Indonesia’s Central Bank is Planning to Ban Bitcoin in 2018

[Lion BItcoin Shop]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

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[woas4]

I don't think they are going to go through with it, and even if they do Bitcoin is very censorship resistant. The people will still find a way to utilize the technology somehow, and the country will be left behind in the blockchain revolution we'll probably see in the next decade or so.

[Finestream]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

They haven't ban bitcoin yet, and even if they will ban bitcoin there's still a chance that in the future they will adopt with bitcoin as long as we are seeing great progress from big countries. Bitcoin is unstoppable at this rate now since there are a lot of backers and the supply will remain limited, if bitcoins will be ban in Indonesia, people who are smart enough will find ways to own bitcoin because it's a great investment and it's good to have holdings for the future.

[stevano]

I don't think they are going to go through with it, and even if they do Bitcoin is very censorship resistant. The people will still find a way to utilize the technology somehow, and the country will be left behind in the blockchain revolution we'll probably see in the next decade or so.

it is very unfortunate if it happens because we know bitcoin users in Indonesia is very much, do not let them move the bow just because what they have is prohibited while other countries can accept, I think this need a special study from the government again about bitcoin

[MNDan]

Looks like Indonesia wants to buy more Bitcoin...

[Emoclaw]

Great, another one of these.
No matter how much banks and governments try, Bitcoin cannot be stopped.
They can declare it illegal all they want but it can still be used with an active internet connection no matter what. And it's not like any institution can find out about it either.
I guess the only problem is businesses but few of them want to accept Bitcoin right now due to its problems.

[filharvey]

They have already decided it and there is nothing new in that news.Central bank of Indonesia has said that severe actions would be taken against anyone if found using bitcoin.I think they are just following vienam,Bangladesh as role model.Instead they should take Japan as a good example to make use of bitcoin.They don't have any big role in bitcoin market and so,it would not affect bitcoin progress in any way.

[Harlot]

Another example of a wrong individual given power. One man's views can influence others under him sadly what his views are flawed as he is protecting their own fiat currency just by banning Bitcoin as a payment method. He should be replaced by someone as their is no physical evidence that Bitcoin is really affecting their economy badly. Now Indonesians will be forced to travel other countries in order to convert their Bitcoin to Fiat currency. This mans are all claims with no factual evidence claims that Bitcoin is affecting their industry and economy can be laughable for people who really know what they are talking about.

[palle11]

I'm taking that as an aspect of news that will soon drive the bitcoin market some time next year either to bullish or dipping, and or, it might not make any negative impact to the movement of bitcoin. Indonesia should take a leap from China who has been trying to come back to there hold on icos etc.

[Idrisu]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Your country want to lower bitcoin price by create FUD so the banking officers can get bitcoin at the cheapest price! I will advise us to ignored these central bank  and keep trading bitcoin for our own progress and advancement. If we thing central bank will fold there hand to see blockchain taking their job from them then we did not no how human system works. Bitcoin is anti-central Banks and vice versa.

[bitkanu]

It seems that they are trying to get rid of all threats that could potentially threatening their local currency, they just too aware of nothing, bitcoin is digital currency, if internet is not fully covered the whole country, seeing that indonesia is 3rd world country with low internet coverage, there's nothing to worry about. Even the 24h market volume still low there, why bother.

[yusupjatigumilar]

Bank Indonesia bans bitcoin, bans if it is used as a medium of exchange because in Indonesia there is only one legal means of exchange and recognized by the government that is rupiah, so it is reasonable for Indonesian authorities to block bitcoin if used as a medium of exchange because if it happens then the rupiah exchange rate will weaken , and it is very dangerous for Indonesia's economic stability, bitcoin can still be used as an investment commodity such as precious metals and share letters, but whatever is in the mind of the government in 2018 to address Bitcoin, I hope that the government can support the existence of bitcoin, because after all bitcoin has a positive impact on business actors there and also boosts economic growth, although not much and not directly.

[Hydrogen]

Central banks know bitcoin would allow people to pay for things electronically with lower taxes and fees than is possible with their own banking systems. Bitcoin could also boast quicker transfer times, higher reliability and greater protection against identity theft, electronic attacks or hackers in comparison to competiting services offered by central banks.

This has nothing to do with "unhealthy business practices". Its central banks being afraid of competition. They're scared bitcoin could do the same job they do at lower cost with higher reliability and speed. Central banks can't compete with bitcoin and so banning btc is the option they are pursuing.

There is a precedent for this in africa where bitcoin was trading as high as $30,000 per bitcoin due to africans preferring crypto to central bank electronic payment systems which typically have hideously high fees, poor service and are uncompetitive in comparison to btc.

[wilberthh]

USA, China, and now Indonesia? Seriously?? could this be another FUD?? Doesn't matter if they ban it actually, people will find another way to buy bitcoin and learn another way to cash it out. I hope this news wont affect bitcoin later

[Tegin92]

If the government really wants to build BITCOIN in this country the purpose is clear to solve the economic problems in this country, I agree if it happens in this country because it will have a positive impact on the people and that will definitely reduce poverty in this country. But what if BITCOIN will be disposed of the community will get poorer, if the field of work is not much and difficult to find a job, which adds unemployment, who do not earn.

[kyori]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

There problem with that matter is for only Indonesian investors because bitcoin can survive without Indonesia, remember China? They got a bigger economy than Indonesia but bitcoin have survived. It might be bitcoin will fall just a little but will recover sooner

[Mometaskers]

Bank Indonesia (BI), the country’s central bank, is drawing up regulation to enact a sweeping ban on all forms of cryptocurrency, their trading and their usage in transactions as payments, according to Agus Martowardojo – the governor of the central bank. According to local publication Pikiran Rakyat, the central bank official made the revelation during the central bank’s annual meeting last week, claiming the crippling regulation was required to maintain the sovereignty of the rupiah [Indonesia’s fiat currency] as the country’s legal tender.

Wow, what a step backwards. If he only knows how much money his countrymen are bringing into Indonesia. Even to the point that some are calling to ban THEM from the forum.

Sovereignty my goat, it's not like they'll have capital flight any time soon. If there are those who are to benefit from bitcoins, it's us in developing countries. Buy some bitcoins, hold, convert for use, blam, more value added into the economy.

[John Langut]

Bank Indonesia (BI), the country’s central bank, is drawing up regulation to enact a sweeping ban on all forms of cryptocurrency, their trading and their usage in transactions as payments, according to Agus Martowardojo – the governor of the central bank. According to local publication Pikiran Rakyat, the central bank official made the revelation during the central bank’s annual meeting last week, claiming the crippling regulation was required to maintain the sovereignty of the rupiah [Indonesia’s fiat currency] as the country’s legal tender.

