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Bitcoin Cryptocurrency Banned And Under Increasing Scrutiny In Indonesia

Bitcoin Cryptocurrency Banned And Under Increasing Scrutiny In Indonesia

Bitcoin Cryptocurrency Banned And Under Increasing Scrutiny In Indonesia Bitcoin Cryptocurrency Banned And Under Increasing Scrutiny In Indonesia Bitcoin Use Is Banned And Under Scrutiny In Indonesian Island Of Bali The Indonesian authorities are investigating the use of bitcoin within the holiday island of Bali, amid warnings by the central bank in Southeast Asias biggest economy over the risks posed by bitcoin according to local report . This has placed the virtual currencies under increasing scrutiny. According to Causa Iman Karana, head of Bank Indonesias representative office in Bali: We found out from some postings on social media that Bali appeared to have become a haven for Bitcoin transactions. The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah. Indonesia had previously been reported as having significant local adoption of Bitcoin usage, however, recent reports show that the Indonesian government is trying to restrict the use of the digital currency. The risk of money laundering and criminal activity has led to the increasing scrutiny. According to Causa, the probe started after the Indonesian Central Bank on Dec. 7, 2017 issued a regulation banning the use of digital currencies in payment systems. He said: We found out from some postings on social media that Bali appeared to have become a haven for bitcoin transactions. Karana said that the Indonesian Central Bank officials and police went undercover at the end of 2017 to investigate scores of businesses in Bali advertising online that they offered bitcoin payment services. He stated that the team found two cafes still using bitco Continue reading >>

Begini Risiko Pakai Bitcoin Versi Bank Indonesia

Begini Risiko Pakai Bitcoin Versi Bank Indonesia

Begini Risiko Pakai Bitcoin Versi Bank Indonesia Ilustrasi Bitcoin (Liputan6.com/Andri Wiranuari) Liputan6.com, Jakarta - Bank Indonesia ( BI ) dengan tegas melarang penggunaan bitcoin dalam setiap transaksi di Indonesia. Salah satu faktor yaitu tingginya fluktuasi yang dimiliki bitcoin. Hal ini kemudian membuat Bank Indonesia menyisipkan penegasan mengenai pelarangan penggunaan bitcoin ini dalam dua Peraturan Bank Indonesia, yaitu PBI 18/40/PBI/2016 tentang Penyelenggaraan Pemrosesan Transaksi Pembayaran dan dalam PBI 19/12/PBI/2017 tentang Penyelenggaraan Teknologi Finansial. Direktur Eksekutif Pusat Program Transformasi Bank Indonesia (PPTBI) Onny Widjanarko membuktikan risiko bitcoin tersebut. "Risiko secara konvertibilitas itu tidak ada jaminan ditukarkan dengan fiat money, apalagi dengan volatilitas harga yang tinggi," kata Onny di Gedung Bank Indonesia, Senin (15/1/2018). BI: Kualitas Uang Beredar Lebih Baik pada 2017 Ia menyebutkan, saat ini bitcoin memang memiliki nilai paling tinggi di antara 1.400 virtual currency atau mata uang digital yang ada di dunia. Per satu bitcoin kini nilainya Rp 193,8 juta dengan kapitalisasi pasar mencapai US$ 240 miliar. Dari chart harga yang ditampilkan Onny, harga bitcoin yang disebutkan sebelumnya jauh berbeda jika dibandingkan dengan harga satu hari sebelumnya Rp 194,1 juta. Bahkan jika dibandingkan harga 13 Januari 2018, saat ini ada di Rp 203,7 juta. Tingginya fluktuasi harga tersebut karena nilainya ditentukan pada harapan penawaran dan permintaan di masa mendatang (spekulatif), Dari data tersebut menunjukkan fluktuasi harga bitcoin sangat berisiko. Hal inilah yang menyebabkan Bank Indonesia ( BI ) terus melarang penggunaan bitcoin tersebut. "Tidak hanya itu, bitcoin juga berrisiko terhadap stabilitas sistem keuangan apabi Continue reading >>

What Does Indonesia's Bitcoin Ban Mean For The Future Of The Cryptocurrency?

What Does Indonesia's Bitcoin Ban Mean For The Future Of The Cryptocurrency?

