Bank Indonesia has also expressed fears over the growing number of Indonesians who have been active in the Bitcoin world.
With or without the support of Bank Indonesia, I am sure that Indonesians who are interested in Bitcoin will be more and more, after what they get from Bitcoin
Topic: Indonesian Banks, Bitcoin Is Not A Valid Means Of Payment In Indonesia. (Read 205 times)
May 20, 2018, 01:33:18 AM
May 19, 2018, 06:14:31 PM
yes, the Indonesian government issued a regulation on the prohibition of payment transactions using bitcoin.
May 19, 2018, 06:00:00 PM
yes in indonesia bitcoin is illegal but just can not be used as a means of payment, to make it place to invest and earn income it is not prohibited
May 19, 2018, 04:15:43 PM
for now Indonesia has not legalized bitcoin as a digital currency. but indonesian people use bitcoin as an investment, or daily trading for profit, but i know some bali entertainment place accept payment by using bitcoin. did not rule out the future bitcoin will be legalized in Indonesia.
May 19, 2018, 03:58:32 PM
Indonesian banks are restricting and not accepting the bitcoin trading as well , not allowing the people to purchase bitcoin. Banks are telling it will cause money laundering and funds to terrorist. People are hoping govt will bank crypto in due course of time.
May 17, 2018, 05:47:55 AM
at this day and age when a lot of big countries are adopting bitcoin and are considering it as a legal way of payment, if some random country decides to do something else in the opposite direction that would be like shooting themselves in the foot!
and that is what Indonesia is doing, they are preventing their advancement and falling behind in the wold of technology and cryptocurrency adoption. and that would just make things harder for their people, they won't stop using bitcoin anyways.
and that is what Indonesia is doing, they are preventing their advancement and falling behind in the wold of technology and cryptocurrency adoption. and that would just make things harder for their people, they won't stop using bitcoin anyways.
your opinion is right, the Indonesian state refused technological progress of the future, I myself from Indonesia, the members of the government still have not accepted the existence of technology that will develop in the future, they are not aware that technology can not be damaged, in Indonesia alone the government forbids the use of bitcoin in system of direct selling and purchase but not prohibit if only to be traded in the market,
on the one hand the government forbids and on the one hand its community uses its existence (bitcoin / altcoin) to another
May 17, 2018, 04:58:54 AM
i believe on what dothebeats said there is no formal letter that saying bitcoin is illegal on the country of India. not just money laundering and also because all of the possible illegal transactions that may cause, because of just what you said there are a lot of people on India are using bitcoin. They are studying bitcoin very carefully on how will they add taxes too and implement things beyond their control.
So, what is this ban? If you read the RBI circular, they have never used the words "ban" pertaining to bitcoins. It has only prevented any organisation regulated by the central bank to deal with businesses that have anything to do with crypto currencies. Practically, this means banks will have to stop deposits and withdrawals to and from Indian rupee on crypto currency exchanges. This news spread widely and was seen as a “ban on bitcoin”.
Read more at:
//economictimes.indiatimes.com/articleshow/64191614.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
So, what is this ban? If you read the RBI circular, they have never used the words "ban" pertaining to bitcoins. It has only prevented any organisation regulated by the central bank to deal with businesses that have anything to do with crypto currencies. Practically, this means banks will have to stop deposits and withdrawals to and from Indian rupee on crypto currency exchanges. This news spread widely and was seen as a “ban on bitcoin”.
Read more at:
//economictimes.indiatimes.com/articleshow/64191614.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
May 17, 2018, 04:20:53 AM
although Indonesian banks have not yet acknowledged bitcoin and still prohibit users that bitcoin is not a valid means of payment in Indonesia, it will not stop bitcoin users in Indonesia. because already too many bitcoin users even looking for income through bitcoin. how opinion exists
You are right and many Indonesians are currently looking for income through bitcoin.in Indonesia alone uses only legitimate money to transact and refuse once with transactions using bitcoin for different reasons than some government employees there.
April 13, 2018, 10:22:00 PM
In fact, now many developing countries do not admit the legal status of the bitcoin, they believe that investment in bitcoin will cause a market bubble, once the bubble blown up, it will destroy a lot of investors, and most of investors are not much rich. once they loss their money which carrys their dreams and hope, it will cause a series of social unrest.
March 24, 2018, 08:03:06 AM
One of the reasons the banning of the bitcoin (blockchain system) in each country is a concern of the government about the development of bitcoin a potentially lethal local bank for a conventional.
yeah i agree, also i heard before the indonesian bank is currently develop blockchain with digital rupiah as a payment method. means that rupiah will adapt the blockchain system without bitcoin intervene.
March 24, 2018, 07:44:00 AM
It’s unfortunate. Not just Indonesia, few more countries have imposed little bit restriction on it in some form. But that doesn’t make it illegal either. It won’t take much time for Governments to understand Crypto fully and release all the restrictions.
