Is Bitcoin illegal in Indonesia | Bitcointalksearch.org

Manlikefrank1

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Quote from: KryptoCGN on June 18, 2018, 05:55:50 AM

Hey

Iam currently studying on Bali (Indonesia). I thinking about buying some new bitcoins or altcoins.
But i cant find clear statements about the legal situation in this country.
So is it possible to buy bitcoin here ? Or is it illegal and it is dangerous to buy it here ?

Thank you for your answers! I will reply in about a hour.

Omo as of my last update in 2022, Bitcoin and other cryptocurrencies are not illegal in Indonesia. However, the Indonesian government has imposed certain restrictions and regulations on their usage and trading. It's always a good idea to check for any recent updates or changes in regulations regarding cryptocurrencies in Indonesia.but it can bought in fait rate in their currency and be sold but not use a major exchange in the market.

It is also worth knowing that bitcoin is a decentralized digital currency which simply means that, it can’t be controlled by a centralized system and as such it can still be bought through some p2p which most exchanges offer now, and all you have to do is look for a reliable exchange in Indonesia, and try using their p2p services and that’s all. When engaging in this p2p we should be careful of any thing third party in this situation because of security issues and all that.

zasad@

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Quote from: dansus021 on February 28, 2024, 09:34:44 PM

Quote from: zasad@ on February 21, 2024, 11:56:25 AM

I was talking about exchanging USDT for cash
https://www.bestchange.ru/tether-trc20-to-dollar-cash-in-bali.html
There are many Russian exchangers in Bali that will exchange your USDT for dollars with a discount of 1.1-4%. I saw a very big discount in exchange offices in India, but in Bali the rates are quite good.

Are you talking like a real cash fiat ?

If so to be honest I never exchange crypto direct into fiat but you might tried it and I actually didn't ever tried the Bestchange. I usually go to Binance Bybit and OKX to withdraw my crypto into fiat via P2P

I'm talking about fiat. "Cash is king"!(C)

P2P are bank transfers that will forever remain in your transaction history.
And Bali is a very small island, and if you need cash, then you can come to the office and safely exchange cryptocurrency for cash. I know that Russians mostly work illegally and no one will ask you for documents during the exchange

dansus021

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Part of AOBT - English Translator to Indonesia

Quote from: zasad@ on February 21, 2024, 11:56:25 AM

I was talking about exchanging USDT for cash
https://www.bestchange.ru/tether-trc20-to-dollar-cash-in-bali.html
There are many Russian exchangers in Bali that will exchange your USDT for dollars with a discount of 1.1-4%. I saw a very big discount in exchange offices in India, but in Bali the rates are quite good.

Are you talking like a real cash fiat ?

If so to be honest I never exchange crypto direct into fiat but you might tried it and I actually didn't ever tried the Bestchange. I usually go to Binance Bybit and OKX to withdraw my crypto into fiat via P2P

zasad@

legendary

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Quote from: dansus021 on February 19, 2024, 12:46:48 AM

Quote from: zasad@ on February 18, 2024, 06:57:55 AM

How do I exchange for cash?
I heard that Russian tourists easily exchange cryptocurrencies for cash in Indonesia and live there on the income they receive in cryptocurrencies.
Exchange rates in such exchangers may be 10-20% less than on the stock exchange, but everything is anonymous.

From the Centralized Exchange tho there is always a method like using the P2P but the rate might be different. I actually rarely use P2P outside the centralized exchange but I think there is one or two sites or people who do transition using this way.

Maybe those Russian tourists using p2p from the CEx and withdraw it without a problem and the only problem is they should make an Indonesia bank account but here creating an account is easy without going to the bank.

I also heard that Indonesian citizens who study in Russia also use Cryptocurrency to do fiat cross exchange maybe because Swift is blocked by I'm not really sure.

I was talking about exchanging USDT for cash
https://www.bestchange.ru/tether-trc20-to-dollar-cash-in-bali.html
There are many Russian exchangers in Bali that will exchange your USDT for dollars with a discount of 1.1-4%. I saw a very big discount in exchange offices in India, but in Bali the rates are quite good.

dansus021

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Part of AOBT - English Translator to Indonesia

Quote from: zasad@ on February 18, 2024, 06:57:55 AM

How do I exchange for cash?
I heard that Russian tourists easily exchange cryptocurrencies for cash in Indonesia and live there on the income they receive in cryptocurrencies.
Exchange rates in such exchangers may be 10-20% less than on the stock exchange, but everything is anonymous.