Wow, what a step backwards. If he only knows how much money his countrymen are bringing into Indonesia. Even to the point that some are calling to ban THEM from the forum.

Sovereignty my goat, it's not like they'll have capital flight any time soon. If there are those who are to benefit from bitcoins, it's us in developing countries. Buy some bitcoins, hold, convert for use, blam, more value added into the economy.

Sovereignty of the rupiah is a curious reason. A currency is a means to an end, to facilitate trade and store value. Logically you should use the most effective currency. But the central bank thinks the sovereignty of the currency is more important than its utility. That is putting the cart before the horse.

Of course it's very simple, cryptocurrencies are threatening the central bank's sovereignty.

[merchantofzeny]

Central banks know bitcoin would allow people to pay for things electronically with lower taxes and fees than is possible with their own banking systems. Bitcoin could also boast quicker transfer times, higher reliability and greater protection against identity theft, electronic attacks or hackers in comparison to competiting services offered by central banks.

This has nothing to do with "unhealthy business practices". Its central banks being afraid of competition. They're scared bitcoin could do the same job they do at lower cost with higher reliability and speed. Central banks can't compete with bitcoin and so banning btc is the option they are pursuing.

There is a precedent for this in africa where bitcoin was trading as high as $30,000 per bitcoin due to africans preferring crypto to central bank electronic payment systems which typically have hideously high fees, poor service and are uncompetitive in comparison to btc.

I think that's what they're ultimately fearing - loss of tax revenue. They probably only noticed about bitcoins when the prices soared but they looked into it and and didn't like what they saw. Bitcoin after all was meant to replace cash, so that people can transact between themselves without gov't interference.

[megynacuna]

Central banks know bitcoin would allow people to pay for things electronically with lower taxes and fees than is possible with their own banking systems. Bitcoin could also boast quicker transfer times, higher reliability and greater protection against identity theft, electronic attacks or hackers in comparison to competiting services offered by central banks.

This has nothing to do with "unhealthy business practices". Its central banks being afraid of competition. They're scared bitcoin could do the same job they do at lower cost with higher reliability and speed. Central banks can't compete with bitcoin and so banning btc is the option they are pursuing.

There is a precedent for this in africa where bitcoin was trading as high as $30,000 per bitcoin due to africans preferring crypto to central bank electronic payment systems which typically have hideously high fees, poor service and are uncompetitive in comparison to btc.

I think that's what they're ultimately fearing - loss of tax revenue. They probably only noticed about bitcoins when the prices soared but they looked into it and and didn't like what they saw. Bitcoin after all was meant to replace cash, so that people can transact between themselves without gov't interference.

They ban bitcoin at their won loss and we  will keep using our beloved crypto currency in our part of the world. Instead of some government accepting responsibility for not fixing their economies they easily prefer to lump them, on bitcoin and they will all fail one after the other.

[DeltaX]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Your country want to lower bitcoin price by create FUD so the banking officers can get bitcoin at the cheapest price! I will advise us to ignored these central bank  and keep trading bitcoin for our own progress and advancement. If we thing central bank will fold there hand to see blockchain taking their job from them then we did not no how human system works. Bitcoin is anti-central Banks and vice versa.

Not sure if the bank wants to create FUD but as you can see the fact that will not be allowed. As far as i know about the indonessian exchange site has a very high rate for each bitcoin comparing with another exchange site. If the bitcoin users should be arrested caused by using the bitcoin and the indonesian must worry about that. But the central bank is fear against the bitcoin.

[benalexis12]

I don't think they are going to go through with it, and even if they do Bitcoin is very censorship resistant. The people will still find a way to utilize the technology somehow, and the country will be left behind in the blockchain revolution we'll probably see in the next decade or so.

I agree with you they can utilize other network or change vpn network. Remember bitcoin is decentralized and citizen their can do other way to connect bitcoin to other payment terms.

[Pettuh4]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Your country want to lower bitcoin price by create FUD so the banking officers can get bitcoin at the cheapest price! I will advise us to ignored these central bank  and keep trading bitcoin for our own progress and advancement. If we thing central bank will fold there hand to see blockchain taking their job from them then we did not no how human system works. Bitcoin is anti-central Banks and vice versa.

Not sure if the bank wants to create FUD but as you can see the fact that will not be allowed. As far as i know about the indonessian exchange site has a very high rate for each bitcoin comparing with another exchange site. If the bitcoin users should be arrested caused by using the bitcoin and the indonesian must worry about that. But the central bank is fear against the bitcoin.

They will not even succeed if they are deliberating trying to create FUD because bitcoin is on song at the moment and nobody has time to listen to them but are going helter skelter to grab a piece of bitcoin they could get their hands on.

[Pettuh4]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Your country want to lower bitcoin price by create FUD so the banking officers can get bitcoin at the cheapest price! I will advise us to ignored these central bank  and keep trading bitcoin for our own progress and advancement. If we thing central bank will fold there hand to see blockchain taking their job from them then we did not no how human system works. Bitcoin is anti-central Banks and vice versa.

Not sure if the bank wants to create FUD but as you can see the fact that will not be allowed. As far as i know about the indonessian exchange site has a very high rate for each bitcoin comparing with another exchange site. If the bitcoin users should be arrested caused by using the bitcoin and the indonesian must worry about that. But the central bank is fear against the bitcoin.

They will not even succeed if they are deliberating trying to create FUD because bitcoin is on song at the moment and nobody has time to listen to them but are going helter skelter to grab a piece of bitcoin they could get their hands on.

[mangenta]

all attempt to ban bitcoin must failed because its too late , why its not ban on early stage.  it continue to be digital currency allways.

[Mometaskers]

Bank Indonesia (BI), the country’s central bank, is drawing up regulation to enact a sweeping ban on all forms of cryptocurrency, their trading and their usage in transactions as payments, according to Agus Martowardojo – the governor of the central bank. According to local publication Pikiran Rakyat, the central bank official made the revelation during the central bank’s annual meeting last week, claiming the crippling regulation was required to maintain the sovereignty of the rupiah [Indonesia’s fiat currency] as the country’s legal tender.

Wow, what a step backwards. If he only knows how much money his countrymen are bringing into Indonesia. Even to the point that some are calling to ban THEM from the forum.

Sovereignty my goat, it's not like they'll have capital flight any time soon. If there are those who are to benefit from bitcoins, it's us in developing countries. Buy some bitcoins, hold, convert for use, blam, more value added into the economy.

