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.