Indonesia bans Bitcoin

[numizmat]

Here is a short English summary of the BI press release with most important points highlighted: Bank Indonesia Bans Bitcoin And Other Cryptocurrencies

According to the statement, these currencies allow people to engage in wrongful acts such as money laundering and funding terrorism. BI claimed that cryptocurrencies are a bubble which will damage financial stability, and will ultimately hurl the society into an economic disaster. Starting today, the central bank will not process any transactions made in Bitcoin or other cryptocurrencies.

[faceoff97]

Here is a short English summary of the BI press release with most important points highlighted: Bank Indonesia Bans Bitcoin And Other Cryptocurrencies

According to the statement, these currencies allow people to engage in wrongful acts such as money laundering and funding terrorism. BI claimed that cryptocurrencies are a bubble which will damage financial stability, and will ultimately hurl the society into an economic disaster. Starting today, the central bank will not process any transactions made in Bitcoin or other cryptocurrencies.

They probably ban it as they see it as a threat for their country. I notice that the number of Indonesian users here in the forum is continuously growing which indicates that cryptosystem is now becoming popular to them. But I doubt if Indonesian really invest or just interested from a small payment and airdrops offered here in the forum.

There were increasing number of spammer here in the forum, its obviously because people from third world country tries to get some coin. I think it would be better if Indonesia will ban bitcoin. There will be fewer spammers from now on. Im not saying that all Indonesian, but many are doing it.

[freakingcat]

They're scared about losing control.

[mOgliE]

Hi,

Sorry to say so but the Indonesian government cannot ban bitcoin. I understand the idea, they want to prevent people from using it so they make transactons illegal and prevent people from using it as a currency... on the national territory. Which actually means nothing when considering and alt coin.

Again, I don't say that this will have no consequence, but I am completely sure that they will not be able to stop bitcoin from spreading in use in the country. However, as a matter of fact, it will not be possible to make such transactions through an Indonesian IP. This is not really an issue, right?

[freakingcat]

Hi,

Sorry to say so but the Indonesian government cannot ban bitcoin. I understand the idea, they want to prevent people from using it so they make transactons illegal and prevent people from using it as a currency... on the national territory. Which actually means nothing when considering and alt coin.

Again, I don't say that this will have no consequence, but I am completely sure that they will not be able to stop bitcoin from spreading in use in the country. However, as a matter of fact, it will not be possible to make such transactions through an Indonesian IP. This is not really an issue, right?

Exactly. Also you can cross the border and do your thing.

[lamcouz]

Is this causing the red-blood situation today?

[nikenv2212]

Like southern korea, the decision of banned bitcoin in the country of Indonesia is also not final. And I think the Indonesian bank as the central bank of the country only prohibits all forms of bitcoin transactions as a means of payment that replaces the position of rupiah as the official currency, the Indonesian bank does not prohibit bitcoin to be asset

[Anwar22]

It just a bad news for all of bitcoin community and user but I think it will again open for Indonesian people .

Yes, it's really bad news for all of bitcoin community. I can't know whether it will come back again but i hope it come back again

[QuestionAuthority]

It just a bad news for all of bitcoin community and user but I think it will again open for Indonesian people .

Yes, it's really bad news for all of bitcoin community. I can't know whether it will come back again but i hope it come back again

Most of the countries that have come out against bitcoin are really a joke because they can’t have any effect but Indonesia is different.

Indonesia has the largest economy in Southeast Asia and is one of the new emerging market economies of the world. The country is also a member of G-20 major economies and classified as a newly industrialised country. It is the sixteenth largest economy in the world by nominal GDP and is the seventh largest in terms of PPP.

Here’s the reason they can’t afford to lose control by allowing the widespread use of bitcoin. In the aftermath of the financial and economic crisis that began in mid-1997 the government took custody of a significant portion of private sector assets through acquisition of nonperforming bank loans and corporate assets through the debt restructuring process and the companies in custody were sold for privatization several years later. Since 1999 the economy has recovered and growth has accelerated to over 4–6% in recent years.

[currencydesigner]

BI called on merchants not to accept Bitcoin as an official payment instrument as the bank would not be responsible for any losses incurred through transactions. I think, it is for a certain time period, it will open again.

