Indonesia bans Bitcoin

[GyuTae Byun]

good

[zarados]

if we look at the statements contained in the article is that the government is very concerned about the risks offered by digital currencies and explains what are the adverse effects that could result if cryptocurrency transactions persisted in their country. Because indeed, it is the duty of the government, to maintain the stability of the economy in a country, and to prevent and follow up any threats that may affect it.

[zentdex]

Their government simply need to shield their citizen from fraudulent activity. On the other hand, I think there are authorities there that will purchase bitcoins and restricting it will diminish its value hence the ideal time to purchase then when all are set, they will in the end lift the prohibited, and the individuals who purchase could be a moment mogul. In the event that that is the situation, well I let you know, they fizzled. Since restricting bitcoin in Indonesia have no extraordinary impact in the worldwide value market of bitcoin. Indeed, even the cost is low at this point, it is because of the current issues in two south east asian countries.

[Chrystora123]

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

That's right, from the news that I read Indonesia is not Ban Bitcoin, Indonesia only forbids Bitcoin serve as a means of exchange / payment in Indonesia ..

[pugman]

Great!! A lot of shitposters would get the heck out of this forum? Even if not, its not going to affect the markets much because Indonesian traders don't affect the markets by much margin. People will talk about for like what,2 days at the maximum? Its only the people from Indonesia who'll be affected by this move made by the Indonesian government. Some people who might have been depending upon bitcoin as their main income ,would be affected the most. Feel sorry for them but then who cares. Wonder if people go abroad just so that they can use bitcoin . That would be fascinating and astounding to a greater extent. But can they survive there,for they can't speak English for shit.

[rudyrista123]

Yes Bank Indonesia prohibits the use of Bitcoin one of them to prevent the occurrence of many crimes. Because, during this Bitcoin transactions are often used for criminal activities, such as the alleged terrorism, money laundering, or immoral actions. the most important bitcoin mining can still be done.

[Sunnyyy]

Yes . It is a sad news for the bitcoin community. The ban on the use of bitcoin has affected a small fraction of the value of bitcoin. The ban has made many big bosses about bitcoin in the country rushing to sell the bitcoin, have discounted a bit. I hope this ban will soon be removed

[lionheart89]

Indonesia does not prohibit containing bitcoin. I think Indonesia only prohibits transactions using bitcoin means sales transactions and purchase of products or other. This is to keep people using the rupiah as a valid means of exchange in Indonesia.

[skyland999]

I am very concerned about this news, the government does not support the existence of crypto-gurrency, but many positive can overcome inflation in a country.
I got the info a few days ago that some banks in Indonesia will implement blockchain

[Jeremycoin]

I mean, this is totally right.

Bank Indonesia menegaskan bahwa virtual currency termasuk bitcoin tidak diakui sebagai alat pembayaran yang sah, sehingga dilarang digunakan sebagai alat pembayaran di Indonesia. Hal tersebut sesuai dengan ketentuan dalam Undang-Undang No. 7 tahun 2011 tentang Mata Uang yang menyatakan bahwa mata uang adalah uang yang dikeluarkan oleh Negara Kesatuan Republik Indonesia dan setiap transaksi yang mempunyai tujuan pembayaran, atau kewajiban lain yang harus dipenuhi dengan uang, atau transaksi keuangan lainnya yang dilakukan di Wilayah Negara Kesatuan Republik Indonesia wajib menggunakan Rupiah.

Bank Indonesia affirms that virtual currency including bitcoin is not recognized as a valid payment instrument, so it is prohibited to be used as a means of payment in Indonesia. This is in accordance with the provisions of Law no. 7 of 2011 concerning Currencies stating that currency is money issued by the Unitary State of the Republic of Indonesia and any transactions that have a purpose of payment, or other obligations to be fulfilled with money, or other financial transactions conducted in the Territory of the Unitary State of the Republic of Indonesia shall be obliged using Rupiah.

We admit it that virtual currency isn't a "valid" medium of exchange, and what we've been doing is selling them as the thing not the currency (just like stock).

So please government, don't be so harsh with us. This is what we need for the better Indonesia.

or maybe we should sign a petition??

[coinSpecter32]

This has been the trend this week. Countries are banning the use of bitcoin or making a regulations on it. I think this was the reason why bitcoin had made a sudden dip.

[12tribes]

I have said before, that while government may place a ban on cryptocurrency, It may not deter some top officials or some big shots to do their crypto trading quietly and use alternative routes to cash their pay. It may be more expensive say number of conversions to get  their funds, but at the end of the day, it will be worth it.
If no one can ban the internet then they can't stop cryptocurrency or bitcoin in particular.

[ReindeerOnMe]

It's strange. Who does not like bitcoin in Indonesia? I thought they were good at crypto-currencies

It is not that they do no like bitcoin but the threat of it to the country's economy are the reasons. I think that is reasonable since bitcoin is really volatile and if a lot of people are holding bitcoin, that will be also affecting the economy of the country. I just hope our country do not do the same thing since a lot of people in our country are starting to know and use bitcoin. If you want to read more about Indonesia, here is the  LINK.

[A L I E N]

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

I suppose people of Indonesia will go on dealing with Bitcoins and trading. The latest news says that BTC holders in this country go on selling and buying crypto.

https://borneobulletin.com.bn/life-goes-on-for-indonesian-bitcoin-traders-despite-stricter-rules/

[xxlouisxx]

Indo is not the only country banned bitcoin. in our country. Bitcoin is not recognized. They do not accept bitcoin as merchandise. and can not be exchanged.

[johnleo]

as long as the gov didn't ban internet, I think there won't be a problem for me. Beside that I think in that news the gov just  banned it as a payment.

[zenyfomax1]

on a rather unrelated news, i think bitconnect also operated in several cities in indonesia and managed to get quite a lot of members. with bitconnect scam going busted and all, it doesn't help the cryptocurrency community here in indonesia. and BI will certainly warn more strongly against the usage of cryptocurrency in general.

[Cofee.BLUE]

Indonesia to ban Bitcoin transactions next year Bitcoin is a digital currency designed to obscure the identities of the people using it.

[Arwinkim]

As far as I know, our gov't doesn't ban bitcoin. It's only forbidden to use for transaction instead of using IDR (Rupiah) because if it does, then why they don't ban the local exchange?

[ultraminer11]

as long as the gov didn't ban internet, I think there won't be a problem for me. Beside that I think in that news the gov just  banned it as a payment.

Well. we never know. after all they are still the governments and they have the power to ban or unban but i think it won't last forever they would change how they see the bitcoins,  nothing is permanent. As of now, we live in a world full of  technology, through technology everything is impossible so it's not impossible if our real money would become a digital money right.