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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 Warns Against Owning, Selling, Trading Cryptocurrency

Indonesia Warns Against Owning, Selling, Trading Cryptocurrency

Bank Indonesia is taking a firm stance against cryptocurrencies as it urges all parties to refrain from owning, selling or trading the tokens. Owning virtual currencies is very risky and inherently speculative, the central bank said in a statement Saturday. The digital tokens are prone to forming asset bubbles and tend to be used as method for money laundering and terrorism funding, so it has the potential to affect financial-system stability and harm the public. The move highlights the challenge faced by regulators as they seek to manage potential risks from the global cryptocurrency mania while lacking the authority to prohibit its use. South Koreas central bank banned employees from trading cryptocurrencies on the job last week, while China has outlined proposals to discourage bitcoin mining, the process by which the virtual currency enters circulation. earlier ban on financial technology companies using cryptocurrencies for transactions in January, which doesnt prohibit trading of the digital tokens itself. While the authority reiterates an existing ban on payment-system providers under its watch from processing transactions using digital currencies, PT Bitcoin Indonesia , a virtual-currency exchange that boasts more than 940,000 members, doesnt fall under its supervision. Continue reading >>

Cryptocurrency Ban: Bank Of Indonesia Halts All Usage Of Digital Currencies Including Bitcoin

Cryptocurrency Ban: Bank Of Indonesia Halts All Usage Of Digital Currencies Including Bitcoin

Cryptocurrency Ban: Bank of Indonesia Halts All Usage of Digital Currencies Including Bitcoin has issued a statement affirming that using Bitcoin, and any other cryptocurrency, is not allowed in Indonesia. Bank Indonesia has previously issued proclamations sharing their stance on digital currencies most recently in December when the bank said usage would be banned in 2018. Bank Indonesia stated that digital currencies are not recognized as legitimate instrument of payment, therefore not allowed to be used for payment in their country. The Bank referenced Act No.7/2011 on The Currency, which states that currency shall be money of which issued by the Republic of Indonesia and every transaction that has the purpose of payment, or other obligations which need to be fulfilled with money, or other financial transactions conducted within the territory of the Republic of Indonesia, has to be fulfilled with Rupiah. The Bank added that ownership of digital currencies is risky and loaded with speculation as there is no central authority responsible for the currency nor any underlaying assets to base a virtual currency price. The authorities warned that digital currencies were vulnerable to bubbles and susceptible for money laundering and terrorism financing. All things considered, Bank Indonesia warns all parties not to sell, buy, or trade virtual currency, stated the Bank. The Bank Indonesia forbids all payment system operator and financial technology operators in Indonesia, both bank and nonbank 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. Indonesia is not the fir Continue reading >>

Bank Indonesia Buka Kemungkinan Adanya Rupiah Digital

Bank Indonesia Buka Kemungkinan Adanya Rupiah Digital

Baca juga: Haruskah Kita Ikut Investasi Bitcoin? "Suatu saat mungkin saja uang fisik yang kami edarkan menjadi digital. Sekarang belum. Semua negara di dunia belum ada yang merilis," kata Susi saat berkunjung ke kantor redaksi Kontan, Jumat (26/1/2018). Dia mengatakan, uji coba dan kajian penggunaan mata uang virtual ini juga telah dilakukan oleh bank sentral negara-negara lain. Target ke depan, antar bank sentral maupun negara bisa bertransaksi menggunakan uang kripto yang diakui semua otoritas. Namun, mata uang virtual BI maupun bank sentral ini bakal berbeda dengan mata uang kripto yang saat ini sudah ada. Sebab mata uang digital yang dirilis bank sentral tetap akan memiliki aset yang menjadi dasar transaksi. Susi juga menyebut, pola perhitungan peredaran mata uang digital akan disesuaikan dengan kondisi saat ini, seperti halnya peredaran uang rupiah yang memperhitungkan inflasi yang terjadi. Menurut dia, Bank Sentral Singapura menjadi yang pertama kali menerapkan teknologi itu untuk sistem Real Time Gross Settlement (RTGS). "Mereka bilang teknologinya masih belum stabil," ujarnya. BI mencatat, saat ini sudah ada 1.490 cryptocurrency yang berkembang di dunia, termasuk bitcoin. Bitcoin menjadi mata uang digital yang paling terkenal karena nilai pasarnya paling besar di dunia. Ekonom Bank Permata Josua Pardede mendukung langkah bank sentral ini. Sebab teknologi blockchain bukan sesuatu yang haram. Sebab virtual currency swasta yang tidak diperbolehkan. Jika BI akan menerbitkan uang digital, perlu memperhatikan sejumlah hal, terutama dampak ke ekonomi Indonesia. "Apakah meningkatkan inflasi atau membuat ekonomi lebih efisien," katanya. Yang lebih penting lagi, BI perlu mengawasi dan memastikan keamanan peredarannya. BI juga perlu melakukan edukasi ke masyarakat. Jangan Continue reading >>

