Indonesia blocks Polymarket after bets on president’s exit

[DPHOR]

It is very sad to see know that the rate at which more countries are banning this predictions market and, after I have a deep thought about this gambling site it's assumed that they are not operating as other gambling site and instead they exonerated themselves from being a gambling site. Whereas the entire people are seeing them to be gambling site while they have the claims of just being a predictions market. I believe with time they could face more restrictions and bans.

[Satofan44]

Indonesia’s Ministry of Communication and Digital Affairs (Komdigi) announced the block on Friday, describing Polymarket as an “online gambling site disguised as a prediction market.

Yiu can read about it on https://cointelegraph.com/news/indonesia-blocks-polymarket-bets-presidents-exit

Is there any topic about this? The last I remember was South Korea after I brother India.

I guess more countries will ban Polymarket.

But will people in these countries will not continue to use the site because it has no KYC?

When bans are made for stupid reasons then people should absolutely bypass them if they want to, so I do not see why anyone would not access it if they wanted to. Remember, these kinds of measures even when they are done for biased reasons tend to work on the average mass of people. These days you still have huge numbers of people who do not even have an ad blocker nor an VPN, and that is really a big sign of low intelligence and education. It will work against those people.

It is very sad to see know that the rate at which more countries are banning this predictions market and, after I have a deep thought about this gambling site it's assumed that they are not operating as other gambling site and instead they exonerated themselves from being a gambling site. Whereas the entire people are seeing them to be gambling site while they have the claims of just being a predictions market. I believe with time they could face more restrictions and bans.

It only depends on the laws and regulations of countries in terms of what it actually is, not what people based on their biases believe or don't believe. Therefore, it could be ruled as gambling in one country and not as gambling in another. The important thing is that they adjust these markets in order to disallow certain kind of proxy-betting which is just pure gambling with extra steps, such as sports events. That can help them stay away from regulations relating to gambling.

[Wakate]

It is very sad to see know that the rate at which more countries are banning this predictions market and, after I have a deep thought about this gambling site it's assumed that they are not operating as other gambling site and instead they exonerated themselves from being a gambling site. Whereas the entire people are seeing them to be gambling site while they have the claims of just being a predictions market. I believe with time they could face more restrictions and bans.

Why will polymarket place a betting option on the president exit? This is very wrong and unacceptable and I think the government need to regulate this company on the kind of options they need to make available on their platform.
If the government failed to regulate the polymarket, this will need to more options that will be unveiled and can cause conflicts.

[Rashlyowl]

But will people in these countries will not continue to use the site because it has no KYC?

Even though Polymarket is officially blocked, that hasn't stopped people from our country from using it. Interestingly, regardless of the reasoning, Polymarket actually has to be blocked in our country, as gambling is not legal here. Well, it's complicated, considering the actual status of illegal gambling in our country, the site is officially blocked, yet people here still use it to this day.

[junder]

It only depends on the laws and regulations of countries in terms of what it actually is, not what people based on their biases believe or don't believe. Therefore, it could be ruled as gambling in one country and not as gambling in another. The important thing is that they adjust these markets in order to disallow certain kind of proxy-betting which is just pure gambling with extra steps, such as sports events. That can help them stay away from regulations relating to gambling.

It makes sense with what you say that maybe it is considered gambling so there is a blocking done, but on the other hand gambling in indonesia is clearly prohibited but the fact is that there are still many people who do it even the number of addictions is quite high, I think the legal system in the country is not good, or even bad.

And if you look at it from the exact same side or similar, there are actually many games that can be considered as gambling, but basically it's not gambling.

[maydna]

People will still continue to use the site and place their bet. The government can block Polymarket and other online gambling games but they can't stop people from betting unless people do that alone.

It is no surprise if more governments will block or ban Polymarket because they will thinks that Polymarket similar to online gambling than prediction market.

If Polymarket doesn't open a bet related to the government, perhaps no complaint or suspicion to them so hope Polymarket can learn from this.

[bangjoe]

My friend to this day uses Polymarket even though in our country it has been banned, especially at this World Cup moment he has a favorite team that to this day still continues his struggle and my friend continues to bet on Polymarket.
The ban will have no effect on those who know the way, with so much access that can be done to avoid blocking, the government will not be able to do anything to those who can still access it.