Sovereignty of the rupiah is a curious reason. A currency is a means to an end, to facilitate trade and store value. Logically you should use the most effective currency. But the central bank thinks the sovereignty of the currency is more important than its utility. That is putting the cart before the horse.

Of course it's very simple, cryptocurrencies are threatening the central bank's sovereignty.

Well, it's very likely that's also the approach Russia and China will take. Remember they already mentioned making their own crypto? Same with Venezuela where bitcoin is actually banned.

You'd understand why they are afraid. Bitcoin's more lofty goal is decentraliztion of finance.

[merchantofzeny]

Central banks know bitcoin would allow people to pay for things electronically with lower taxes and fees than is possible with their own banking systems. Bitcoin could also boast quicker transfer times, higher reliability and greater protection against identity theft, electronic attacks or hackers in comparison to competiting services offered by central banks.

This has nothing to do with "unhealthy business practices". Its central banks being afraid of competition. They're scared bitcoin could do the same job they do at lower cost with higher reliability and speed. Central banks can't compete with bitcoin and so banning btc is the option they are pursuing.

There is a precedent for this in africa where bitcoin was trading as high as $30,000 per bitcoin due to africans preferring crypto to central bank electronic payment systems which typically have hideously high fees, poor service and are uncompetitive in comparison to btc.

I think that's what they're ultimately fearing - loss of tax revenue. They probably only noticed about bitcoins when the prices soared but they looked into it and and didn't like what they saw. Bitcoin after all was meant to replace cash, so that people can transact between themselves without gov't interference.

They ban bitcoin at their won loss and we  will keep using our beloved crypto currency in our part of the world. Instead of some government accepting responsibility for not fixing their economies they easily prefer to lump them, on bitcoin and they will all fail one after the other.

We still can't say for sure though. Remember, the governments have the power to completely shut down exchanges and all mining operations within their territory and have the force to enact that. That's the risk we are hearing with countries that are planning to make their own digital fiats, that they'd try to destroy competition by force.

For now, that seems unlikely to happen in Western countries but it's a possibility in the 3rd world and countries under totalitarian governments.

[arpon11]

I seriously believe that most of the country banning bitcoin are actually going to regret it in future as bitcoin has proof to be the future's medium of payment for goods and services and store of values!  Indonesia banning bitcoin activities is going to affect it citizens the Chinese are left behind in bitcoin holding . Bitcoin is actually doing very well in Indonesia and the best thing to do is to promote it the more but the country government are now even planing to ban it in 2018.

[innocent93]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

This are bad news, i don't know what kind of Government you have over there but i have a strong believe that after all, even if it will take some time, the Indonesian Government will realize the value of blockchain technology.

[joebrook]

I seriously believe that most of the country banning bitcoin are actually going to regret it in future as bitcoin has proof to be the future's medium of payment for goods and services and store of values!  Indonesia banning bitcoin activities is going to affect it citizens the Chinese are left behind in bitcoin holding . Bitcoin is actually doing very well in Indonesia and the best thing to do is to promote it the more but the country government are now even planing to ban it in 2018.

This is not going to affect the value of bitcoins as a whole but it is a stupid move on their part since they are without doubt going to regret it very much, most countries are getting money from bitcoins because of the taxes they charge from the users which will go a long way in helping develop the country. I think the citizens should still save bitcoins because the government will not crackdown on bitcoins though they ban it.

[TTITA]

I seriously believe that most of the country banning bitcoin are actually going to regret it in future as bitcoin has proof to be the future's medium of payment for goods and services and store of values!  Indonesia banning bitcoin activities is going to affect it citizens the Chinese are left behind in bitcoin holding . Bitcoin is actually doing very well in Indonesia and the best thing to do is to promote it the more but the country government are now even planing to ban it in 2018.

The prohibition of bitcoin is part of the plan of the capitalists who fear their financial system will collapse if bitcoin becomes big and accepted by the world wide. The prohibition of bitcoin is part of a conspiracy to resist good for the future of ordinary people. Statement from Indonesia's Central Bank is a proof that few parties are hates by this existence bitcoin.

[hispout]

Bank Indonesia (BI), the country’s central bank, is drawing up regulation to enact a sweeping ban on all forms of cryptocurrency, their trading and their usage in transactions as payments, according to Agus Martowardojo – the governor of the central bank. According to local publication Pikiran Rakyat, the central bank official made the revelation during the central bank’s annual meeting last week, claiming the crippling regulation was required to maintain the sovereignty of the rupiah [Indonesia’s fiat currency] as the country’s legal tender.

Wow, what a step backwards. If he only knows how much money his countrymen are bringing into Indonesia. Even to the point that some are calling to ban THEM from the forum.

Sovereignty my goat, it's not like they'll have capital flight any time soon. If there are those who are to benefit from bitcoins, it's us in developing countries. Buy some bitcoins, hold, convert for use, blam, more value added into the economy.

Sovereignty of the rupiah is a curious reason. A currency is a means to an end, to facilitate trade and store value. Logically you should use the most effective currency. But the central bank thinks the sovereignty of the currency is more important than its utility. That is putting the cart before the horse.

Of course it's very simple, cryptocurrencies are threatening the central bank's sovereignty.

Well, it's very likely that's also the approach Russia and China will take. Remember they already mentioned making their own crypto? Same with Venezuela where bitcoin is actually banned.

You'd understand why they are afraid. Bitcoin's more lofty goal is decentraliztion of finance.

This is really bad, I hope other countries don’t follow the same footstep cause if they do it’s really going to turn out pretty bad for most people.I usually ask myself why are countries banning only Bitcoin, I have never heard that any country banned other cryptocurrencies just like Litecoin, Ethereum and the rest of them, it’s always Bitcoin only.

[expert4knowledge]

Indonesia is one of the first consumers of Bitcoin, hell, most of people here are indonesian,they probably do this because this is disrupting their economy

[fuer44]

I've heard this news since the beginning of December. the Indonesian government reasoned, bitcoin is too dangerous because it can be used for money laundering, illegal goods transactions, and terrorist financing. that reason is true, because bitcoin transactions can be done directly between users and without going through the bank. but I don't agree if bitcoin is on the ban, maybe bitcoin friends also disagree. the government should be able to take more equitable action. giving regulation to bitcoin or whatever it is, provided that bitcoin is not in the ban.
how do you think a fair solution for user bitcoin and the government?

[ruslangitelman223]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Normal situation, people will continue to use, but the government has figured out what it is and how it affects. I think they are doing the right thing.

[bakul idu]

The central Bank of indonesia (BI) is very often issue policies that relate to the banning of bitcoin. I guess it has been often heard by many people.

