Indonesian Ban - page 10. | Bitcointalksearch.org

khaled0111

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Quote from: BillCoin on October 27, 2017, 11:14:53 AM

It's a warning, it doesn't say anything about banning the use of bitcoin.
As we can see at the last words, it says " We see using bitcoin as a risk".
It's okay, most of the countries have announced that bitcoin is a risky investment, it doesn't mean that they have banned it, it just says that they want to give a warning to their people, but can't have a solid statement on the coin right now.

That's what i thought when i readed the thread, but after taking a look at the original article i found that OP forgot to quote the most important statement which is: "The head of Bank Indonesia, Indonesia’s central bank, has threatened action against bitcoin adopters if the cryptocurrency is used as a method of payment."
Bank Indonesia is threatening any one that accepts Bitcoin as payment method. Such statements will, for sure, have an impact on Bitcoin value.

hahay

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The government only ban bitcoin to be used of payment tool and the government does not ban to have bitcoin, so bitcoin can still be owned and the government only reminds us to remain cautious to use bitcoin of payment tool because according to the government bitcoin is still not safe and unfit for use of payment tool. I personally don't care if the government ban bitcoin just for payment tool, we are still allowed to own and store bitcoins.

liseff3

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The topic is very sinister than the fact.
I think it's unwise if the ban is said to be a threat.

while the title of www.cryptocoinsnews.com is "Bitcoin Banned as a Payment Method, Adopters Will be 'Dealt With': Indonesian Central Bank"

The purpose of the prohibition is as follows:
1. It is prohibited to use bitcoin as a method or means of payment, for example: we buy something and pay it using bitcoin directly (not rupiah).

2. BI will take action against the bitcoin adopters, for example: Stores, Supermarkets, Banks, Markets that serve the payments with bitcoin directly.

But, this prohibition I think doesn`t apply to bitcoiner Indonesia, because the means of payment used by bitcoiner is Rupiah (not bitcoin). The Rupiah is obtained from the sale of Bitcoin in the wallet-online, from the proceeds of the sale, bitcoiner transferred the amount of rupiah into a bank account and took it using ATM.

Fundalini

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It seems that Vietnam too has banned bitcoin as a mode of payment (link), but the good thing is they could still buy bitcoin and hold them until the ban gets lifted. But seriously, those guys need to realize that using fiat has risk too and that is no different than using bitcoin as payment.

dewi91

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Indonesia not ban bitcoin, Indonesia just not legalizing bitcoin but not mean bitcoin is illegal. bitcoin user in Indonesia still allowed to earn bitcoin and bitcoin users should accept all the consequences when they try to invest their money in bitcoin..

tevayo

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Indonesia became the latest country to ban the use of the Bitcoin virtual currency.Since its launch in January 2009, the digital currency has grown popular with those with doubts about using the traditional banking system. But there are also concerns that the system is being used for money laundering.“Bitcoin and other virtual currencies are neither currency nor legal payment tools in Indonesia. People are advised to be careful about Bitcoin and other virtual currencies,” the central bank said in a statement.

mOgliE

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Most countries prefer ignoring the mere fact that btc exist and are currently more and more used. Seems that in Indonesia, the government has made it an official statement but actually in general bitcoins are not really acknowledged, rather tolerated.

For the moment, bitcoins are quite linked with the deep/darkweb but as the use of this money gets larger, government will no longer be able to ignore it or even refuse it as means of payment!

megynacuna

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Quote from: Razick on October 30, 2017, 08:33:32 AM

What I get from this is not that the government necessarily wants to ban crypto in Indonesia, but the big players in banking and lobbyists are pushing to make it illegal to keep their monopoly on the finance sector. They do not want to see something like Bitcoin or another crypto take over their business like robots are doing to lower-class workers these days.

Ah, it makes sense now, it all boils down to greed and personal gains and that has been the problem of many around the world especially the corrupt guys who don't like competition and will fight tooth and nail to push their agenda at the expense of the masses.

Razick

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What I get from this is not that the government necessarily wants to ban crypto in Indonesia, but the big players in banking and lobbyists are pushing to make it illegal to keep their monopoly on the finance sector. They do not want to see something like Bitcoin or another crypto take over their business like robots are doing to lower-class workers these days.

