Indonesian Government Banned Bitcoin

[burner2014]

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.

That is so sad to hear bro, poor guys they don't see what they will missed in the future, they just let it happen without analyzing things further although I know that they have studied it well, but still they don't want innovation. That is why we are so lucky in our country because our government welcomes bitcoin but of course with a great warned for the risk it will have.

[sofi@]

This would be sad news for many Indonesian here in our bitcoin community but we cannot help some governments really thinks bitcoin is not good and that it will only harm the economy. Maybe in future time if they will see the development of crypto currencies and realize it can help a lot of people and even a country those country will un-banned bitcoin and rather support its market.

[Anniee123]

Actually, you can not blame the governments of your own country. You can also see another China in the developing world, where bitcoin will make a lot of capital flow into western countries, and the state must curb this trend.

[bustun101]

inb4 bitcoin crash

Either bitcoin will experience a correction from all the indonesians selling off their coins, or, they will simply find a way to circumvent the bans using VPN, Tor, etc. People will always find a way and now is a good time to research for ways to keep yourself anonymous online. Good luck my friend

[Btcvilla]

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

the decision is not final. and I dont think I care at all. I do not think it will have much effect on bitcoin stability if that happens. I dont think the bank will be able to manage what people want. only prohibit not by legal action.

[mOgliE]

Actually...

It is quite stupid from this government to ban it.. But it won't change anything in your everyday life. Bitcoin is anonymous so... You are actually not affected by such kind of decisions.

I mean, of course it is better if you can operate legally but if not.. will nothing changes! 

[Ariess]

for global effect I think it will not be so disturbing on the stability of bitcoin and other crypto. but I doubt what will be done by bank Indonesia. maybe they will ban and not be final. I dont know much about the law. but the ban is only on banks and not from the central government.

[Aryadwipanggah]

I'm not sure the Indonesian government will really banned bitcoin. I think this is just media maneuvering and jealousy of government banks because investors are already looking at bitcoin as an investment rather than depositing their money in banks that must be in taxes

[jakelyson]

This is sad news. But this is something that cannot be avoided since governments and banks can be threatened by the existence of bitcoin. And instead of getting in and collaborate with cryptocurrency to improve services, they decide to ban it.

But the most they can do is to ban the exchanges where you can exchange your bitcoin to fiat. But they cannot totally ban bitcoin because they have to shutdown the internet to do it.

[nightxglow]

What seriously!?? Nooo. I hope that they will accept bitcoin, knowing bitcoin is becoming popular know and many people depend on it.
But what now? Banned it? Damn it! My source of living is from bitcoin and what i'm gonna do if bitcoin is banned?
I even just start, haven't get anything great and valuable here.
I hope it's just fake news, or they will reconsider their decision.

[richardivan]

i have not heard any official statement from indonesian government.

There is not official statement yet about Indonesia government ban Bitcoin, even i didn't received announcement from the biggest exchanger in Indonesia about this restrictions. Although government ban Bitcoin we can use VPN and cash out using another method

The number of transactions in the country of Indonesia can be regarded as top ten.

Number of transaction in Indonesia not in top ten, not even in top 100 (AFAIK) it's just around 0.15% from all transactions

[btcdee]

Very disappointing. In recent years Indonesia was thriving towards being at the forefront of technology. They are even developing smart cities, a perfect match for blockchain technology use cases. World governments are starting to realize the magnitude of the global financial paradigm shift that bitcoin is. We can expect to read more and more news such as this and I wouldn't be surprised if the USA will try to put the final nail in the coffin. I have no doubt that in the long run they will all fail.

[Mometaskers]

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

The irony is that Indonesians are quite active here in the forum, recognizing the value of the cryptoindustry. Hopefully that is only a scare and wouldn't come to fruition.

Do you already have alternative methods to encash your bitcoins? Obviously they'd close down exchanges to prevent bitcoins getting changed for fiat.

I just hope our country don't follow suit. We are just nearby, imagine if all the other ASEAN governments get the same idea as Indonesia's.

[weishao]

This is really a pity. Another country quit bitcoin. Bitcoin is recognized by more and more people. More and more people are willing to invest bitcoin. The potential of bitcoin is huge. More and more places are starting to accept bitcoin payments. I think that banning bitcoin in some countries is a wrong choice.

[fipper]

I think the Indonesian government is not banned of bitcoin, the Indonesian government only prohibits transactions using bitcoin because the risks posed are very large. and now the government has started studying bitcoin even though it is still an issue.

[carlowell]

Some countries are banning Bitcoin and Cryptocurrencies for one reason, they don't want their sovereign money to invest into a bubble item that is the volatility is high.
Imagine, the people will loose $10,000 in a blink just to own a single coin that is intangible.
They're not after with Crypto-Currency as the future of economy and trade, they just doesn't want to let their people loose their money and let western and European countries dissolve their money in the thin air.

[flashmark]

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

I hope other countries not follow the Indonesia

[salihno71]

Already seen. They don't fully understand it, they cannot control it so what do they do? They try to ban it. Somehow i get the feeling that the main problem here is the fact that the unbanked population could get the way to perform the transactions and it seems that someone might not really like this.

[ahmedjamal1998]

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

And here follows another useless fifth world government that doesn't know anything about ruling a country or economy but just decided to ban one of the few things that the indonesian people use to earn.

I'm not from that region of the world, but I can clearly feel and sense the frustration of the Indonesian people. In fact, I'm sure a lot of them have invested in btc with all they own because there's literally nothing else they can with their lives.
A lot of them work online with whatever abilities and skills they've got and get paid in btc because that's almost the only possible way to get money to their country.

I cannot understand what their government is afraid of ? As if btc will bring destabilization to  their economy or something
It's already so messed up. A single USD is equivalent to 13500 Indonesian currency. If btc does anything, it's bringing money into their citizens' hands which they spend in the country which means more money in the economical system.

I'm not sure if it's just rumors or actually applied, but governments shouldn't ban something they have no idea about just like that.

[anjaydut]

is it true what you say? Indonesian government bans bitcoin? but according to the news I heard the Indonesian government only prohibits citizens of Indonesia to conduct any sale and purchase transactions using bitcoin, because they have the official currency of the rupiah, so instead of banning bitcoin into Indonesia, only prohibit the sale and purchase transaction with bitcoin it.