What Does Indonesia's Bitcoin Ban Mean For the Future of the Cryptocurrency? Photo credits: JasonParis and Zach Copley /Flickr CC License Bitcoin, the popular cryptocurrency, is the latest technology to face a ban in Indonesia after central bankers warned that it posed a threat to the stability of the national currency. The move, if enacted, would make Indonesia the second country in the region to ban Bitcoin after China announced plans to ban the currency in September. But how, exactly, do you ban an anonymous currency that lives as ones and zeros online? Bank Indonesia is starting with the transaction services. The central bank wants to ban any tech company, e-commerce site, or payment system that accepts Bitcoin as a valid payment in Indonesia. That means you can't use your Bitcoin wallet to buy a pizza or purchase airline tickets in Indonesia. The concern here is that Bitcoin could be used for money laundering or terrorism, according to central bank officials. They were also concerned that Bitcoin could destabilize the Rupiahone of the most-volatile currencies in Southeast Asia. We will ban financial technology, e-commerce, and payment system services company that use and process virtual currency," Agus Martowardojo, the director of Bank Indonesia, told the industry news site Tech in Asia . "We will also encourage companies not to work with any parties facilitating virtual currency transactions." But Bitcoin is more than a way to buy things in the real world. It's also an investment for traders and miners who don't mind the risk. The price of a single Bitcoin hit $11,000 USD last week , an insane level of growth considering that the cryptocurrency was worth a single US dollar when it was launched in 2010. So will Indonesia's nascent Bitcoin scene continue mining an Continue reading >>

Bitcoin Is Commodity, Not Payment Instrument: Bitcoin Indonesia

Bitcoin Is Commodity, Not Payment Instrument: Bitcoin Indonesia

Bitcoin is commodity, not payment instrument: Bitcoin Indonesia Jakarta |Fri, February 9, 2018 | 09:15 pm Gold-plated souvenir bitcoin coins are arranged for a photograph in London on Nov. 20. Bitcoin uses peer-to-peer technology to operate, with no central authority or bank involved. (AFP/Justin Tallis) Consultant from Bitcoin.co.id, or Bitcoin Indonesia, Nidya Rahmanita has said the company has run a marketplace business for the cryptocurrency and never declared bitcoin as a payment instrument. Since the beginning, we never treated bitcoin as a payment instrument because we hope that it would be recognized as a commodity, Nidya said in Jakarta on Thursday on the sidelines of a discussion on illegal transactions with bitcoin and the government control authority. She said Bitcoin Indonesia was still waiting for the regulation on bitcoins that is expected to be issued by Bank Indonesia and the Financial Service Authority. She denied that bitcoin transactions are totally uncontrollable or anonymous, saying that all members and users of Bitcoin.co.id could be tracked. We know the numbers of their bank accounts as well as their IP addresses. But because [Bitcoin] is unregulated, we cannot know who are the senders or recipients, she said as reported by tempo.co. Meanwhile, legal consultant for digital currency Robertus Ori Setianto said he disagreed that bitcoin should be treated as a payment instrument, but he did not reject it. He, however, agreed that there should be regulations for bitcoin and cryptocurrencies. Just let it be a toy. But, it should be regulated. We, however, have to think twice before treating it as a payment instrument, he added. Bank Indonesia had declared Bitcoin as an illegal payment and transaction instrument, but the Trade Ministry's Futures Exchan Continue reading >>

French Minister Bruno Le Marie Highlights Importance Of Bitcoin And Cryptocurrencies

French Minister Bruno Le Marie Highlights Importance Of Bitcoin And Cryptocurrencies

French Minister Bruno Le Marie Highlights Importance of Bitcoin and Cryptocurrencies Join our community of 10 000 traders on Hacked.com for just $39 per month. During this weeks G20 summit in Buenos Aires, Argentina, Frances minister of Finance Bruno Le Maire highlighted the importance bitcoin and cryptocurrencies may have in the worlds economy. Le Maire pointed out that France, along with Germany, called for cryptocurrencies to placed on G20s agenda. The minister revealed that France will start working on cryptocurrency regulations before the rest of the world, in a bid to put Europe at the forefront of the digital economy. As covered, G20 has called for cryptocurrency regulation recommendations by July this year, seemingly confirming rumblings of a crackdown on cryptocurrencies are out of the picture. Le Maire, like most of the worlds leaders, added that cryptocurrencies may be used in illicit activities, but noted that he firmly believes this technology is very positive for every country. For that to happen, however, we need to have regulations, and Europe will lead the process. According to a report published by Brazilian news outlet Criptomoedas Fcil , the minister didnt rule out the possibility of seeing central banks issue their own cryptocurrencies an idea thats been entertained by central bankers throughout the world. If these come, he implied, they will come after the sector is regulated. Le Maire notably pointed out he believes financial technology is crucial for the market to develop in the best possible way. Per his words, cryptocurrencies are a part of said development. He said (roughly translated): We agree that crypto-assets can be very interesting for everyone. And we obviously are in favor of blockchain technology, which can provide very good support Continue reading >>