Bank Indonesia Considers Issuing Digital Rupiah

Bank Indonesia Considers Issuing Digital Rupiah

Bank Indonesia considers issuing digital rupiah Jakarta |Mon, January 29, 2018 | 02:58 pm A worker moves piles of banknotes at Plaza Mandiri's cash center in Jakarta on Aug.23, 2017. Bank Indonesia is consideringissuinga cryptocurrency or digital rupiah that may be used as a payment instrument. (Antara/Akbar Nugroho Gumay) Despite Bank Indonesia (BI)prohibitingthe use of digital currencieslike Bitcoin asa payment instrument, the central bank is consideringissuinga cryptocurrency or digital rupiah. Assistant to BI executive director for payment systems Susiato Dewi said the digital rupiah would betrialledthis year in an effort to help make the payment systemmore efficient. The physical banknoteswe currently usemay be converted into digital money. However,no country has releasedsuch money yet, said Susi in Jakarta over the weekend as reported by kompas.com. Read also: Indonesia studying Bitcoins use in investment: Official Susi added thatcentral banks in other countries had also begundigital currency trials to anticipate the possible use ofcryptocurrencies for inter-country transactions. She assured that the digital currenciesissued by BIand other central banks were different fromcurrent cryptocurrenciesbecause the digital money would be based on the certain values of assets. She added that thecalculation of the circulated digital money would also bebased on the current currency system, and wouldtakeinto account the inflation rate. Previously, BIGovernor Agus Wartowardojo said that using Bitcoin as a payment and transaction instrument violated Law No. 7/2011 on currency, which designatesthe rupiah as the only official transaction and payment instrument in the country. However,the Trade Ministry's Futures Exchange Supervisory Board (Bappebti) saidit was studying the use o 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 >>

Use Of Cryptocurrency Transactions In Indonesia Subject To Sanctions

Use Of Cryptocurrency Transactions In Indonesia Subject To Sanctions

Use of Cryptocurrency Transactions in Indonesia Subject to Sanctions Use of Cryptocurrency Transactions in Indonesia Subject to Sanctions Bank Indonesia, the central bank of Indonesia, again emphasized that it will sanction those payment system operators and financial technology operators in Indonesia (both bank and non-bank institutions) that facilitate transactions using virtual currency, such as the Bitcoin, Ethereum, Dash, Litecoin and Ripple (also known as cryptocurrencies). Eni Panggabean, Head of Bank Indonesia's Payment System Policy and Monitoring Department, said virtual currencies are not recognized as a legal or valid payment instrument in Indonesia through Bank Indonesia Regulation No. 18/40/PBI/2016 on the Implementation of Payment Transaction Processing as well as Bank Indonesia Regulation No. 19/12/PBI/2017 on the Implementation of Financial Technology. As such, virtual currencies are forbidden payment instruments in Indonesia. Those who violate Bank Indonesia's regulation can expect heavy sanctions. Sanctions include fines or the loss of operating licenses. Bank Indonesia is against the use of virtual currency because it is a risky and speculative affair considering there is no responsible authority, no official administrator, no underlying assets to base the virtual currency price, while trade values are highly volatile. This implies that cryptocurrencies are vulnerable to bubble risks, and can be easier used for the purpose of money laundering or the financing of terrorist activities, hence impact negatively on Indonesia's financial system stability. Moreover, the use of virtual currencies undermines the sovereignty of the Indonesian rupiah within the territory of Indonesia. The central bank of Indonesia said payment system operators include principa 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 >>