[HabiebRiziq]

i think its not final decision. i dunno why indonesian financial departement banning bitcoin even they are meet the developer of Ripple yesterday in their office in jakarta. what this it? bitcoin will be ban? and ripple will be acceptable? its so funny

I'm afraid that Indonesian financial departments haven't heard about Ripple and other altcoins yet...
Just don't tell them about other Crypto! 

lol they are same as fu*k
just wait until they know everything about cryptocurrency and other.i think they should make analysis about this statement before they publish press realase.

[glaciercapital]

i think its not final decision. i dunno why indonesian financial departement banning bitcoin even they are meet the developer of Ripple yesterday in their office in jakarta. what this it? bitcoin will be ban? and ripple will be acceptable? its so funny

I'm afraid that Indonesian financial departments haven't heard about Ripple and other altcoins yet...
Just don't tell them about other Crypto! 

lol they are same as fu*k
just wait until they know everything about cryptocurrency and other.i think they should make analysis about this statement before they publish press realase.

The Indonesian government is just not willing to take any risks with it's economy. However in many ways it would be an ideal location to have progressive regulation and open itself up to crypto tax revenue

[BigBos]

"Bank Indonesia warns all parties not to sell, buy or trade virtual currency", is this true in terms of online? because I think that this is only banned by offline way. what if they work and earn a salary using bitcoin? of course they have to exchange it to fiat.

[weblouartisan]

I think indonesia does not banned bitcoin, it's just prohibiting transactions using bitcoin and not forbid to own or collect bitcoin..

Yes your right, bitcoins is not really banned in the country but they are only prohibiting on bitcoins transaction. It only means that there are still way for the people to earn cryptocurrency in their country, it will only be hard for you to find an exchanger to withdraw your coins on cash.

[HabiebRiziq]

i think its not final decision. i dunno why indonesian financial departement banning bitcoin even they are meet the developer of Ripple yesterday in their office in jakarta. what this it? bitcoin will be ban? and ripple will be acceptable? its so funny

I'm afraid that Indonesian financial departments haven't heard about Ripple and other altcoins yet...
Just don't tell them about other Crypto! 

lol they are same as fu*k
just wait until they know everything about cryptocurrency and other.i think they should make analysis about this statement before they publish press realase.

The Indonesian government is just not willing to take any risks with it's economy. However in many ways it would be an ideal location to have progressive regulation and open itself up to crypto tax revenue

yeah i agree with crypto tax, but i disagree about crypto ban. they has been notice all people who used cryptocurrency, its not the first time. but in the other hands there are other departement its called Financial Service Authority. they say will be registering bitcoin into indonesian stock exchange. i dunno who will be the solved about this problems.

[Schaeferness]

who care with Indonesia and how will effect in bitcoin price.
Indonesia will using other ways to get bitcoin

[wireless1889]

Its not yet a final decision for the indonesian government but its sad on how they deal with it as a negative matter and do not look for its benefits. But i think it will not be easy for the government to ban bitcoin on their country unless they will be also banning the vpn's, so they will secure that no one will using it. I think government will issue a refund of coins if it happens.

[ClownSpider]

USA banned Alcohol too, that didn't work either.  lol

[zenyfomax1]

What I know until now there is no ban on bitcoins but can not be used transactions, but there is no prohibition to have bitcoin, hopefully there is no limit until later so we can still work and earn money with bitcoin.

Can't be used in transactions? This means that you can't sell it to your friend in private because you'd be breaking the law. They can see you guys playing with your mobile wallets in a public place and handcuff you, take your phones and put you in a cell. How nice of them. Two people trading electronic tokens can be put in jail with all the murderers and rapists. This country deserves to stay in financial shithole that it is.

why so bitter we're doing well economically, thank you very much. just look at the numbers.

[zenyfomax1]

Maybe it can happen, but a lot of people including people on goverment didn't want to bitcoin get ban and if it happened there is a lot of way to withdraw and deposit bitcoin.
We can use many ways, goverment maybe can ban the market vip bitcoin indonesia, but he can't ban the dencentralize and anonymousity of cryptocurrency.
I usually buy btc via creditcard, and i never visit the biggest indonesia cryptocurrency market (vip bitcoin indonesia) its easier, faster, and cheaper, untraceable.

where do you buy btc via credit card? in places like cex.io? i suspect the rate would suck, plus you have to convert from IDR to USD using the rate from the credit card's bank, which also sucks.