Bitcoin | Situs Jual Beli Bitcoin Indonesia 2018 Terpercaya

Bitcoin | Situs Jual Beli Bitcoin Indonesia 2018 Terpercaya

Secara singkat bitcoin dapat diartikan sebagai sebuah uang elektronik/ virtual yang di ciptakan pada tahun 2009 oleh Satoshi Nakamoto. Nama tersebut juga dikaitkan dengan perangkat lunak sumber terbuka yang dia rancang, dan juga menggunakan jaringan peer-ke-peer tanpa penyimpanan terpusat atau administrator tunggal di mana Departemen Keuangan Amerika Serikat menyebut bitcoin sebuah mata uang yang terdesentralisasi. Perdagangan Jual Beli Bitcoin Indonesia 2018 Perdagangan Bitcoin itu sangat berbeda dengan trading forex karena dari istilah cara tradingnya sekalipun sudah berbeda. Perdagangan Bitcoin itu jauh lebih mirip jual beli barang online yaitu adanya BUY dan SELL. BUY artinya benar-benar membeli barang berupa Bitcoin dan SELL artinya benar-benar menjual barang berupa Bitcoin. Bitcoin market place adalah satu sistem yang dibuat oleh bitcoin indonesia yang dirancang untuk para pedagang bitcoin dapat menjual atau menukar bitcoin ke rupiah dan membeli bitcoin secara lebih mudah. Perkembangan Bitcoin di Indonesia terus menunjukkan sinyal positif. Hal ini ditunjukkan dengan kehadiran Bitcoin Marketplace di Indonesia. Meskipun demikian menurut Bank Indonesia (BI) menggunakan bitcoin sebagai alat pembayaran melanggar undang-undang. Namun menurut Oscar, kurang tepat kalau Bitcoin dikatakan melanggar undang-undang karena menurut mereka Bitcoin bukanlah mata uang sebagaimana yang diatur oleh undang-undang tersebut. Bitcoin lebih bersifat sebagai media transfer pada saat digunakan untuk transaksi. Transaksi terjadi berdasarkan sistem barter dengan nilai sekian rupiah. Oscar mengatakan mungkin emas internet adalah sebutan yang paling tepat untuk Bitcoin. "Makin dilarang, makin berkibar. Inilah ungkapan yang tepat dialamatkan ke mata uang virtual Bitcoin di Indonesia." Rekomenda Continue reading >>

Central Bank Of Indonesia Warns Against All Cryptocurrency Use, Cites High Risk

Central Bank Of Indonesia Warns Against All Cryptocurrency Use, Cites High Risk

Central Bank of Indonesia Warns Against All Cryptocurrency Use, Cites High Risk Bank Indonesia warns its citizens against all use of Bitcoin, citing security concerns and restating the illegitimacy of any digital currency within the country. Bank Indonesia issued a press release on Jan. 13, warning its citizens against the use of selling, buying or trading cryptocurrency and reiterating that virtual currency is not legitimate within Indonesia. This statement comes after the September reassertion that Bank Indonesia will not accept Bitcoin (BTC) as payment, leading to the voluntary closure of two Indonesian-based crypto exchanges, BitBayar and TokoBitcoin. Bank Indonesia cites concerns over potential use in money laundering and funding terrorism as reasons behind their anti-cryptocurrency campaign: Virtual currencies are vulnerable to bubble risks and susceptible to be used for money laundering and terrorism financing, therefore can potentially impact financial system stability and cause financial harm to society. While there is no official ban on Bitcoin within the country, per Wikipedia , the press release forbidding all activity relating to cryptocurrency takes a harsher tone than previous statements that merely advised citizens to be careful around Bitcoin. Algerias government has also taken steps towards a crypto ban , with reports that the 2018 Finance Bill will make Bitcoin ownership and trading illegal within the country. In early January, Egypts top Religious Official, Grand Mufti Shawki Allam, declared Bitcoin unlawful according to Sharia law citing concerns about money laundering and terrorism funding as well. Continue reading >>