[mrnuts]

I think it's reasonable given the fact that most new projects are scams and most people don't do proper research before investing... so the easiest way to protect the majority of the population is to ban the entire industry... shame on all the scammers plaguing the crypto space

[fiulpro]

Well I think they wanna gain the control they lost over their own currencies...when suddenly people become billionaires.. and the investments preferences shifts towards bitcoins there is no bank that would not flinch at all.. also this is what the..banks around the oworld wants.but the main thing is will they gain support from the genral public
Thats really something that one shouldn't neglect and take onto consideration until and ubkess the country they are living in is not a democratic one..

[Virtual miner]

Its not about whether your country is ready for the blockchain era or not but how what matters is how your country perceives the blockchain era. Even the whole world isn't ready about it the whole world is just never ready but they began to adjust them according to the circumstances when the times come. Indonesia's central bank's misery is correct on their part considering that blockchain takes off a lot of control from their hands and increases tax problems in country too but complete ban would bring nothing more than misery to the country as their boat will be the last when the world adopts the ideology of blockchain.

[bering]

there are plenty of rumour regarding bitcoin and government in indonesia but most of indonesian people still can use bitcoin until today because own bitcoin not against the law and currently they only prohibit bitcoin to use to physical stores and daily transactions because indonesia government said they only consider bitcoin as digital asset but not as the currencies which is can use on everywhere

[ivanovhristo14]

The great country of Indonesia should think twice, before doing this. You can get tremendous real life benefits from cryptocurrencies. Do you want your citizens to pay big transaction taxes to the banks, do you want to make obstacles to the businesses to operate quick and secure with crypto transfers or you want to stay behind.

[audaciousbeing]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

From the article I read there, the central bank Governor and the task force Chief have only establish one thing that they have lost the battle to free will of the people and for them to still be relevant they need to result to blackmail which is about encouraging people to invest in legal ventures in other to develop the economy of Indonesia and if that did not work, go for the total ban by forcing them out of the market by blocking every route that could give them the access.

In all, I see them enforcing the rule to send a message to the entire crypto market there to establish how serious they are but at the end, let's see how they want to ensure that because after they must have blocked all the known loopholes they think, other opportunities will begin to surface.

[szpalata]

The great country of Indonesia should think twice, before doing this. You can get tremendous real life benefits from cryptocurrencies. Do you want your citizens to pay big transaction taxes to the banks, do you want to make obstacles to the businesses to operate quick and secure with crypto transfers or you want to stay behind.

We can't stop governments unless through elections and so the people of Indonesia should rethink and see if the decision is either going to go against them or  for them and  do justice when they next have the chance to elect their country's leaders. I don't think there is much we can  do from here but if it's credible enough then the youth should rise up and defend bitcoin.

[ivrynx]

I think.there should be a clarification first from indonesia if they are.thinking about banning bitcoin or exchanges, since.this is what is usually is happening, the banning of exchanges ut not noy bitcoin. Mostly people who wants to get rid of bitcoin are bankers, and by this time, weshould only lisyen to their government and not banks, since the government.will always have the last word.

[Cils05]

bi would prohibit payment transactions using bitcoin on the 2018. ban bitcoin this would set in the regulation of bi or PBI according to plan issued in the near future. head of the program transformation bi onny widjanarko said in PBI, electronic money will be out in the near future would set, one of them about bitcoin. "when there is no clear rules if the transaction bitcoin,"bitcoin not set specifically by bi. for it, this time, bi still assessment in depth related bitcoin, whether to set in PBI electronic money or separate, for example later included in the PBI cryptocurrency.

[sukamasoto]

The great country of Indonesia should think twice, before doing this. You can get tremendous real life benefits from cryptocurrencies. Do you want your citizens to pay big transaction taxes to the banks, do you want to make obstacles to the businesses to operate quick and secure with crypto transfers or you want to stay behind.

AFAIK, they forbid bitcoin because they want to protect people from corruption or money laundry.
For example : we can purchase drug anonymously with bitcoin , that's my government's fear if they decide to legalize bitcoin in the future

[Indrawan77]

This has been a hot news this few months, until now the restrictions is only for transaction and payment using bitcoin because the legal currency is fiat and the central bank has warned about the investment in bitcoin, seems like in 2018 there will be more strict rules, I dont see any discussion toward legalisation, so there's a big chance that central bank will be banning bitcoin,  somehow I really hope that the government will see bitcoin as a useful thing not as a threat

[tanghere02]

A lot of countries have mentioned about their banks planning to ban bitcoin and its their own prerogative to even come up with that idea. Anyways, if bitcoin still keeps rising despite of the negative feedbacks, eventually these countries will eat their words out and will think about just legalizing cryptocurrencies instead of banning them.

[J Gambler]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

With news like this that sometimes drive inexperienced people in cryptocurrency or bitcoin to push the panic button. However I think that this is something that we should all prepeare and get used to by now especially that some countries are clearly not ready

[dewi91]

as far as I know, central Bank of Indonesia never declared it would banned bitcoin.. they are just reminded to be careful when bitcoin users invest their money in bitcoin.. it's true if Indonesia don't accept bitcoin as a payment but the government never prohibit the people to earn or invest in bitcoin..

[Disclaimert]

Looks like Indonesia wants to buy more Bitcoin...

will indonesia follow china step?
initially they disagree but instead they use it for the benefit of the state?

[mustakforum]

I think Bank Indonesia some time ago has stated that Bitcoin is not a currency and a means of payment. "But Bitcoin can be used as a medium of exchange ...

[BrewMaster]

i am starting to really like all these bans that different countries put up for bitcoin. although most of them are empty talk and never end up in any actions.

whenever a ban happens, it just means that particular country is isolating themselves from the rest of the world. 1 out of 195 countries bans bitcoin, congrats
and also more importantly it shows that bitcoin CAN NOT be banned even if the government says it is banned! it is a decentralized cryptocurrency, people will continue using it. it would be like saying they want to ban Torrent network! you are just embarrassing yourself...

[podrick17]

If they can push it through i think the only thing that the citizen can do is to move on or move to other countries to start trading bitcoin if they really want to do it. But imposing bans on bitcoin in a country for me is a bad move since most of the businesses are going towards the blockchain era just like what you have said and your country might get behind in development matters with respect to other countries that are embracing the idea of cryptocurrencies.

[muhammad-adnanzain]

I think this country policy, goverment can only banned the activity.  User still can use cryptocurrency to invest but not legitimate by the government.  The issue here is government  want to sweep mybe this will cause clash action from user.

[yusupjatigumilar]

Looks like Indonesia wants to buy more Bitcoin...