Opquar

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That blows. At least they are not banning the use, just discouraging it. It is true that it is risky for non-tech savvy people. Maybe they just do not want their citizens to be victimized by scams. Those who are already using it can continue to do so.

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So anyway, I applied as a merit source :)

Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

Well this seems like just more FUD that has been coming up the last few months. I dont know which country will be next but seems like every other country is going to spread FUD about bitcoin. However they will accept it in future because fiat will not be able to run the economic needs to the people as the time passes. So then they will also swallow their words and accept bitcoin.

Quote from: Al Amin on October 29, 2017, 08:56:37 PM

I think that is not a ban, it's just BI doing its duty that official payment in Indonesia is using Rupiah, BI just want to give explanation To the citizens that they do not intervene on risk and negative impact of bitcoin

This may the case that the government wants people to be careful of their investments in the crypto market and that is why they released this article.

However I still a feeling this is just more FUD.

Chanock

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Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

Indonesia ban bitcoin as method of payment and they have a big reason that's why they take an action about this. Based on the news of CNN early of 2014 the central bank of Indonesia issue a public notice that giving warning to there own citizen to be careful in using virtual currencies as method of payment. Meaning since 2014 bitcoin is illegal currency including other crypto's in Indonesia and it is not valid currency of payment instrument in any transaction conducted of any person using bitcoin in Indonesia. These reason why Indonesian government keeping ban bitcoin and any crypto currencies is to protect there own legal currency and avoid unnecessary transaction through illegal activities in digital activities.

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Quote from: peter0425 on October 27, 2017, 01:03:03 PM

Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

I think they are not banning bitcoin or cryptocurrency per se. They are just giving its citizens a heads up regarding the risk of involvement in bitcoin. Each country has different policies regarding bitcoin and Indonesia seems to be on the gray area for now, but totally banning it just giving a warning to its constituents. So there's nothing to be afraid of from their declaration. So if you are a Indonesia, which I think there are a lot here, you don't need to worry from your government. They have given you fair warning about the risk involved, it is up to you if you are willing to take that risk or get out of the ecosystem system now.

Maybe the heads up they need to be giving us is the risk involved in holding fiats or their centralized currency. In so many countries, people have suffered from the government's hand based on the ways they have manipulated things, controlled the people and their standard of living and make the less privileged suffer for it. Well, the time is getting over for them and now, they should better start expecting so many things changing and start realizing that people are getting wiser by the day as we are going to take the power stolen from us a long time ago away from them.

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Quote from: Haynes on October 27, 2017, 10:34:47 AM

Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

all things are definitely risky but it should, I think Indonesia should have a foresight as well with this bitcoin. certainly should be able to follow the country that has legalized bitcoin and know the rules so as not to contain too much risk. so Indonesia is able to legalize bitcoin without thinking about the risks it carries.

First off, good article. I agree that there is definite risk in the bitcoin market, which is why, many governments and countries are very reluctant in including bitcoin in their market because of those risks. While other countries are pessimistic, others are optimistic as well and have already allowed bitcoins to penetrate their markets. I think it depends on the how a country views bitcoin usage and the advantages and disadvantages it can do to their own market systems.

Koro-Sensei

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Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

Well not every country really agree with bitcoins system or the idea of digital currency because i think it is a threat to them their being cautious and vigilant only because as you know bitcoin can be used in every transactions and it doesnt apply the term traced because it is anonymous. Theyre only preventing the mass damage or the crime acts as possible

Newtiy

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Indonesian seem to be the most active participants of any ICO.. So Indonesian ban might have quite advesary consequencies

rjbtc2017

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Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

They should have atleast given them time to convert their bitcoins into fiat if this law will be long term, they should refrain from using it for the meantime.

Quote from: trucdev88 on October 30, 2017, 02:15:44 AM

This decision of banning Bitcoin payments coming from the central bank has caused exchanges like Bitbayer and Toko Bitcoin to shutdown its operations. Bitbayer has officially announced that it will shutdown all its operations starting from the 1st of November and existing users are requested to withdraw all its funds by the closing of this month. Took Bitcoin too is said to have followed the same line of action like Bitbayer.

Glad to know that they will give time to withdraw all their funds. Let just wait, if a bigger country will be opened on Bitcoin and advertises it to other country, then Indonesia will surely think about their decision regarding Bitcoin.