Bank Indonesia Studies The Use Of Central Bank Digital Currency

Bank Indonesia Studies The Use Of Central Bank Digital Currency

Bank Indonesia Studies the Use of Central Bank Digital Currency Bank Indonesia Studies the Use of Central Bank Digital Currency The central bank of Indonesia (Bank Indonesia) said it needs about two years to complete a study about the possibility of issuing a digital rupiah currency (Central Bank Digital Currency, or CBDC). Agus Martowardoyo, Governor of Bank Indonesia, said the lender of last resort has just started to study the possibility of using a digital rupiah for domestic payments. The CBDC is the digital form of fiat money; in this case, the digital version of the Indonesian rupiah. Therefore, it is different from the so-called digital currency (also known as virtual currency or cryptocurrency) which are not issued by the state and therefore lack the legal tender status declared by the government. Through Bank Indonesia Regulation No. 18/40/PBI/2016 on the Implementation of Payment Transaction Processing as well as Bank Indonesia Regulation No. 19/12/PBI/2017 on the Implementation of Financial Technology, the central bank of Indonesia bans the use of virtual currencies (such as Bitcoin, Ethereum, Dash, Litecoin and Ripple) as payment instruments in Indonesia. These virtual currencies are banned as there is no underlying asset or responsible authority/administrator, hence these currencies are more volatile, risky and speculative. This can trigger financial system instability, while there is also concern that digital currencies open room for money laundering or the funding of terrorist activities. Lastly, Bank Indonesia stated that virtual currencies undermine the sovereignty of the Indonesian rupiah within the territory of Indonesia. However, considering the rising popularity of digital currencies in the world and the expansion of electronic trade and retail, m Continue reading >>

Indonesia Warns Against Cryptocurrency Trading | Fortune

Indonesia Warns Against Cryptocurrency Trading | Fortune

Bank Indonesia is taking a firm stance against cryptocurrencies as it urges all parties to refrain from owning, selling or trading the tokens. Owning virtual currencies is very risky and inherently speculative, the central bank said in a statement Saturday. The digital tokens are prone to forming asset bubbles and tend to be used as method for money laundering and terrorism funding, so it has the potential to affect financial-system stability and harm the public. The move highlights the challenge faced by regulators as they seek to manage potential risks from the global cryptocurrency mania while lacking the authority to prohibit its use. South Koreas central bank banned employees from trading cryptocurrencies on the job last week, while China has outlined proposals to discourage bitcoin mining, the process by which the virtual currency enters circulation. Bank Indonesias statement follows its earlier ban on financial technology companies using cryptocurrencies for transactions in January, which doesnt prohibit trading of the digital tokens itself. While the authority reiterates an existing ban on payment-system providers under its watch from processing transactions using digital currencies, PT Bitcoin Indonesia, a virtual-currency exchange that boasts more than 940,000 members, doesnt fall under its supervision. Continue reading >>