Naturally, if you think so, it may be due to circulate similar news that one of the countries will leave bitcoin but in fact the country is even buy up bitcoin out. I think Indonesia will not do the same thing, Indonesia bans bitcoin if bitcoin is used as a medium of exchange because in Indonesia the only legitimate means of exchange is rupiah, if bitcoin is used as a medium of exchange the value of rupiah will decrease.

[Visbay]

there are plenty of rumour regarding bitcoin and government in indonesia but most of indonesian people still can use bitcoin until today because own bitcoin not against the law and currently they only prohibit bitcoin to use to physical stores and daily transactions because indonesia government said they only consider bitcoin as digital asset but not as the currencies which is can use on everywhere

Nothing will happen to bitcoin is Indonesian bank ban bitcoin because before Indonesian china also ban bitcoin and know we can see that where is bitcoin don’t care about any ban as a replace of Indonesia and china some other countries have already make bitcoin legal and recently Indian bank also accept bitcoin which is a very good thing for bitcoin and some more banks are also going to accept bitcoin because bitcoin is the only currency which can help to any country.

[Alalex]

This is not true ..

Because the new Indonesian government inaugurated bitcoin some time ago, I see clearly social media from bitcoin to Indonesia officially open, if you are born from the country of Indonesia and ask such questions, then you do not want to see progress in your country.
There is no central bank word for Indonesia to remove bitcoin in 2018.
Because the Indonesian government has just inaugurated bitcoin in Indonesia.
Bitcoin is a fiat currency for future success, which can change the economy from a weak financial state.

[hkdfgkdf]

Indonesians should not let this happen. You guys should sign a petition regarding this issue. Bitcoin somehow helps to decrease unemployment rate not just in your country but also in neighboring nations. I'm sure the Indonesian government will do something and they will hear your voices. Hopefully they will lift and stop the banning to your country.

[fishbonez11]

I guess this whole blockchain technology brings a lot of threat to banks and the government because of it being decentralized and anonymous. I understand their stand of protecting their market and investors. But I think that technological advancement and creating regulations could go a long way as well. This said, where the balance between security versus advancement arises, I'm sure there are other ways where we can make both ends meet.

[ClayDouglas]

How could anyone ban Bitcoin anyway. At least how can they stop a person from using it. They can't. It would just hurt that people can't make transactions with it, or easily convert it into fiat.

[farwellbit]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

This are bad news, i don't know what kind of Government you have over there but i have a strong believe that after all, even if it will take some time, the Indonesian Government will realize the value of blockchain technology.

If it is real news so Indonesia cannot doing bad with bitcoin they will only suffer their masses and I hope people will insist in favour of bitcoin against the government. China have banned many time bitcoin in their country but later on China reopen block chains in the country so it is not a bad news for bitcoin, it is just a bad news just for Indonesians. Bitcoin  will not loss his value even the world accept it being a legal currency in all over the world or not.

[vonnyaries]

im indonesian, right now im in indonesian and hear about the issues, after i do some research i can get some point, the great point is as i know that bitcoin is banned to be the currencies for payment, to buy or sell something, and as i know that bitcoin can used for trading

[ansh_848]

Its not a good news for indonesians. Right now they can only sell their bitcoin if they have any because its a waste for you if government will ban it. There is another option for you, you can transfer your bitcoin to your friend which is in another country.

[PhucS]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

I know this information. While Bitcoin is volatile, the Bank of Indonesia Governor said the country will issue a ban on Bitcoin and other digital money, which will be enforced by 2018. It appears that your country take strict and thorough measures for digital money, this may make it difficult for people who are using Bitcoin in your country. I think they have a negative opinion about Bitcoin, they fear that it will cause the economy to go down and cause more risk in investment.

[Starone1]

I guess this whole blockchain technology brings a lot of threat to banks and the government because of it being decentralized and anonymous. I understand their stand of protecting their market and investors. But I think that technological advancement and creating regulations could go a long way as well. This said, where the balance between security versus advancement arises, I'm sure there are other ways where we can make both ends meet.

Nothing will happen to bitcoin because bitcoin don’t care about any ban in past bitcoin already faced ban from china and every one knows how bitcoin fight against them bitcoin is now very strong and stable because there is a very support to bitcoin by some rich countries and bitcoin know to make itself stable with high price in market so Indonesian will be most welcome for ban because we will support bitcoin forever and I wish that bitcoin will become more strong than ever.

[laguseklik]

Its not a good news for indonesians. Right now they can only sell their bitcoin if they have any because its a waste for you if government will ban it. There is another option for you, you can transfer your bitcoin to your friend which is in another country.

I'm indonesian and I'm following to this news a few months ago... From what I have read from various sources so far is "Indonesia’s Central Bank" just ban bitcoin for transactions... and not recommend people to have it because of high risk of the prices and they don't responsible for the resulting of loss.

[ajmapalo22]

I don't think Indonesia will really go over it because I believe what bitcoin is heading now will continue to succeed and I'm confident that it will recieve support from many countries soon enough after seeing how it can make a difference in the economy and lives of many individuals. Maybe some countries were afraid or confused with regards to digital market but I'm sure this issue will soon be settled

[Nana_Marini]

Really that Indonesia ban bitcoin in 2018? Blockchain is one superior technology right? Be patient and respect all of law guys we hope all is fine

[moynul2050]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

I know this information. While Bitcoin is volatile, the Bank of Indonesia Governor said the country will issue a ban on Bitcoin and other digital money, which will be enforced by 2018. It appears that your country take strict and thorough measures for digital money, this may make it difficult for people who are using Bitcoin in your country. I think they have a negative opinion about Bitcoin, they fear that it will cause the economy to go down and cause more risk in investment.

I do not even care about this news, and even China. Bitcoin is unlikely to be affected by this issue.
I strongly agree with your statement, this is a problem for the people of Indonesia who use Bitcoin. I'm sure many people will panic with this news.
I want to respond to this casually.

[etron]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

this is due to a rejection letter from the ministry of religion and they consider this to be a big gambling event in the world. and I think this is a big mistake because with the bitcoin in disbursement, the tax is huge, and it will also increase the country's foreign exchange. "Very disappointing with this ban, hopefully it will not happen."

[imdabest239]

It would probably be a good hit to the Indonesia community in here, so i wouldn't be surprised if they really ban bitcoin in a near future, but yes, the banks really need to stop spreading fud about it.

[AbyssLagiaz]

This goes for the bad news for Indonesia. I wonder how many are panic selling their Bitcoins right now in Indonesia. This is one of the things I've expected the government will do if they started to put an attention to cryptocurrencies. They can either ban it or put tax into it. If they will really plan on doing it, then it isn't really the end. It will encourage a lot more users to use VPN to continue their use of cryptocurrencies.