EDIT:

Quote from: buwaytress on October 30, 2017, 05:14:31 AM

This has been brought up before. To clarify, nowhere in the statement does it actually say ban. What is prohibited is to accept is as payment. This is only natural, as has been the same, unchanging stance for the central bank since 2014. This is exactly the same as with neighbours Malaysia in the same year - both central banks are historically on the same page when it comes to digital currency. They had the exact position with e-gold a decade before this, and with Paypal years earlier.

All these positions have actually been the result of use by groups linked to pyramid/ponzi/hyip schemes who use these currencies/payment processors.

Since 2014, not a single action has been taken against those using the prohibited currencies for personal, OTC, or private transactions. All known exchanges are still operating today, and localbitcoins volume has not been affected.

So don't worry. If you aren't doing anything naughty, you're good.

Thank you for Clarification, then after all the Indonesian Government just doing nothing for their law? Therefore the Law is just for "person who used bitcoin on bad activities" ?

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Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

This has been brought up before. To clarify, nowhere in the statement does it actually say ban. What is prohibited is to accept is as payment. This is only natural, as has been the same, unchanging stance for the central bank since 2014. This is exactly the same as with neighbours Malaysia in the same year - both central banks are historically on the same page when it comes to digital currency. They had the exact position with e-gold a decade before this, and with Paypal years earlier.

All these positions have actually been the result of use by groups linked to pyramid/ponzi/hyip schemes who use these currencies/payment processors.

Since 2014, not a single action has been taken against those using the prohibited currencies for personal, OTC, or private transactions. All known exchanges are still operating today, and localbitcoins volume has not been affected.

So don't worry. If you aren't doing anything naughty, you're good.

lordquanta

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Quote from: hugeblack on October 27, 2017, 10:02:52 AM

Indonesia’s central bank, has threatened action against bitcoin and say

Quote

I must emphasize that BI does not see bitcoin as an official payment tool in Indonesia so all people should know not to use Bitcoin as a means of payment. There is a risk.

Source of news https://www.cryptocoinsnews.com/bitcoin-banned-payment-method-adopters-will-dealt-indonesian-central-bank/

No need to panic at least at this stage. Because the ban or warning is against the bitcoin being used as currency or mode of payment in the Indonesia. It does not mention that purchase, selling, holding of bitcoin as illegal. This gives a hope for people from the Indonesia that they could still use the bitcoin as tool or investment. Only problem is they might not be able to use bitcoin as mode of payment. It is ironic that Govt has banned a currency in a country from being used as mode of payment. However they have not made holding, purchasing, selling of currency as illegal.
Till bitcoin selling, purchasing, holding is not a crime is a country one can enjoy major benefit of it. Majority of People are not using bitcoin for payment, they are using it as investment.
So lets remain calm at this stage.

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Quote from: waynechong1995 on October 27, 2017, 01:09:18 PM

Not a great news, soon other similar third world countries would follow its steps to against cryptocurrency and it's very likely to happen in months or even weeks. What can we hope is their government would issue something more like a 'soft ban' rather like Bangladesh that jailing people from using it. Centralized decision are pretty selfish always, the richer would be always richer by restricting others to gain their own fortune, how difficult it is for their people to have another source of income legally without being harassed or live with pride? I think those with powers should regulate cryptocurrencies to prevent fake/scammy ICOs and embrace technology as whole, not going backwards with their monopoly business empire.

While it may have some influence on other countries, I don't think that there can be a trend for countries to ban Bitcoin and cryptocurrency. It is just a number game meaning that some will be open to Bitcoin and there would be some who are close-minded enough not to allow Bitcoin to enter their respective jurisdictions. And we have no choice but to respect these countries since they have the sovereignty of their own.

We have to remember that Indonesia is dominantly a Muslim country and I can sense that many of these countries are doubting and fearing as to what Bitcoin can do to their country since it is beyond their own control and influence once they let it come in. Maybe it is not yet time for Indonesia to be a part of the Bitcoin club and hopefully the right time can be coming in the future. Anyway, what is important for now is that Indonesia is not yet an influential part of Bitcoin and its rejection of Bitcoin will just be taken as an ordinary story.

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