Indonesia bans Bitcoin

[leland orser]

These small countries have no effect on the price of bitcoin, and the real impact on bitcoin prices remains in the United States, Japan, South Korea, and China.

[xkatarinax]

It is to sad that so many countries prohibit bitcoin. They are losing a lot of good people, who will leave the county

[1Referee]

It's just a warning, similar to what was claimed in South Korea.
https://www.bloomberg.com/news/articles/2018-01-13/indonesia-warns-against-owning-selling-trading-cryptocurrency

This forum has been full of those articles pretending things far less severe than what those poorly translated articles try to say, that in some cases have been altered to cause panic amongst people. As far as I can remember, Indonesia (according to the sheer number of rubbish articles) has been planning to come up with a ban or more aggressive restrictions since the early days of last year. On top of that we have Russia saying one thing, where the other day they have changed their stance on crypto entirely, so there is basically nothing that grants people here factual information. Everything we see pop up is just vague information that more often than not turns out to be incorrect (i.e fud).

[seandiumx20]

http://www.bi.go.id/id/ruang-media/siaran-pers/Pages/sp_200418.aspx    


https://translate.google.com/translate?sl=id&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.bi.go.id%2Fid%2Fruang-media%2Fsiaran-pers%2FPages%2Fsp_200418.aspx&edit-text=

This is impossible, We all know that bitcoin and some of the altcoins are decentralized, meaning it can't be controlled by any government or hierarchies. The only thing that they can do is to prohibit all transactions in some banks or remittance centers that is related with bitcoin. This kind of issue also happened in my country, that's why I'm very worried  to make a bitcoin transactions.

[bismillahi]

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.

[Bigpiggy01]

Oh, the FUD.

Law and regulations have to be gazeted in Indonesia and that hasn't happened yet. So sure they want to prohibit bitcoin to some extent at the federal level but that means very little when it comes down to it. All enforcement etc is supposed to be at a local level there and this is not something they can realistically handle.

[Thadeous]

Yup, thats correct. The government will not seized your precious cryptos, just keep it but you cannot encash it. I guess this is temporary, but if you want to encash your bitcoin. You can trade it with paypal in this forum.

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

For government it's almost impossible to track Crypto owners nowadays.
All they can is to track huge amounts of power consumption and confiscate mining hardware.

If that is the case how come the US authorities were able to arrest Alexander Vinnik for the theft of the bitcoins from Mt Gox in the first place. Bitcoin isn't as anonymous as we were previously taught to believe and i think it was one of the reason why bitmixer stopped their services.

One thing (price/time) is to track a criminal with the help of intelligence and special services and absolutely another one is to list all Crypto holders among country citizens! As I mentioned, today such efforts are not affordable for any government, at least for the next 5-10 years.

[CornHub]

They have to rethink about Bitcoin and Crypto Currencies as a lot of people involved in making money from Bitcoin. Banning will surely make their livelihood disappointment.
It is not good decision for them banning is not the solution to make something in country.

Recently south Korea also banned the one of the biggest Korean exchange which contains 5% of the total bitcoins circulating around the world. We saw a dip in prices but it was not for long and price again begin to increase. The point to note here is that bitcoin is becoming a major digital currency and banning one country or one exchange wont have much impact on the total usage all around the world.

Is it critical for bitcoin now ? and the 5% of bitcoin is there, does it really dont affect the circulation ? i guess south korea misunderstood the blockchain technology and trading. Im wondering what will happen to the coins inside that exchange ? doea the korean government have a plan on it ?

[Apple Mac]

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

Then its just the same with that what do you think? Cause youvare beibg deprived in havining connection with this platform as well as having profit as well as the collection is prohibited then how you can still be profitable aside from going abroad? Of course theres no possible wayvtgat you can do it or else youll be inside the bars.

[drm]

It is to sad that so many countries prohibit bitcoin. They are losing a lot of good people, who will leave the county

Those countries will lose out themselves as they are staying away from crypto.
Until they see a ban is useless, and they will join the party late, but they will only have themselves to blame.

[datodota002]

what i see in thet articel is indonesian doesn't ban bitcoin the "Bank Indonesia" institution just warned indonesian people to not use it as payment. and they also warned to not trade buy or sell bitcoin, because can be use to do illegal thing like money loundry and corruption. they jast warned not banned.

[Davidbee]

This is not good news for the bitcoin community, where the Indonesian government will later regret what they are doing, missing a chance to participate in a future currency revolution.

[boled]

this will be more interesting, if there are representatives from the MENKOMINFO and KEMENKEU to joint in this thread, we can discuss openly... if anyone has a link to communicate with them (government representatives), please tell to them about this thread and invite representatives of them to get involved, I like this thread...

[Thadeous]

what i see in thet articel is indonesian doesn't ban bitcoin the "Bank Indonesia" institution just warned indonesian people to not use it as payment. and they also warned to not trade buy or sell bitcoin, because can be use to do illegal thing like money loundry and corruption. they jast warned not banned.

Right, and there is a certain sense in such warning.
Most of people still has no idea how to buy/sell Crypto, what are Crypto fees and how unstable Crypto exchange rates are.

[savushkinTA]

What does banning Bitcoin mean ? - Your country is closed to multi-million dollar exchange companies and thousands of related jobs. - Your country will not develop blockchain talent and will lag behind in that technology. - When you will think of reversing the policy you will be too late. - You create blackmarkets and pissed off attitude against government.

[ongels]

This is going to be worst to bitcoin holders, Hopefully the neighboring country will not follow banning of bitcoins in their respective areas, We are looking forward that somehow bitcoins will established good reputation to ones country, and may find proper regulation to avoid confusions in investing on it.

[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

[Thadeous]

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!  

[rain3798]

I think they has a point. It was really too risky because there is no authority, no administration and no leader which is needed especially if there's something happened with the money they are transacting, who are they going to ask about it?, who will be the one to fix if there was a problem with their money?. They were just thinking about the safety of the investors and the people so we cannot blame them, right?. They have their reason why they ended up to ban the digital crypto currency on their country.

[tophe15]

If this is real, it is a bad news . Bitcoin gave many people a chance to meet their needs and goals for life, maybe because the value of bitcoin is intriguing   for their own currency. Hope this is not real though even you gave some links that prohibits using bitcoin as an alternative payment.