Bitcoin Indonesia (@bitcoincoid) | Twitter

Bitcoin Indonesia (@bitcoincoid) | Twitter

Pending Pending follow request from @bitcoincoid Cancel Cancel your follow request to @bitcoincoid Are you sure you want to view these Tweets? Viewing Tweets won't unblock @bitcoincoid When they do, their Tweets will show up here. You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more Here's the URL for this Tweet. Copy it to easily share with friends. Add this Tweet to your website by copying the code below. Learn more Add this video to your website by copying the code below. Learn more Hmm, there was a problem reaching the server. By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy . Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen. Two-way (sending and receiving) short codes: This timeline is where youll spend most of your time, getting instant updates about what matters to you. Hover over the profile pic and click the Following button to unfollow any account. When you see a Tweet you love, tap the heart it lets the person who wrote it know you shared the love. The fastest way to share someone elses Tweet with your followers is with a Retweet. Tap the icon to send it instantly. Add your thoughts about any Tweet with a Reply. Find a topic youre passionate about, and jump right in. Get instant insight into what people are talking about now. Follow more accounts to get instant updates about topics you care about. See the latest conversations about any topic instantly. Continue reading >>

Bank Indonesia: Do Not Sell, Buy, Trade Cryptocurrency

Bank Indonesia: Do Not Sell, Buy, Trade Cryptocurrency

Bank Indonesia: Do Not Sell, Buy, Trade Cryptocurrency Bank Indonesia, Unitary State of the Republic of Indonesias central bank, has issued perhaps its bluntest statement yet on curbing the use of cryptocurrency, affirming a hardening stance on the popularity of what it refers to as virtual currency such as bitcoin. Also read: Ditch University and High Transaction Fees! Bank Indonesia Warns To All Parties To Not Sell, Buy or Trade Virtual Currency is the title of todays missive from Bank Indonesia by way of its Department of Communications. It affirms that virtual currency including bitcoin is not recognized as a valid payment instrument, so it is prohibited to be used as a means of payment in Indonesia. Bank Indonesia (BI) is the Republics central bank, and as such it has been unusually active and belligerent with regard to cryptocurrency. Its governor issued statements late last year causing regional media to urge retail holders to sell back into fiat ahead of a ban. That followed Falls shutdown of bitcoin payment providers and businesses restructuring in an effort to get ahead of coming regulation. And just prior, BI had yet again reaffirmed its distaste for crypto, pushing advocates to insist the bank was denying a marvel of technological innovation. BIs pronouncements have routinely contrasted with impressions on the street, as Indonesians do seem to have an appetite for the decentralized currency. BI wants it crystal clear all obligations paid in money or other financial transactions conducted in the Territory of the Unitary State of the Republic of Indonesia shall be obliged using Rupiah. Decrees of this sort appear to be driving Indonesians away from above-ground exchanges, for obvious reasons, and into more peer-to-peer arrangements such as Localbitcoins . Own Continue reading >>

Indonesia Studying Bitcoins Use In Investment: Official

Indonesia Studying Bitcoins Use In Investment: Official

Indonesia studying Bitcoins use in investment: Official Jakarta |Wed, January 24, 2018 | 01:12 pm The Trade Ministry's Futures Exchange Supervisory Board (Bappebti) is currently studying the possibility of using Bitcoin as an investment instrument, the board's head said on Tuesday. On the same day, the central bank declared the cryptocurrency's use illegal for all payments and transactions. (Shutterstock/File) Although Bitcoin has been declared an illegal payment and transaction instrument in the country, the government is still considering the cryptocurrency's useas an investment instrument, the Trade Ministry's Futures Exchange Supervisory Board (Bappebti) has said. Using Bitcoin as a payment instrument is prohibited, but how aboutusing itas an investment instrument?Is this allowed or not? Bappebti head Bachrul Chairi said on Tuesday in Jakarta, as reported by kompas.com . Earlier on the same day, Bank Indonesia Governor Agus Wartowardojo said that using Bitcoin as a payment and transaction instrument violated Law No.7/2011 on currency, which designatedthe rupiah as the only official transaction and payment instrument in the country. Agus also threatened to revoke the permits of financial services providers that used the cryptocurrency as a payment and transaction instrument. Bachrul said Bappebti was studying the possible use of Bitcoin as an investment instrument. He did not, however, mention when the study would be completed. He added that Bappebti consideredBitcoin as a commodity. Through the study, we want to see if Bitcoin can be treated as a digital asset, he said. Market supervision and development bureau head Dharmayugo Hermansyah at Bappebti said the organization saw great potentialin Bitcoin product trading. Separately, Finance Minister Sri Mulyani Indrawa Continue reading >>

Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub?

Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub?

Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub? Two passengers in Jakarta, Indonesia, on Sunday, Aug. 13, 2017. Photographer: Dimas Ardian/Bloomberg At first glance, Indonesia possesses the unique conditions that make it well-poised for bitcoin adoption. As the worlds fourth most populous country, its home to a largely cash-based and offline community, and huge swaths of the populationup to 80% remain unbanked . Because one of the inherent advantages of digital currency is that it doesnt necessitate having a bank account, cryptocurrency enthusiasts have long championed bitcoin's immense potential to bring those without access to traditional banking services into the fold by offering an alternative form of money remittance and transfer. Other factorsthe absence of a national credit lending system, coupled with increasing smartphone penetration , also make Indonesia ripe for cryptocurrency disruption, according to Zac Cheah, CEO of blockchain startup Pundi X. Given these fertile conditions, one would expect bitcoin to have taken off in Indonesia. And for the most part, this is true. Oscar Darmawan, CEO of Bitcoin Indonesia , the countrys major exchange which controls more than 70% of bitcoin transactions in Indonesia , has observed what he calls exponential growth in users of Bitcoin Indonesias marketplace platform. He has seen his users grow 50,000 members in 2015 to 500,000 members this year. Still, despite reaching a daily transaction value of more than $10 million a day, he believes it has barely moved the needle in terms of capturing the wider consumer market.To be honest, we have not even penetrated the 1% of the total population in Indonesia. The opportunity to grab an even bigger market is huge, Darmawan says. This year'sBl Continue reading >>

Beli & Jual Bitcoin Di Indodax

Beli & Jual Bitcoin Di Indodax

Indodax is an online platform where you can buy and sell Bitcoin, Ethereum Register now to gain the optimal experience in trading Digital Assets! 1,175,892 members are already on board. What are you waiting for? The place to buy and sell Bitcoin with Rupiah Indodax is the perfect place for you to buy and sell Digital Assets such as Bitcoin, Ethereum and Ripple in Indonesia. Trade easily and securely with Indodax with no worryweve got your back! Want to know more about Bitcoin? Click here With Indodax, you will be able to buy Bitcoin or other assets in less than an hour. We accept payment and deposit from any local bank in Indonesia. Exchange your Bitcoin or other assets to Rupiah instantly only with a few clicks! Your money will arrive in your bank account in one working day. Love to trade cryptocurrency and speculate on the Bitcoins price? Do it with us! We are online 24/7. Yes, even during holidays. Watch this video for our mission and vision! Support our movement as we embark together in a journey to build a bigger Bitcoin and Cryptocurrency ecosystem in Indonesia! Your account is protected with Multifactor Authentication, combination of e-mail and SMS verification with Google Authenticator pin requirement. These layers of security will guarantee that every transaction is signed and validated by no one other than yourself. You will only need one account to process any kind of Bitcoin transaction, whether it is to sell, buy, invest or trade Bitcoin. Indodax can be accessed easily through various types of devices, such as: PC, laptop, tablet and smartphones. Trade anywhere, anytime, instantly! Rupiah deposit can be processed instantly and Rupiah withdrawal will only take one working day before the money arrives in your bank account. Every Bitcoin deposit or withdrawal Continue reading >>

