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Wednesday, 17 January 2018

Crackdown On CryptoCurrency Businesses Intensifies In Bali

Members of the cryptocurrency community in Bali shared the news of the imminent crackdown on Social media. There were warnings about Bank officials and Police authorities carrying out checks on the island.

The businesses checked and caught accepting Bitcoin could be suspended and the owners could be taken to court following the recent announcement.

The tourist island has been on the spotlight since the announcement of Bitcoin ban and prohibition. Ausman Zinal, the Bank of Indonesia's spokesman said that the transaction violated Law No. 7/2011 regulating currencies and their transactions in the country.


The ban has further been detailed in a dedicated bank regulation No. PBI: 19/12/PBI/2017 covering the use of Financial Technology.

Photo Credits: Shutterstock


The regulation states that any financial transaction should be carried out in the national currency, Rupiah.




The Central Bank also pointed out that BTC had no official regulation and that it posed a risk. Money laundering, terrorism and other nefarious activities were also cited as a side effect of using the virtual currency.



The restrictions had been known to Indonesians long before BI issued its ultimate warning to “not buy, sell, or trade virtual currency”. The crackdown clearly indicates that Jakarta meas business. But it raises questions as to what The fate of the businesses will be. Well, as for that Time will tell.




What are your thoughts? Do you think the Indonesian government will be able to crackdown on BTC and stop it's transactions? Please let us know your thoughts and yeah, subscribe to our newsletter and like our Facebook Page Mntrends Blog

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