[neite99]

Even if they ban it I am sure people would figure a way to invest in it and earn money from it. Furthermore if they ban it and if a neighbor country adopts it they would have no choice but to adopt it.

[finthebar]

Many governments dont like bitcoin because it poses a percieved threat to their power. They might try to ban it but doing so might not have the desired effect. It is pretty difficult to isolate bitcoin traffic on the internet and stop that, while leaving other traffic through.

[syaripudin]

this is really very unfortunate once Indonesia indeed really do prohibition on bitcoin activity that exist in Indonesia country. but as I know that the state of Indonesia is as one country that has a high rate of unemployment. if this prohibition is not balanced with a thing that can overcome the problem of unemployment rate in the country of Indonesia I think this is not a right decision. because I am convinced that the existence of bitcoin activities at this time at least can reduce the level of unemployment in the country of Indonesia and of course this will be able to improve the progress of the country of Indonesia.

[achsan fauzy]

there are plenty of rumour regarding bitcoin and government in indonesia but most of indonesian people still can use bitcoin until today because own bitcoin not against the law and currently they only prohibit bitcoin to use to physical stores and daily transactions because indonesia government said they only consider bitcoin as digital asset but not as the currencies which is can use on everywhere

yes indeed a lot of rumors that are issued by the government of indonesia about bitcoin, but I am sure it does not affect bitcoin users in the country of indonesia.

[vintages]

Whoa! This is not a welcoming news. Does that means Indonesia is moving herself away from modern technology? And then everyone was complaining about China banning ICOs, nobody ever think Indonesia will take this turn. I guess this opens the door to Japanese as a led in modern technology. They should rethink this issue, Bitcoin may not be a currency, but countries should learn to embrace it.

[Shenzou]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

I think that the cryptocurrency is going to faced with a big probelm in the next couple of years, and that is regulation, since cryptocurrencies and bitcoin in particular have seen a massive increase of use, and this has made it to be under the spotlight of goverments who in their part need to take regulations concerning it, because people can mke tons of moeny from it without paying taxes, and others can use it for illeagal activites without being tracked down, so with it not being able to be controlled, it is no suprise for us to see goverments today banning it.

[spyerf]

there are plenty of rumour regarding bitcoin and government in indonesia but most of indonesian people still can use bitcoin until today because own bitcoin not against the law and currently they only prohibit bitcoin to use to physical stores and daily transactions because indonesia government said they only consider bitcoin as digital asset but not as the currencies which is can use on everywhere

yes indeed a lot of rumors that are issued by the government of indonesia about bitcoin, but I am sure it does not affect bitcoin users in the country of indonesia.

That's right, because they can feel the benefits of bitcoin. As we know the unemployment rate in Indonesia is still high, with bitcoin they can earn income to meet daily needs.

[btcone111]

Well do whatever they want to do.
If big countries like Jpn and Korea have not completely banned btc, btc will stay and it would only become a secret way for people to hide their money in illegal countries.

[JohnnyCashers]

this is bad news, it can prevent the spread of bitcoin in the world.

[expert4knowledge]

I think this will have 0 effect on the market, Indonesia is such a small player in the game of cryptos

[Iqram fahmisyi]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Indonesian banks do not prohibit bitcoin but merely state that bitcoin is not a legitimate means of payment in Indonesia and bitcoin Indonesia has already stated that bitcoin only digital currency so will not replace the rupiah as the currency of the Indonesian state .

[Dexville]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

This news release out of date, because Indonesia authority looking for taxes from every bitcoin transaction or profit. Thwy plan to include bitcoin as audit report items to tax payers. Right now bitcoin community still strong. If Government agencies really want to Ban bincoin maybe the biggest exchanger in Indonesia - bitcoin .co .id will be forced to close.

[Mr.X(999)]

They can't do it. They even didn't have any power to ban users. How could they stop technology? now days is modern and we need a good e-money like bitcoin. Even they block up the IP of users, we could do VPN or another IP changer to fake it out and access bitcoin site normally.

[omonuyak]

I keep on saying this that bitcoin was not discover for the purpose of it been used by the governments as most of it structure are anti-government!. If they like let them ban bitcoin and we are going to see another seriously rise in price again as many have seemed that bitcoin and other crypto currencies is the major ways the can break the hold from political office holders and elites, therefore we should not expect that Indonesia will allow bitcoin be.

[Flor1982]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Bitcoin can be use in illegal activities that is correct but we have the power to regulate it so that it cannot be used such illegal activities and for their other reason by your government to ban Bitcoin is because they want to make your currency to be strong and stable against any other currencies especially Bitcoin will if they are really true patriotic they should ban also the use of all other currencies including the US dollar too so that they will just rely alone on rupiah currency. This reasoning is a discrimination because the truth is they only hate the digital currencies but not the other currencies.

[zulkarnaen]

I don't think this is the right policy if the government is subject to the regulations proposed by the Indonesian bank to ban bitcoin transactions in the country, and this isn't a solution to improve the economy of the country that is still developing, in fact with the presence of bitcoin in the country this has provided a hope for a better economic future in the future

[ptan7703]

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[sordinihandbag]

Share some threads so that I can venture about the news -_-

[thrushzodiac8]

Is it even true? I think someone is tried to discourage the btcsians by such false news

[eurobend6]

That's a greatly discouraging step for real because indonesia is one of the principal economical bation of the world

[potterbean5]

Share some threads so that I can venture about the news -_-

[lastnumber]

Indonesia has too many problems in this country. Crime, corruption, bribery of officials ... I think the government has a reason to issue Bitcoin bans because Bitcoin is too secure and confidential for users. But the ban on Bitcoin is not a problem, as it is against the trend of e-commerce in the future. Maybe at some point, the government will adjust.

[lastnumber]

They can't do it. They even didn't have any power to ban users. How could they stop technology? now days is modern and we need a good e-money like bitcoin. Even they block up the IP of users, we could do VPN or another IP changer to fake it out and access bitcoin site normally.

May. They can not ban people from working and collecting Bitcoins because Bitcoin is always secure and safe for users. But the government has the right to prohibit the use of Bitcoin in trading activities. At the same time tightening management of banks involved in the conversion, exchange Bitcoin to cash. They are responsible for their country. And they have the power to issue bans. Hopefully in the future, the government will have a more positive solution.

[IMAR]

This is not a good news for Indonesians citizen who is involve in cryptocurrency. But I'm sure things will be ok with them. In this digital world, people find ways and the workaround on every situation even there will be sort of ban. Being in the Philippines who is supporting the technology, we are lucky as we can easily encash our earning through a legit exchange company. I'm sure the Indonesian government will find it way through a proper reconciliation regarding bitcoin/cryptocurrency in general.

