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

[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.

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[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