From the Centralized Exchange tho there is always a method like using the P2P but the rate might be different. I actually rarely use P2P outside the centralized exchange but I think there is one or two sites or people who do transition using this way.

Maybe those Russian tourists using p2p from the CEx and withdraw it without a problem and the only problem is they should make an Indonesia bank account but here creating an account is easy without going to the bank.

I also heard that Indonesian citizens who study in Russia also use Cryptocurrency to do fiat cross exchange maybe because Swift is blocked by I'm not really sure.

zasad@

legendary

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Quote from: dansus021 on February 17, 2024, 09:40:06 PM

I am from Indonesia and yes Bitcoin and other alternative cryptocurrencies here is legal as long you buy it from the centralized exchange that has licensed to operate like indodax.com tokocrypto.com and etc.

Tho this is an old thread I don't know who just bumped to this thread but if you guys want to buy just buy guys they are legal unless you are gonna use it as payment which is illegal for payment.

How do I exchange for cash?
I heard that Russian tourists easily exchange cryptocurrencies for cash in Indonesia and live there on the income they receive in cryptocurrencies.
Exchange rates in such exchangers may be 10-20% less than on the stock exchange, but everything is anonymous.

Solidized

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I think Bitcoin can be bought and sell when ever you wish to and then convert it to the country legal currency so it can be used effectively to purchase goods and services.

dansus021

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Part of AOBT - English Translator to Indonesia

I am from Indonesia and yes Bitcoin and other alternative cryptocurrencies here is legal as long you buy it from the centralized exchange that has licensed to operate like indodax.com tokocrypto.com and etc.

Tho this is an old thread I don't know who just bumped to this thread but if you guys want to buy just buy guys they are legal unless you are gonna use it as payment which is illegal for payment.

zasad@

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https://www.coindesk.com/policy/2024/02/14/indonesia-picks-crypto-friendly-team-in-presidential-election/
Indonesia Picks Crypto-Friendly Team in Presidential Election
"During the presidential campaign, vice-presidential candidate Gibran discussed crypto and blockchain as a means to expand job opportunities for the country’s younger generation.
Former defense minister Prabowo Subianto and his pro-crypto running mate, Gibran Rakabuming Raka, have seemingly come out on top as the country’s next president and vice president."

IQnawaz123

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Bitcoin is legal in Indonesia. First of all, you need to register by app or exchange and complete a Know Your Customer(KYC) process.

YOSHIE

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Quote from: KryptoCGN on June 18, 2018, 05:55:50 AM

Thank you for your answers! I will reply in about a hour.

Need to be noted.

Bitcoin in indonesia is neither illegal nor legal, understand what i mean, just like other countries, but in indonesia it is ruled to allow some crypto exchanges there, by the government (Bappebti), what's more, Bali, it's the center of Bitcoin trading, it's impossible, if you go to Bali it's hard to find cryoto/Bitcoin.

If you are from foreign country/Tourist, if you want to do Crypto exchange especially Bitcoin.
You look for this address, there you can make crypto to fiat transactions, because you don't have local bank books and local crypto exchanges.

Quote

NAKULA BALI
Address : Jl. Nakula No. 88 B Legian, Kuta, Badung Regency, Bali 80361
for the office it is next to the Pork star restaurant and 3.4 KM from the stones hotel legian bali
Opening hours :
09.00 WITA – 18.00 WITA (Monday-Saturday).

UBUD BALI
Address : Jl. Sukma No. 09, Ubud, Bali 80571
Office Opening Hours : 09:00 WITA – 18:00 WITA (Monday-Friday)
As of November 14 2018 moved to : Blockchain Zoo Building.

If you have found the office post it here.