[Yakamoto]

this is bad news, it can prevent the spread of bitcoin in the world.

Well no kidding it prevents the spread, but that's just to one small region that, in the end, likely doesn't even really have an effect on a majority of the markets that exist globally. I don't even think that there are enough people within the country in order to have an effect on the market within their region, let alone the world. Those who care enough about Bitcoin in Indonesia will likely get it one way or the other, and I will be surprised if there is a significant drop because of this. I don't believe the drop we just experienced is indicative of this news at all.

[Kez1817]

    Bitcoin is unstoppable,people who use bitcoin will continue to find a way in times like this that a central bank or a country planning to ban bitcoin. And sometimes those plans will not happen if they know other countries are now a growing country of cryptocurrency and the also found out that bitcoin help to increase the economic growth of other countries.

[endut15]

Indonesia has too many problems in this country. Crime, corruption, bribery of officials ... I think the government has a reason to issue Bitcoin bans because Bitcoin is too secure and confidential for users. But the ban on Bitcoin is not a problem, as it is against the trend of e-commerce in the future. Maybe at some point, the government will adjust.

indonesia btc prohibit it must have a clear reason. for example that is, Indonesia does not want if this country is getting destroyed. because most people are sometimes criminals to get results from btc. basically the indonesian is mostly not willing to try but it wants real, and it can not happen as well. because the work also requires effort.

[tominsoto]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

I think it will only be an issue that will disappear by itself
because my country Indonesia is always like and the issue will disappear by itself

[daarul50]

this is bad news, it can prevent the spread of bitcoin in the world.

Well no kidding it prevents the spread, but that's just to one small region that, in the end, likely doesn't even really have an effect on a majority of the markets that exist globally. I don't even think that there are enough people within the country in order to have an effect on the market within their region, let alone the world. Those who care enough about Bitcoin in Indonesia will likely get it one way or the other, and I will be surprised if there is a significant drop because of this. I don't believe the drop we just experienced is indicative of this news at all.

Probably most bitcoin users taste in Indonesia but they are not the big holders of bitcoin so although the news is true it will not be a big influence on the price movement. Currently affecting the bitcoin price movement in the world is the activity of large exchange like bittrex, binance, hitbtc, and others.

[Dmitry.Vastov]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

We all are very much aware with this fact that whenever the new technology introduces, there comes the new haters and this is same happening with the bitcoin also. A very wise man once said that “ initially they will welcome you, then they will ignore you, tether they will hate you, then we will win” and now we are in hating period. And I am very much sure for this thing also that as soon as people will come to know about bitcoin potential, they will start loving it.

[timerland]

Honestly, this is extremely detrimental to Indonesia itself. Especially when crypto is a growing sector and you're essentially trying to ban BTC which is the major crypto. It means that essentially, businesses are forced out.

Regulation is much better than an outright ban in these scenarios.

I don't see a complete and utter ban of crypto a likely scenario for Indonesia though, as even though this was basically released months ago, no new action was taken, no new bans, etc. It's unlikely for any country to ban bitcoin itself. Much more likely for them to put some sort of restriction on exchanges within their country.

[weeklyeth]

indonesia is developing economy i won't think Indonesia will take this drastic decision it will definitely effort the economy in large hopefully they take back decision of banning bitcoin trade

[nightways]

indonesia is developing economy i won't think Indonesia will take this drastic decision it will definitely effort the economy in large hopefully they take back decision of banning bitcoin trade

Banning of this mighty coin of the crypto market is really awful decision for the economy for the country and for the people of the state. Everyone these days want lavish life and more ways of making money. With day jobs, investing into bitcoin is going to make you rich beyond your imaginations and if people are rich, they will strat business which is automatically going to enhance the economic state of the country.

[stayeduptolate]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

Not Indonesia there are many countries who has banned crypto currencies in their nation and who are in completely against of legalisation of bitcoin in their nation, bitcoin has always been in controversy because of its flactuation in the valuation and its illegal use two, these two factors are responsible for not legalising bitcoin in their nation but for them my advice is that they should once talk with those who has legalised crypto in their nation and now experiencing a new way of development in their nation.

[checkmatesir]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

We all are very much aware with this fact that whenever the new technology introduces, there comes the new haters and this is same happening with the bitcoin also. A very wise man once said that “ initially they will welcome you, then they will ignore you, tether they will hate you, then we will win” and now we are in hating period. And I am very much sure for this thing also that as soon as people will come to know about bitcoin potential, they will start loving it.

It is not good for Indonesian people because they would not be able to trade in bitcoin freely but on the whole it will not affect the bitcoin popularity and investment. In my country bitcoin is also banned by the government but still thousands of people are trading and investing in bitcoin. We are facing just a small problem and that is converting bitcoin in our local currency.

[brotherwood12]

i think its will not happens (?) , the news after the conference indonesian is on netral posisiton and didnt make any regulation about banning the cryptocurrency

[nightxglow]

I think i have seen that news for a long time already, but still i don't hear anything about it anymore?
Like they only say it the moment when bitcoin is being a hype and cause kinda controversial. But now, no move is being made. Good thing though, because i don't think it's necessary for them to make regulation about bitcoin. But like you say, sadly our country is not ready for blockchain era.
They should care about more important things though rather than wasting their time and energy to make something that actually doesn't matter much, and doesn't effect badly to the country.

[chosenboy4]

This decision will not make any difference to bitcoin but surely Indonesia is going to face the consequences of this

[Deubila]

I think i have seen that news for a long time already, but still i don't hear anything about it anymore?
Like they only say it the moment when bitcoin is being a hype and cause kinda controversial. But now, no move is being made. Good thing though, because i don't think it's necessary for them to make regulation about bitcoin. But like you say, sadly our country is not ready for blockchain era.
They should care about more important things though rather than wasting their time and energy to make something that actually doesn't matter much, and doesn't effect badly to the country.

I think it's just the news or maybe their government, do not understand the electronic money. This ban may be an immediate solution for them. They will solve all the problems that affect the country. At that time, they just started to get involved. I believe that every country must gradually gain not in a hurry.

[toolucky98]

He went on to detail additional restrictive measures by the bank, stating:

We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.

detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/

what do you think about this ?

i think my country not ready to growing with this blockchain era.

if they said that digital currencies potentially used for terrorism financing and money laundering. they don't remember the fact that fiat is misuse by the people to do corruption, they only see the bad side of the crypto, they don't want any changes and take steps to the future.