But usually money from gambling Indonesian gamblers do not directly enter it into the local exchange to be exchanged into local fiat, but they play it first or use a mixer, because if careless directly enter it into the local exchange account when detected by them our funds can be frozen even the account is blocked.

[coinrifft]

It is very sad to see know that the rate at which more countries are banning this predictions market and, after I have a deep thought about this gambling site it's assumed that they are not operating as other gambling site and instead they exonerated themselves from being a gambling site. Whereas the entire people are seeing them to be gambling site while they have the claims of just being a predictions market. I believe with time they could face more restrictions and bans.

They are still consider as a gambling site as it involves money. They are just masking about being a "prediction" market as it involves everything including politics and other world events. And probably this is the thin line that they are walking.

As many countries doesn't like what they are promoting in the first place. It's gambling++, so in any case, they are treated as something that every nation frown upon that's why they are going to have a blanket ban.

[Don Pedro Dinero]

They are still consider as a gambling site as it involves money. They are just masking about being a "prediction" market as it involves everything including politics and other world events. And probably this is the thin line that they are walking.

As many countries doesn't like what they are promoting in the first place. It's gambling++, so in any case, they are treated as something that every nation frown upon that's why they are going to have a blanket ban.

They have been hiding behind a legal loophole until now, but they do not have much time left. It is only a matter of time before country-specific bans continue and they are forced to cease operations or submit to strict regulations similar to those imposed on casinos, the latter being the more likely outcome.

[Italian Panic]

To me, this seems, on the whole, a very serious move from the point of view of democratic freedom of expression. It is certainly the case that if large sums of money start changing hands on certain types of bets, it could happen that someone in a position of influence places a bet and make pressure to ensure that certain events take place. These days, there is no longer any ethics involved in making money; it’s all about making money at any cost.

[Johnlomape]

To me, this seems, on the whole, a very serious move from the point of view of democratic freedom of expression. It is certainly the case that if large sums of money start changing hands on certain types of bets, it could happen that someone in a position of influence places a bet and make pressure to ensure that certain events take place. These days, there is no longer any ethics involved in making money; it’s all about making money at any cost.

Making money can be political these days and for the sake of democracy, we should not allow this kind of bet to resurface that can make people to send a propaganda that will cause for the removal of the president. Polymarket should not have added this kind of bet to their platform as options for gamblers because it can lead to a civil war or serious conflicts.
It is preferable for the ban on polymarket to reduce the possibility of this kind of bet resurfacing again. It is the duty of the government to protect lives and properties through the security force.

[Perfectbaby]

My friend to this day uses Polymarket even though in our country it has been banned, especially at this World Cup moment he has a favorite team that to this day still continues his struggle and my friend continues to bet on Polymarket.
The ban will have no effect on those who know the way, with so much access that can be done to avoid blocking, the government will not be able to do anything to those who can still access it.

But usually money from gambling Indonesian gamblers do not directly enter it into the local exchange to be exchanged into local fiat, but they play it first or use a mixer, because if careless directly enter it into the local exchange account when detected by them our funds can be frozen even the account is blocked.

What I also noticed is that when using mixer for that so that Government would have any trace on where and how they uses the prediction market, I wouldn't mind saying that their government do not put an adequate monitoring system that wouldn't allow them to access the gambling site or predictions market, especially polymarket and Kashi.

I could remembered back that, when working with a specific company, they installed a tracker on their company PC that was given to me where such device do not connect to any gambling site, and also do not connect in some site that gambling related or even some crypto sites aren't allowed because they had a strong security detector that wouldn't allows you to have access to some sites. So, if there government or governing body are so meaned to monitor every activity that is related to gambling you would see them having track anyone who have access the prediction market, more especially polymarket and Kashi.

[taufik123]

To me, this seems, on the whole, a very serious move from the point of view of democratic freedom of expression. It is certainly the case that if large sums of money start changing hands on certain types of bets, it could happen that someone in a position of influence places a bet and make pressure to ensure that certain events take place. These days, there is no longer any ethics involved in making money; it’s all about making money at any cost.

This is just about a rule and betting or some kind of gambling is prohibited in Indonesia, moreover what is at stake is about the President of Indonesia who prohibits gambling.
This is seen from the point of view of the impact that would have occurred if it had not been banned.

News spreads quickly and betting with Polymarket would be an amazing advertisement if it is not blocked and it is also about trying to make money from all fields, even on banned platforms.