Bank Indonesia Urges Indonesians To Avoid Cryptocurrency Trading | Jakarta Globe

Bank Indonesia Urges Indonesians To Avoid Cryptocurrency Trading | Jakarta Globe

Bank Indonesia Urges Indonesians to Avoid Cryptocurrency Trading Bank Indonesia has reiterated its warning against speculation in cryptocurrencies for fear that a bubble could destabilize the country's financial sector. (Reuters Photo/Dado Ruvic) Category : Business , Editor's Choice , Featured , Banking/Finance Jakarta. Bank Indonesia has reiterated its warning against speculation in cryptocurrencies for fear that abubble could destabilize the country's financial sector. "Ownership of virtual currency is highly risky and full of speculation, because there is no single responsible authority, official administrator, nor underlying asset backing the virtual currency, which puts it at risk of forming a bubble, and because it is prone to be used in money laundering and terrorism financing, all of which make it capable of affecting financial stability and harming society," Bank Indonesia spokesman Agusman said in a statement on Saturday (13/01). The central bank said cryptocurrencies are not legal tender in Indonesia and cannot be used in transactions. Bank Indonesia does not allow banks, financial services, electronic wallet providers, payment service providers and financial technology companies to process any cryptocurrency payments. While the bank stopped short in the statement from outright banning cryptocurrency trading in the country, it urged Indonesians not to own, acquire or trade in it. Bit Coin Indonesia, the company behind Bitcoin.co.id the country's largest cryptocurrency exchange has yet to respond tothe Jakarta Globe's request for comment on the central bank'swarning. However, the company did post a warning on its website reminding traders about extreme volatility in cryptocurrency trading. The price of Bitcoin has risen sharply over the past year, gaining mo Continue reading >>

Bank Indonesia Urges Indonesians To Avoid Cryptocurrency Trading | Jakarta Globe

Bank Indonesia Urges Indonesians To Avoid Cryptocurrency Trading | Jakarta Globe

Bank Indonesia Urges Indonesians to Avoid Cryptocurrency Trading Bank Indonesia has reiterated its warning against speculation in cryptocurrencies for fear that a bubble could destabilize the country's financial sector. (Reuters Photo/Dado Ruvic) Category : Business , Editor's Choice , Featured , Banking/Finance Jakarta. Bank Indonesia has reiterated its warning against speculation in cryptocurrencies for fear that abubble could destabilize the country's financial sector. "Ownership of virtual currency is highly risky and full of speculation, because there is no single responsible authority, official administrator, nor underlying asset backing the virtual currency, which puts it at risk of forming a bubble, and because it is prone to be used in money laundering and terrorism financing, all of which make it capable of affecting financial stability and harming society," Bank Indonesia spokesman Agusman said in a statement on Saturday (13/01). The central bank said cryptocurrencies are not legal tender in Indonesia and cannot be used in transactions. Bank Indonesia does not allow banks, financial services, electronic wallet providers, payment service providers and financial technology companies to process any cryptocurrency payments. While the bank stopped short in the statement from outright banning cryptocurrency trading in the country, it urged Indonesians not to own, acquire or trade in it. Bit Coin Indonesia, the company behind Bitcoin.co.id the country's largest cryptocurrency exchange has yet to respond tothe Jakarta Globe's request for comment on the central bank'swarning. However, the company did post a warning on its website reminding traders about extreme volatility in cryptocurrency trading. The price of Bitcoin has risen sharply over the past year, gaining mo Continue reading >>

Bank Indonesia Plans State-issued Cryptocurrency Trial

Bank Indonesia Plans State-issued Cryptocurrency Trial

Bank Indonesia Plans State-Issued Cryptocurrency Trial Indonesias central bank will trial a state-issued cryptocurrency later this year, according to reports. At some point in 2018, Bank Indonesia (the country's central bank) will reportedly trial a state -issued cryptocurrency, which is being referred to by Indonesian media sources as the "digital rupiah." Susiati Dewi, the assistant deputy executive director of the bank's payment systems department, said that "The physical banknotes we currently use may be converted into digital money. However, no country has released such money yet," according to a translation by The Jakarta Post . She explained that the virtual currency would be intended to make payment systems in the world's fourth most populous nation more efficient. Susi (as she's referred to by Indonesian publications) went on to relate that the bank plans for the virtual currency to be asset-backed, though reports on her statements do not name the assets that might be in consideration. She also revealed that the bank would take into account the inflation rate affecting Indonesia's currency as it determined the number of digital rupiah to release into circulation. In the past, the central bank's governor, Agus Martowardojo, has publicly declared that bitcoin, and apparently other decentralized cryptocurrencies by extension, are not valid instruments of payment. The rupiah alone, he explained, can be used as a legal means of payment in Indonesia. On January 10, the head of development and market development at Indonesia's Commodity Futures Trading Supervisory Agency said that the government body was involved in discussions around the possibility of allowing bitcoin futures contracts to be traded on exchanges in the country. Prominent figures of other governments Continue reading >>