[shadyrifles]

More than half of the year 2018 has passed, Indonesia’s Central Bank didn't ban. The report was issued by Agus Martowardojo: the governor of the central bank (Bank Indonesia). The officials are planning and drawing up regulation to enact the ban on all form of Bitcoin and cryptocurrency dealings.

[satana_igor666]

As far as I remember, a lot of people in this country have invested in bitcoin.  For a long time this prohibition can not last.

[raking]

I think the banks as well as the government are not ready to accept Bitcoin as a real currency. Because of the properties it brings, it is difficult to control it. In addition, illegal activities will take place more and more. So they are planning to ban it completely on their territory

[itsik78]

There is no positive news. Official requests for closure from the bank have not yet been received, the statement of the central bank's chairman Agus Martovodoho against bitcoin and those who use it, can be regarded as a signal.
Because of the central bank's actions, payment bitcoins-platforms, such as BitBayar and TokoBitcoin, were badly affected. BitBayar issued a statement on the termination of its activities from November 1, and TokoBitcoin decided to completely refuse to accept bitcoins as payment.

[Sasha Grey]

More and more countries are planning to be banned from bitcoin, and this is what makes bitcoin prices difficult to rise, but I am sure that bitcoin will continue to shine even if all countries in the world are banned.

[BitRentXx]

old news, I keep abreast of this in the media.
the last statement of the Indonesian finance minister Sri Mulyani, he said, bitcoin was banned as a means of payment because Indonesia had a legal payment instrument, namely the rupiah. but the government only interesting on people, if bitcoin is an investment that is very risky. that is it.

[chosenboy4]

You i came back to this new thread just to tell people that news are just to brain wash you and rewrite your brain with the decisions of news reporting agency. always listen your heart

[Aksiyon1]

As far as I remember, a lot of people in this country have invested in bitcoin.  For a long time this prohibition can not last.

They only prohibit payment by bitcoins in real life. In other words, they prohibit the use of bitcoin as a legal currency. But they do not prohibit the investment in bitcoin. So it almost didn't affect the investors. Actually, the ban is similar to my country, but investors and miners aren't affected.

[takertrade]

I dont think so
Despite banning bitcoin / crypto currency Indonesian goverment supporting it and will launching top 4th cryptocurrency future in late december 2018. Indonesia Central Bank also studying blockchain technology because blockchain is really prospective technology in the future

[PatronRH]

They haven't done that at the moment. But if they do that would shake bitcoin a bit as BTC is not at his best time right now and domething like that will definitely affect it in a really bad way but I think that we need cryptocurrency thats why there will be always bitcoin and no matter how prople fight it as Indonesia just did bitcoin will always be resistant.

[Suleiman the Magnificent]

What do they think they will win when they banned Bitcoin? They will not win anything. It is really interesting to try to prevent citizens from making money by investing.

[Samohunk]

I would say they can't do it. They even didn't have any power to ban users. How could they stop technology? now days is modern and we need a good e-money like bitcoin. Even they block up the IP of users, we could do VPN or another IP changer to fake it out and access bitcoin site normally. Maybe they can ban it as a payment system on retail store, traditional business or vendor ets, but they can't ban it as an investment system. So just keep up the good work on these, and good luck.

[KKH84]

As far as I remember, a lot of people in this country have invested in bitcoin.  For a long time this prohibition can not last.

They only prohibit payment by bitcoins in real life. In other words, they prohibit the use of bitcoin as a legal currency. But they do not prohibit the investment in bitcoin. So it almost didn't affect the investors. Actually, the ban is similar to my country, but investors and miners aren't affected.

I agree with you and indeed what you say is true, the Indonesian government only prohibits bitcoin as a means of payment not for investment, but I hope for the future there will be crypto payments in my country.

[pinoyden]

I would say they can't do it. They even didn't have any power to ban users. How could they stop technology? now days is modern and we need a good e-money like bitcoin. Even they block up the IP of users, we could do VPN or another IP changer to fake it out and access bitcoin site normally. Maybe they can ban it as a payment system on retail store, traditional business or vendor ets, but they can't ban it as an investment system. So just keep up the good work on these, and good luck.

agree .  they cant totally ban bitcoin and any other crypto because it is digital which means we can still access it using some anonymous tools like vpn and proxy adreses .

They maybe ban physical stores that accepts bitcoin as payment method but whats there point ?  i dont really understand why someone would hate bitcoin ? I mean bitcoin is verry legit and useful .

[trimulia]

until now indonesia not ban cryptocurrency for transaction but only restrict it, they (bank company) so fear about investor and entrepreneur not using their bank for asset

[spongegar]

Why would Indonesia actually ban crypto currency when it's neighborin countries are on board! Is this like a "I don't like to be mainstream" kind of attitude. Well i hope that they will allow crypto currency in their country or at least be indifferent about it. Because I know people there are invested on crypto currency.

[bajingluncat]

maybe because the level of corruption in this country is very high so the government is very scared if bitcoin is legalized or left unchecked there will be many irregularities that lead to negative things like money laundering, besides that it is still hampered because it is against the rules that apply because in this country only the country's currency Officially, the rupiah received as a legitimate payment instrument. This is unfortunate if it really happens, if fear controls this country, then when will this country advance? People in the central bank are not careless people rather than prohibiting for various reasons they should support and use their knowledge to find solutions and solutions if there are negative effects that will be caused, do not get me wrong bitcoin has taken a role in improving the economy of its people, many of the Indonesian people who have risen their standard of living by owning bitcoin, that's a reality and I watch it myself, so if I canthe proposal to the central bank, even if it would not be legalized, at least there should be no prohibition, it would be fine if everything went as it is now without restrictions and regulations but allowed

[kenel]

perhaps the banks will be able to provide any General services and will be able to help better understand the payments

[cr7]

The news is old, and it looks like another fake against the background of the ban on cryptocurrency in Asia. In Indonesia, cryptocurrency is still used today!

[waitforme]

Information about the ban on Bitcoin in Indonesia has released. But I have yet to see the country put forward ban policies and no specific action to halt the Bitcoin. But the sugar worries cannot affect us because they can not know who we are and what our trading code is.

[Friskaadew]

in fact until now the Indonesian government has not banned BTC and even mentioned that in the state meeting meeting I think that almost never, than I know even Indonesian banks are learning about blockchain, which has a good impact on the progress of crypto especially in the country Indonesia

[fanji]

until now bitcoin is not banned in Indonesia, but the government provides information that bitcoin may not be traded, for example, such as buying rice using bitcoin is not permissible, because Indonesia now only applies one currency, the rupiah, the Indonesian government always commemorates people who want to invest in bitcoin because the price is volatile