[JunaidAzizi]

Yeah, a lot of countries ban the Polymarket site, like India, Brazil, and Spain, which blocked it recently. Meanwhile, France, Germany, Italy, and Singapore blocked it some time ago. Now, South Korea is reviewing the site, if they find any violations of the law, the government will directly ban it. But it doesn't stop usage. Polymarket follows a no KYC structure and operates entirely on crypto, which makes it hard for the government to control. Users will use VPNs to access the site, but now the site has introduced a new feature to track down those who use VPNs. If they are from a blocked country, they may be blocked or asked for KYC.

[OgNasty]

I do not like these prediction market bets on individuals.  It seems like only a matter of time before someone is murdered to win a polymarket bet.  I wish I could say it would never happen, but to be honest I am surprised it hasn't happened already.  I really hope that regulators are watching and using some common sense.  I've never been a regulatory guy, but prediction markets very obviously need it.

[Chinesebaby]

I do not like these prediction market bets on individuals.  It seems like only a matter of time before someone is murdered to win a polymarket bet.  I wish I could say it would never happen, but to be honest I am surprised it hasn't happened already.  I really hope that regulators are watching and using some common sense.  I've never been a regulatory guy, but prediction markets very obviously need it.

Yes, you equally have a very good point on what you just said above regarding it not being fair when Polymarket puts notable people on its platform to be bet on, because it's very possible since the bet which got the Indonesian government provoked was when it created an option for people to bet when it's president will leave office. And in situations like this, it's very possible that someone can just bet millions on the platform and then go hire an assassin to kill the president before the said date in other to win his bet, because as long as the president is dead, it simply means he is no longer in office, and by virtue of the bet, the person who predicted would probably have won. So it's actually a big issue the platform needs to work on seriously.

[Natalim]

But will people in these countries will not continue to use the site because it has no KYC?

Even though Polymarket is officially blocked, that hasn't stopped people from our country from using it. Interestingly, regardless of the reasoning, Polymarket actually has to be blocked in our country, as gambling is not legal here. Well, it's complicated, considering the actual status of illegal gambling in our country, the site is officially blocked, yet people here still use it to this day.

People continue to use Polymarket because its only the government that blocked the site, the Indonesian users have no intention to put an outright ban to it. Most especially that Polymarket create crypto-based transaction, then its easier for the users to bypass the local banks and its government.

However, having this capacity to continuously circumvent the restrictions isn't good in the long run. Indonesian users can still be put in jail and receive proper sanction and punishment if they illegally push through with Polymarket.

[Fortify]

Indonesia’s Ministry of Communication and Digital Affairs (Komdigi) announced the block on Friday, describing Polymarket as an “online gambling site disguised as a prediction market.

Yiu can read about it on https://cointelegraph.com/news/indonesia-blocks-polymarket-bets-presidents-exit

Is there any topic about this? The last I remember was South Korea after I brother India.

I guess more countries will ban Polymarket.

But will people in these countries will not continue to use the site because it has no KYC?

This seems like an inevitable outcome when you effectively start to involve yourself (or in this case your business) in the political affairs of a country while hiding behind an Uber type line of "decentralized prediction market" which is just a fancy way of saying "bookmaker" that already existed forever. Most bookmakers only allow very selective political betting on the biggest events around the world, like the next Prime Minister of the UK or which political party will be in power after the next US election - huge events that small bets are likely to have much impact on. However these prediction markets are allowing peer to peer betting in very niche markets which encourages unscrupulous behavior that could influence less mature political landscapes. They deserve some push back and regulation at last.

[knuckey]

Indeed, Polymarket is blocked in Indonesia because it is considered online gambling, which is actually YES, the prediction market is just a polite term, and I also consider Polymarket to be gambling, as long as the country has an internet connection, Polymarket will still be used by some people.

[DPHOR]

Indeed, Polymarket is blocked in Indonesia because it is considered online gambling, which is actually YES, the prediction market is just a polite term, and I also consider Polymarket to be gambling, as long as the country has an internet connection, Polymarket will still be used by some people.

If they have good governance then it shouldn't be functional anymore. But for a country like ours if it's banned then people around could search for an alternative to Still have access to the site.
For me I also see the polymarket to be a gambling site whereas others could see it as prediction market
In as much as there's tendency of winning and losing money it's considered gambling.