Indonesian Government Banned Bitcoin

[bitkanu]

I am Indonesian, after about 6 years living with bitcoin life, mining, trading and join bitcoin community, from mining and trading i got more income and others benefit but what  happen now? bank central of indonesia will ban bitcoin, Fucking stupid  Indonesian government

https://news.bitcoin.com/indonesia-media-urge-bitcoiners-to-cash-in-ahead-of-coming-crypto-ban/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

will ban, i dont think so. but it can be
government and the other still make research about blockchain, it have advantage to people or not.
i see comment below:

In Indonesia, the goverment bans pornography, drugs, alcohol & gambling, marking them as harams. But nevertheless, Indonesians are still watching porns using vpn and doing soccer gambling online, drinking alcohols quietly. Do Indonesian Central Bank really think that they can ban bitcoin?

yes, smart people here will do anything to get profit, more profit. because we think the government is not fair to us. much corrupt but less punishment, different with chicken's thief that got many years in jail. fuck up

Well that's why decentralized can't be controlled by anyone even a government, you can secretly use bitcoin, but it's really unfortunate that this country banning bitcoin, are they never somewhat researched what is bitcoin and how they could make a decision to ban bitcoin while other country which obviously way ahead of this country already considering bitcoin as a commodity, opening a market for it, and even accepting it as a legal tender.

[hkdfgkdf]

Don't let that happen. What will happen to the people who earn money from bitcoins and as their source of income? You should sign a petition for that. Im sure indonesian government will hear you out and hopefully they will totally accept bitcoins in your country.

[tr3yson]

Just one of their devious methods just to avoid having people's freedom in moving their money because they can't find a way to manipulate money in the bitcoin which is why they are banning because if they can't control something then its useless for some corrupt officials. In anyways mate I think it is not yet official so continue doing what your doing and cash out now while you can.

Yeah I agree, this is just a government strategy because they know that they can get nothing from this. Maybe giving their community false news about Bitcoin didn't work so they are doing another option. Since a lot says that this wasn't an official announcement, maybe this is just also a part of the fake news circulating in the crypto world made by those who want to take down Bitcoin.

[pitham1]

I am Indonesian, after about 6 years living with bitcoin life, mining, trading and join bitcoin community, from mining and trading i got more income and others benefit but what  happen now? bank central of indonesia will ban bitcoin, Fucking stupid  Indonesian government

https://news.bitcoin.com/indonesia-media-urge-bitcoiners-to-cash-in-ahead-of-coming-crypto-ban/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Only countries which have an authoritarian mindset, or whose governments have really screwed up monetary policy, will be afraid of Bitcoin and try to restrict its growth. An open government will see that fintechs using Bitcoin bring efficiency to the system through competition with the legacy systems of existing banks. I expect more governments to act against Bitcoin, but that is not going to slow its growth.

[TonyMark]

I think it is a bit old news, but yeah it is sad that the Indonesian government dont care about the people who are into cryptocurrencies.
May be it is too costly for them to handle the price of bitcoin because its price changes every minute and the main factor can be because of the value of the Indonesian rupiah.

[ogini]

In a statement,the central bank Governor Agus 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,the government have not officially announcement the ban.

[jekjekman]

It is Bank Indonesia who is setting the regulations for the crypto currency, they are going to put a ban on it in 2018. Most probably their reason is because in their country almost 66% of their population don't have a bank account and tey are seeing crypto currency as a competition for their banking industry. This move to ban crypto currency will somehow force their citizens to become more actively involved in their banking system and at least limit their options.

[stompix]

We all know that Indonesia is one of the biggest markets of Bitcoin users today. The number of transactions in the country of Indonesia can be regarded as top ten.

Any source to back up this claims?
I really doubt it.

If they are not going to restrict Internet then simply use VPN service and keep, trade and move your Bitcoins or crypto via abroad based wallets & exchanges.
If you nee to get USD simply exchange your BTC to USD via e.g. Skrill.
Good VPN service is a powerful way to get access to services, restricted locally.
For example, a lot of countries block gambling websites locally but .... millions of people bet and gamble, using VPNs.

