splash with the rocks by throwing into the crypto market pools will look like the waves.

It means BITCOIN is good to go! keep mining.

[Opquar]

What are you talking about? Do you have a link? Either way, I do not believe any country banning bitcoin can be a good thing. Its resiliency should not have to be tested against complete bans because they highlight how bitcoin is being used illegaly. It's bad for bitcoin's image.

[iamTom123]

Perhaps these "prohibitions" are good for crypto and proof of its sustainability. When the crypto market starts neglecting these efforts of central bankers to impose stops, the market is confident in coin power and is further adopting it. More highs and the fewer lows looks like the order of the day   Somewhere these bankers splash with the rocks by throwing into the crypto market pools will look like the waves. It means BITCOIN is good to go! keep mining.

I understand what you are trying to imply. The recent decision coming from the Indonesian Central bank to ban Bitcoin activities in that country was an unfortunate decision considering that we know Bitcoin can be of big help to a country's tourism and economy. But then again, we have to respect that decision since sovereignty resides in each country and they all have the right and the power to decide anything. There is nothing we can do for now to reverse this decision but we are instead hoping that soon things would be different.

Now, this decision never affected the surge of Bitcoin probably because Indonesia is not yet a major player in the Bitcoin market and this is good that as early as today there is already this decision. In my own view, it is Indonesia that needs Bitcoin and cryptocurrency more than the other way around. Anyway, years from now with correct pressures from the people am sure that Indonesia can be opened for Bitcoin. Let's look forward to that time!

[Kemarit]

Perhaps these "prohibitions" are good for crypto and proof of its sustainability.
When the crypto market starts neglecting these efforts of central bankers to impose stops, the market is confident in coin power and is further adopting it.
More highs and the fewer lows looks like the order of the day  
Somewhere these bankers splash with the rocks by throwing into the crypto market pools will look like the waves.

It means BITCOIN is good to go! keep mining.

Why used pink color? its so hard on our eyes specially oldies like me.  . I think you are referring to Indonesia banning cryptocurrency as payment options. I guess the news doesn't really affect the price because we are really surging as of the moment. Indonesia has already give us the reasons, we have to respect that. However, the only victim here is not us, not the market but the Indonesia bitcoin community who have learn to love bitcoin because it has become their source of income. Nothing can really prevent bitcoin from moving forward, so we will mining to keep the ecosystem going.

[RoadToBTC]

In my opinion,i can see that because after all crypto is a digital coin, and maybe in Indonesia the official payment instrument is a physical currency, therefore the government prohibits the use of bitcoin for payment tools, also because not all the people have a bitcoin.but, when bitcoin just as a piece invest i think there is nothing wrong, it will be like investing gold, land, and home. just different shapes.

[deadsilent]

"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."
https://www.google.com.ph/amp/s/api.cointelegraph.com/amp/v1/news/indonesian-central-bank-continues-campaign-against-cryptocurrencies-bans-bitcoin-as-method-of-payment

For me, they are still lucky because the government did not implemented a total ban to Bitcoin.
This is not a serious problem at all because of it's price right now. Bitcoin is too expensive. I think no sane person will spend it for anything unimportant. Bitcoin is good form of investment. So banning  bitcoin to be use on any kind of payment will not cause huge impact at the price of because traders there can still keep their bitcoins. Anyway, Central Bank there is just getting started from their campaign against bitcoin. So expect the worst.

[Tenderino]

Central banks banning bitcoin as a payment option is really a surrender declaration as they have nothing else to deliver to defend themselves! Introducing their own crypto currency would be an unlike better move and could really lead to confusion for most of the normal users as they are likely not able to diversify between the real and independent crypto currencies and the government owned ones!

[Lancusters]

The prohibition to make purchases with bitcoin is a global trend. All governments don't want bitcoin is considered the currency. States are only interested in taxes. The best way to not recognize bitcoin and collect taxes for every exchange for Fiat. That's all the government can offer as legalization. If there is a possibility of shopping for bitcoins they will be banned.

[bakerlisa510]

What are you talking about? Do you have a link? Either way, I do not believe any country banning bitcoin can be a good thing. Its resiliency should not have to be tested against complete bans because they highlight how bitcoin is being used illegaly. It's bad for bitcoin's image.

https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/
check it out.

[bakerlisa510]

Perhaps these "prohibitions" are good for crypto and proof of its sustainability. When the crypto market starts neglecting these efforts of central bankers to impose stops, the market is confident in coin power and is further adopting it. More highs and the fewer lows looks like the order of the day   Somewhere these bankers splash with the rocks by throwing into the crypto market pools will look like the waves. It means BITCOIN is good to go! keep mining.

I understand what you are trying to imply. The recent decision coming from the Indonesian Central bank to ban Bitcoin activities in that country was an unfortunate decision considering that we know Bitcoin can be of big help to a country's tourism and economy. But then again, we have to respect that decision since sovereignty resides in each country and they all have the right and the power to decide anything. There is nothing we can do for now to reverse this decision but we are instead hoping that soon things would be different.

Now, this decision never affected the surge of Bitcoin probably because Indonesia is not yet a major player in the Bitcoin market and this is good that as early as today there is already this decision. In my own view, it is Indonesia that needs Bitcoin and cryptocurrency more than the other way around. Anyway, years from now with correct pressures from the people am sure that Indonesia can be opened for Bitcoin. Let's look forward to that time!

That means all the other banks in this world can do this? What if Government doesn't support it?

[olushakes]

"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."
https://www.google.com.ph/amp/s/api.cointelegraph.com/amp/v1/news/indonesian-central-bank-continues-campaign-against-cryptocurrencies-bans-bitcoin-as-method-of-payment

For me, they are still lucky because the government did not implemented a total ban to Bitcoin.
This is not a serious problem at all because of it's price right now. Bitcoin is too expensive. I think no sane person will spend it for anything unimportant. Bitcoin is good form of investment. So banning  bitcoin to be use on any kind of payment will not cause huge impact at the price of because traders there can still keep their bitcoins. Anyway, Central Bank there is just getting started from their campaign against bitcoin. So expect the worst.

Based on this, what the government will succeed in doing is just encouraging people to look else where in spending their bitcoin because it cannot be stopped of they cannot stopped the internet or shut it down because of the outcome it might mean for the economy. The dominant bitcoin exchange sites have now close down if they think people will stop because of that they had better think twice as people will then engage in peer to peer transactions which government will find very difficult to either trace or track at the same time lose the revenue that would have accrue if the exchange sites are allowed to operate in form of taxes.

[Maveth13]

The Indonesian Central Bank only banned bitcoin as a mode of payment. I actually don't think that this will have much of an effect as people don't really use bitcoins when purchasing stuff online that often. With its current price, it's viewed more of an investment.
Though this is still a bad news as it will again make non bitcoin users to not trust cryptocurrencies even more.