Bitcoin Adopters Could Soon Overtake Stock Traders In Indonesia

Bitcoin Adopters Could Soon Overtake Stock Traders In Indonesia

Bitcoin Adopters Could Soon Overtake Stock Traders in Indonesia Join our community of 10 000 traders on Hacked.com for just $39 per month. Indonesias biggest exchange platform for cryptocurrencies including bitcoin could soon outrank the national stock exchange by sheer numbers of participants. A single cryptocurrency exchange in Indonesia could soon have more registered users than the countrys 106-year old stock exchange. If the value of bitcoin and the wider cryptocurrency market is in a rut, Indonesians have missed the memo. Speaking to Bloomberg , Indonesia Digital Asset Exchange (INDODAX) chief executive Oscar Darmawan claims the platform is on track to have 1.5 million KYC-registered users by the end of the 2018. With thousands of new users registering every day, the crypto exchange currently sees 1.14 million users after opening its doors in 2014. In contrast, the Indonesia Stock Exchange, the countrys national stock exchange, has a total of 1.18 million registered participants that trade stocks, futures, exchange-traded funds and options of listed companies worth a combined $520 billion, Bloomberg adds. The current combined market cap of cryptocurrencies stands at $355 billion, down from an all-time high of nearly $830 billion in early January this year. Bali-based INDODAX, formerly Bitcoin.co.id before a rebrand, offers fiat-to-bitcoin purchases to domestic users alongside crypto-to-crypto trading wherein bitcoin can be swapped for a handful of other supported coins including Ethereum, Ripple, Litecoin, DASH, Stellar and more. The executive further revealed that the exchange is currently facilitating an average of 100 billion rupiah ($7.3 million) in trading volume every day, a figure he hopes to double by the end of the year. We are seeing almost 3,000 new me Continue reading >>

Indonesia Central Bank: Cryptocurrency Payments 'not Legitimate'

Indonesia Central Bank: Cryptocurrency Payments 'not Legitimate'

Indonesia Central Bank: Cryptocurrency Payments 'Not Legitimate' Bank Indonesia has warned that cryptocurrencies may not be used for payments in the country. The central bank published a press release on Saturday, stating that cryptocurrencies are not a "legitimate instrument of payment" in the country, as they do not comply with the 2011 currency act and are not issued bythe Republic of Indonesia. "Financial transactions conducted within the territory of the Republic of Indonesia, has to be fulfilled with Rupiah," the currency act states. As a result, the central bank said that payment firms are not allowed to make virtual currency transactions. "Bank Indonesia affirms that it forbids all payment system operator (principal, switching operator, clearing operator, final settlement operator, issuer, acquirer, payment gateway operator, electronic wallet operator, money transfer operator) and financial technology operators in Indonesia, both bank and non-bank institution, to process transactions using virtual currency, as stated in Bank Indonesia Regulation No. 18/40/PBI/2016 on Implementation of Payment Transaction Processing and Bank Indonesia Regulation No. 19/12/PBI/2017 on Implementation of Financial Technology." The warning makes no mention of cryptocurrency exchanges. The news comes after the central bank revealed in early December 2017 that it was considering new regulations that would outlaw bitcoin transactions from 2018. On the 20th of the same month, the bank issued a new regulation - No. 19/12/PBI/2017 on Implementation of Financial Technology - due to concerns over bitcoin's potential use in terrorism financing, money laundering and drug trafficking. In its latest warning, Bank Indonesia also warned "all parties" that buying, selling or trading cryptocurrenci Continue reading >>

Bitcoin Use Under Scrutiny In Indonesian Island Of Bali

Bitcoin Use Under Scrutiny In Indonesian Island Of Bali

January 19, 2018 / 8:00 AM / in 4 months Bitcoin use under scrutiny in Indonesian island of Bali JAKARTA/KUTA, Indonesia (Reuters) - Indonesian authorities are investigating the use of bitcoin in the holiday island of Bali, amid warnings by the central bank in Southeast Asias biggest economy over the risks posed by virtual currencies, an official said. A Bitcoin sign is seen in Kuta on the resort island of Bali, Indonesia January 18, 2018. Picture taken January 18, 2018. REUTERS/Nyimas Laula The probe started after the central bank on Dec. 7, 2017 issued a regulation banning the use of cryptocurrencies in payment systems, said Causa Iman Karana, head of Bank Indonesias representative office in Bali. We found out from some postings on social media that Bali appeared to have become a haven for bitcoin transactions, said Karana. Central bank officials and police went undercover at the end of 2017 to investigate scores of businesses in Bali advertising online that they offered bitcoin payment services, said Karana. The team found two cafes still using bitcoin as a means of payment, but 44 businesses including car rental outlets, hotels, travel companies and jewelry stores, previously offering the service, had now stopped, he said. One of the cafes used bitcoin only for transactions of more than 243,000 rupiah, or about 0.001 bitcoin. A single transaction took about 1 1/2 hours to be processed and included a fee of 123,000 rupiah so this had discouraged its wider use for payments, said Karana. The official declined to name the businesses because he was still waiting for further instructions from Bank Indonesia in Jakarta. The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation uni Continue reading >>

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