They are not banning bitcoin at internet level.
They are banning everything related to bitcoin.

The problem is that they have access to all banking accounts and they can easily see who is receiving money from abroad and from who. Exchanges use a limited number of bank account so it's pretty easy to learn who received or sent money from one.

Worse part is that all usage will go down the drain as no restaurant/shop/hypermarket will offer the possibility to pay with coins. Bitcoins ATMs will be gone and paypoints will stop selling coins.

E ban , if it's real and heavily enforced (and there is one crazy guy in power there) is nothing you can deal with a smile.
I'm waiting for the official statements and for the law that describes the punishments.
Will you still use bitcoin if the morons will charge you with 10 years in prison for that?

[wjchong]

 Sorry to hear that, Its really a very sad news.

[cryptoroom]

Perhaps the government will change its decision after a while. Let's hope for it.

[Janation]

Another country is doubting bitcoin to it's future. Bitcoin may be volatile and  decentralize but I think it may do good in the future when people are starting to use it in their normal or common transactions.

I don't think developers and other supporters will let bitcoin be the same when that happens, they will be having a lot of developments for sure that will help. They are just judging the bitcoin now, not what it will be in the future.

[GeePeeU]

Could you provide a link to a news article stating this?

Also, How strict are internet rights in your country? I'm sure you could work around the ban if you desired so.

[Barcode_]

Here we go, another country that decided to ban bitcoin after China, but they should already realized that there is no way to stop people from using bitcoins for transactions online unless the government decided to stop the internet usage for the whole country, people could still easily sell bitcoins via other ways.

[mondobitcoin]

I can't understand why more and more countries are versus bitcoin, this isn't an illegal thing, it's only a digital cryptocurrency
Yes maybe is used for doing/pay illegal things, but it does not mean anything, the dollar is used too for this things.
The governments and financial institutes want to block our freedom.

[duyduc256]

I think this is a temporary act because most countries in the world can not ban Bitcoin and are watching Bitcoin as the trend of the world. If indonesia prohibits real Bitcoin, they are going against the trend of the currency

[pintudepan]

yes...sameme too

[akram143]

I am Indonesian, after about 6 years living with bitcoin life, mining, trading and join bitcoin community, from mining and trading i got more income and others benefit but what  happen now? bank central of indonesia will ban bitcoin, Fucking stupid  Indonesian government

https://news.bitcoin.com/indonesia-media-urge-bitcoiners-to-cash-in-ahead-of-coming-crypto-ban/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Yeah it is really hard to digest because Indonesia is a big populated country if they ban bitcoin it may affect the price increase of bitcoin.Many countries started to oppose bitcoins due to its huge price increase in recent time they think that bitcoin will replace their national curreny so they are banning them.But still bitcoin can be used in banned countries because no one can trace bitcoin transactions.

[bitfon]

Some countries allow bitcoin, some forbid. This is normal. Over time, they will allow, I think. And yes, it's foolish to put bans

[frowsiter]

I think this will not help the government in anyway. Because what we see here is random countries going down with the bitcoin. First was china, Korea, zimbamve and now the Indonesia. But anyway you should check whether there is OTC trading is allowed or not which has been made available to people of Korea now as alternative to the direct investment into ICO programs and stuff like that.


The thing is government will ban bitcoin but the trade will never stop in the country thats for sure. This actually create black spots within the countries, illegal trading of the bitcoin or more or less black market which everyone knows of. This way country’s wealth is ruined by putting into internet and then driving the market out of the country. People never pay the tax then, because it is illegal to use and thus it disturb the country’s economy in obvious negative ways.


So you see here they are actually creating the problem. And before my country’s government ban the tax they should really read my post here. Lolz!

[TTITA]

I live in Indonesia. This is still a debate, still a rumors. If anything happens, then there is nothing to worry about, except we have to move Btc assets from local exchanges to abroad.

Another country that will be left in the dust, the problem with your government  instead of doing research, they do what mostly normal people do, they listen to the neg rap.  Governments are just people that are ruled with no brains.

I agree, they do what mostly normal people do, instead of doing research. Clearly, the government of Indonesia doesn't have the human resources to be able to adopt this technology yet.