Or you can also contact the community in this forum on the local Indonesian board, ask there they will help you cash out your Bitcoin into Rupiah or dollars.

aylisrg

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Interesting how it works, because in Jakarta there is at least one BTC ATM

First proof
https://bitcoinatmmap.com/listing/bitcoin-atm-in-jakarta-at-ratu-plaza-general-bytes-by-coinunited-io/

Second
https://coinatmradar.com/bitcoin_atm/25672/bitcoin-atm-general-bytes-jakarta-ratu-plaza/

ompoetra

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There is a Prohibition by Bank Indonesia (BI) aimed at financial technology-based service providers including e-commerce so as not to receive bitcoin.Processing of virtual currency is also prohibited. In the context of payment systems, bitcoin is not a valid means of payment in Indonesia. Maybe bitcoin planning will be used in Indonesia, the future of blockchain transaction I think is very good in the future.

bitcad4u

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Their is nothing to worry about the bitcoin legality in your country.Only thing is you can't use bitcoin as a payment.But it very easy to use it as an asset.Lke a gold,silver and diamond,you can use bitcoin to inverse your money.When you need money ,you can convert the bitcoin into the using FIAT.

Kemarit

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Quote from: DeadCoin on June 23, 2018, 03:42:54 AM

I also heard the news that Indonesia government announced bitcoin as illegal in their country. Because they afraid if they accept people can misuse the bitcoin money. They used for illegal purpose, it cannot be controlled by the government. May be in future it will be legalized by the Indonesia government. Due to many countries now legalized bitcoin this will make effect in other countries also.

As @krishnapramod said in the previous post, Indonesia already legalizes bitcoin trading (as a commodity). So it can freely be traded, but its maybe subject to regulations in the future. Of course, bitcoin being used for illegal purposes blah blah is one of the arguments of nation around the world who decided to ban or go against bitcoin. Yes, there was a crackdown earlier this year, specially around Bali wherein a lot of tourist go and might be bringing bitcoins with them that's why its the first place to be put on the list. So the news that Indonesian commodity futures watchdog legalizing crypto trading is very positive.

DeadCoin

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★ Investor | Trader | Promoter

I also heard the news that Indonesia government announced bitcoin as illegal in their country. Because they afraid if they accept people can misuse the bitcoin money. They used for illegal purpose, it cannot be controlled by the government. May be in future it will be legalized by the Indonesia government. Due to many countries now legalized bitcoin this will make effect in other countries also.

Claudyah

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some sources I read about some legalized countries and those that do not legalize bitcoin there are Indonesian states that they reject the existence of bitcoin they are most likely afraid of some risks that arise when bitcoin is legalized.

richminded

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Quote from: detector on June 20, 2018, 02:03:30 PM

Their government forbid bitcoin usage but it's still not against the law because they are not make any legal regulation yet.
So you can use bitcoin but with your own risk if in case, you got scam , Indonesian's law can't do anything to help you out !

No final decision yet with regards to the legality of bitcoin in Indonesia and maybe they just really want to warn their own citizen about investing with bitcoin. They believe that using bitcoin for online transactions is quiet not acceptable because of its risk though bitcoin investment is still on-going so meaning its not ban.

ahmad21

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Although Bitcoin has been declared an illegal payment and transaction instrument in the country, the government is still considering the cryptocurrency's use as an investment instrument, the Trade Ministry's Futures Exchange Supervisory Board (Bappebti) has said. “Using Bitcoin as a payment instrument is prohibited, but how about using it as an investment instrument? Is this allowed or not?” Bappebti head Bachrul Chairi said on Tuesday in Jakarta, as reported by kompas.com.

(Source: http://www.thejakartapost.com/news/2018/01/24/indonesia-studying-bitcoins-use-in-investment-official.html )

It is pretty much clear from the ongoing discussion that in Indonesia they consider bitcoin as a commodity rather than a digital asset. but there is no regulation in the country regarding the ban on using bitcoin as an investment instrument. So citizens there are free to use bitcoin as a means of investment opportunities.

jseverson

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Quote from: detector on June 20, 2018, 02:03:30 PM

Their government forbid bitcoin usage but it's still not against the law because they are not make any legal regulation yet.

Not true. Refer to this quote and article:

Quote from: http://www.nortonrosefulbright.com/knowledge/publications/129361/new-regulation-restricts-foreign-currency-use-in-indonesia

...a requirement to use Indonesian Rupiah for a broad range of non-cash transactions, including transactions using electronic payments or bank transfers.

And another article: https://www.wsj.com/articles/indonesia-bans-foreign-currencies-in-domestic-transactions-1435658477

It's not that they're banning Bitcoin, specifically, to be used as currency. They don't allow anyone to accept anything other than their local currency. You probably won't get in trouble by trying to pay in Bitcoin, but accepting it as payment is a different story.

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