Indonesia Central Bank Warns Over Cryptocurrencies

Indonesia Central Bank Warns Over Cryptocurrencies

January 13, 2018 / 9:19 AM / in 4 months Indonesia central bank warns over cryptocurrencies JAKARTA (Reuters) - Indonesias central bank has issued a fresh warning about trading in cryptocurrencies like bitcoin because of the risk of losses to the public and even a potential threat to the stability of the financial system. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo Bank Indonesia (BI) has previously said that cryptocurrencies were not recognized as a legal medium of exchange, so that they could not be used as a means of payment in Indonesia. The ownership of virtual currencies is high risk and prone to speculation because there is no authority who takes responsibility, there is no official administrator and there is no underlying asset to be the basis for the price, BI spokesman Agusman said in a statement issued late on Friday. He said that virtual currencies could also be used in money laundering and terrorism funding, and due to all these factors could have an impact on the stability of the financial system and causes losses for society. (Cryptocurrency) is not a legal medium of exchange. We remind (people of) its risks. When the risks occur, the losses will be borne by the public. We are obliged to protect consumers and protect them from a bubble, Agusman said by telephone on Saturday. Asked whether such statements from authorities could stir panic among those who had already invested in cryptocurrencies, he said: They didnt consult with us when buying....please help us make the people understand. Indonesian authorities have been stepping up their warnings and last month BI issued a regulation banning use of cryptocurrencies by financi Continue reading >>

Bank Indonesia Keluarkan Peringatan Mengenai Cryptocurrency

Bank Indonesia Keluarkan Peringatan Mengenai Cryptocurrency

Bank Indonesia Keluarkan Peringatan Mengenai Cryptocurrency Bank Indonesia telah mengeluarkan peringatan baru mengenai bahayanya perdagangan ataupun transaksi menggunakan cryptocurrency yang akan menimbulkan kerugian bagi masyarakat dan bahkan adanya potensi yang mengancam stabilitas sistem keuangan. Seperti dilansir dari Reuters, sebelumnya Bank Indonesia (BI) telah mengatakan bahwa cryptocurrency bukanlah media transaksi yang legal, sehingga tidak dapat digunakan sebagai alat pembayaran di Indonesia. Kepemilikan mata uang virtual berisiko tinggi dan cenderung akan adanya spekulasi, karena tidak ada otoritas yang bertanggung jawab, tidak ada administrator resmi dan tidak ada aset yang digunakan sebagai penentuan dasar harga, ujar juru bicara BI Agusman, dalam sebuah pernyataan yang dikeluarkan pada Jumat malam. Ia juga mengatakan bahwa mata uang virtual dapat digunakan untuk pencucian uang dan terorisme, sehingga dengan adanya faktor faktor tersebut dapat berdampak pada stabilitas sistem keuangan dan menyebabkan kerugian bagi masyarakat. Cryptocurrency bukanlah media transaksi yang legal. Kami mengingatkan masyarakat mengenai risikonya. Bila risikonya terjadi, kerugian akan ditanggung masyarakat. Untuk itulah kami berkewajiban untuk melindungi mereka dari hal tersebut, ujar Agusman seperti dikutip dari Reuters. Ketika ditanya apakah pernyataan dari pihak berwenang seperti itu bisa menimbulkan kepanikan di antara mereka yang telah berinvestasi dalam cryptocurrency, Agusman berkata, Mereka tidak berkonsultasi dengan kami saat membeli, tolong bantu kami untuk membuat orang mengerti. Pemerintah Indonesia telah meningkatkan peringatan mereka. Bulan lalu BI telah mengeluarkan peraturan yang melarang penggunaan cryptocurrency oleh perusahaan teknologi keuangan yang terlibat Continue reading >>

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