March 23, 2018, 07:55:03 PM
One of the reasons the banning of the bitcoin (blockchain system) in each country is a concern of the government about the development of bitcoin a potentially lethal local bank for a conventional.
March 23, 2018, 07:49:33 PM
Not only in Indonesia, in other countries I think that prohibits bitcoin also the same, because everyone has the right to invest money wherever. the bank has no power to ban completely. banks have only been panicked by the rapidly expanding digital currency technology while still maintaining the paper.
I think it's only because of the goverments , actually there are so many residents already accepted the appearence of Bitcoin but the only barrier left is the prohibitions of goverments on Bitcoin.I think they never gonna let Bitcoin free in their country unless goverments are going to disappear.
March 23, 2018, 07:25:56 PM
Not only in Indonesia, in other countries I think that prohibits bitcoin also the same, because everyone has the right to invest money wherever. the bank has no power to ban completely. banks have only been panicked by the rapidly expanding digital currency technology while still maintaining the paper.
March 23, 2018, 07:19:58 PM
Yes I think some people now rely on bitcoin to become the source of living, the unemployment rate in Indonesia is quite high so btc could help some family to survive, for now btc still not yet being accepted but in the future I think it can be adopted, the President of Indonesia had spoken that the country need to prepare of btc implementation because in the future there will be more crypto currencies usage
March 23, 2018, 07:06:21 PM
now many developing countries do not admit the legal status of the bitcoin, they believe that investment in bitcoin will cause a market bubble, once the bubble blown up, it will destroy a lot of investors, and most of investors are not much rich. once they loss their money which carrys their dreams and hope. But this misconception will be cleared very soon.
In addition, most governments are worried about the misuse of bitcoin as a crime tool, for example for terrorist financing, drug trafficking, illegal weapons, etc. And they do not have full control to prevent that.Banning them is just a temporary solution for them and i do think they're planning to wipe Bitcoin out.
March 23, 2018, 06:25:51 PM
now many developing countries do not admit the legal status of the bitcoin, they believe that investment in bitcoin will cause a market bubble, once the bubble blown up, it will destroy a lot of investors, and most of investors are not much rich. once they loss their money which carrys their dreams and hope. But this misconception will be cleared very soon.
In addition, most governments are worried about the misuse of bitcoin as a crime tool, for example for terrorist financing, drug trafficking, illegal weapons, etc. And they do not have full control to prevent that. 
March 23, 2018, 03:56:45 PM
although Indonesian banks have not yet acknowledged bitcoin and still prohibit users that bitcoin is not a valid means of payment in Indonesia, it will not stop bitcoin users in Indonesia. because already too many bitcoin users even looking for income through bitcoin. how opinion exists
Not only Indonesia, this is the situation globally bro. We should not worry about that at all bro. You need to find the bitcoin has been implemented all the world countries with in 10 years for sure bro. There are very few world corporates only against the crypto currency emerging.
So we need to worry about this at all. I have few friends from Indonesia. Still they does not have any issue on exchanging cryptos into fiat cash buddy.
March 23, 2018, 03:52:00 PM
banks dont bitcoin and bitcoin doesnt need banks.. thats the whole point of bitcoin
let the banks just hold and transfer fiat between people that want fiat.
its like asking why dont american banks allow euro to be withdrawn from american ATMS.
because american banks by laws and policies only handle dollars. this does not mean euros are illegal in america, it just means that you need to go to a bureau de change to get euros.
And that is a sovereignty in the prevailing financial system in a country. That is not a problem, as long as the ownership of the cryptocurrency assets is not prohibited, and as good citizens must also obey the rules by not making the payment process using cryptocurrency, especially in Indonesia only allowed to use rupiah. let the banks just hold and transfer fiat between people that want fiat.
its like asking why dont american banks allow euro to be withdrawn from american ATMS.
because american banks by laws and policies only handle dollars. this does not mean euros are illegal in america, it just means that you need to go to a bureau de change to get euros.
March 23, 2018, 03:50:17 PM
The head of the Central Bank of Indonesia, threatens with actions against bitcoin supporters, if the crypto currency will be used as a method of payment.
In early 2014, the country's central bank issued a public notice stating that citizens should be careful with the use of virtual currencies. "The Bank of Indonesia states that bitcoin and other virtual currency are not valid currency or payment instruments in Indonesia," the bank's statement said at the time.
Head of the Bank of Indonesia Agus Martovardoggio confirmed the position of the financial regulator that bitcoin is not a legal method of payment in the country.
In early 2014, the country's central bank issued a public notice stating that citizens should be careful with the use of virtual currencies. "The Bank of Indonesia states that bitcoin and other virtual currency are not valid currency or payment instruments in Indonesia," the bank's statement said at the time.
Head of the Bank of Indonesia Agus Martovardoggio confirmed the position of the financial regulator that bitcoin is not a legal method of payment in the country.
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