CryptoCoinsInfoClub.com

Cryptocurrency 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 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 >>

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 >>

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 >>

Crypto Trend: Cryptocurrency Investors To Surpass Stock Traders In Indonesia

Crypto Trend: Cryptocurrency Investors To Surpass Stock Traders In Indonesia

By Carlos Terenzi in Cryptocurrency News Home Indonesia is one of the countries where the Cryptocurrency fever is re-shaping the financial markets. Why? Because in the next days or weeks, there will be more cryptocurrency traders than traditional stock traders. The Indonesia Digital Asset Exchange, known as Indodax, has 1.14 million users according to its website. This is just something impressive, considering that it opened in 2014 as a Bitcoin exchange. At the same time, the Indonesia Stock Exchange, which opened 106 years ago, has 1.18 million registered participants. It is very possible that there are more cryptocurrency investors than stock traders in this Asian country. The information is from one of the most important exchanges in the country, but there are several others that could help the numbers grow up. According to Indodax Chief Executive Officer, Oscar Darmawan, thousands of individuals join the platform on a daily basis. We are seeing almost 3,000 new members signing up everyday. Most people are trading in bitcoins though transactions in Ethereum have increased significantly of late, he commented . This is something that South Korea has also experienced in a similar way. The South Korean cryptocurrency market is processing more trades than the countrys stock market. In South Korea, the youngsters and millennials are very interested in cryptocurrencies, something that can be seen in the market. In the past, the central bank of Indonesia has warned investors about the risks of investing in cryptocurrencies. At the moment, there is no information about a possible cryptocurrency ban in the country, like in China for example. Indonesia as well as many other countries in the world are moving towards cryptocurrencies. Some time ago, we wrote at UseTheBitcoin th Continue reading >>

Cryptocurrency Exchange Coinone Goes Global With Indonesia Launch

Cryptocurrency Exchange Coinone Goes Global With Indonesia Launch

Cryptocurrency Exchange Coinone Goes Global with Indonesia Launch Reading Time: 2 minutesby Kieran Smith onApril 19, 2018 Altcoins , Bitcoin , Business , Ethereum , Finance , News Coinone have announced that they will be opening up cryptocurrency trading in Indonesia, making them the first South Korean exchange to offer services outside the country. According to the press release , the Indonesian branch opened for pre-registration on April 16 and will launch officially in June. It will initially support only six currencies; bitcoin (BTC), bitcoin cash (BCH), ether (ETH), ether classic (ETC), litecoin (LTC) and quantum (QAU), with plans to add more later. Coinone Indonesia wants to be the gateway that introduces people to the concept of blockchain and cryptocurrency [] we want to facilitate] access for users in Indonesia to have various types of digital assets or cryptocurrencies quickly and safely. More crucially, the move will also open up the exchange to a global clientele, who will be able to use the exchange after passing an ID verification process: Foreigners who are not Indonesian nationals can also apply after the pre-registration period, foreigners need a separate examination process through the passport and non-face-to-face certification process. The South Korean exchange is the third-largest crypto exchange in the country after Upbit and Bithumb and will be celebrating the launch with an airdrop for 10,000 pre-registrants. Home to over 260 million, Indonesia has the largest population in Southeast Asia. The largest exchange in the country at present is INDODAX , which sees a daily trading volume of $19,606,347, around half the average volume of Coinone. The country is not known for its crypto-friendly regulation, but with such a large population it remains a Continue reading >>

Indonesia Bans Crypto Transactions On Fintech - Cointelligence

Indonesia Bans Crypto Transactions On Fintech - Cointelligence

Home News Indonesia bans fintech firms from cryptocurrency transactions Indonesia bans fintech firms from cryptocurrency transactions The countrys central bank announced that they will prevent fintech firms from using cryptocurrency-based transactions on their platforms. Published onDec 11, 2017 05:17 By Ali Raza The Indonesian central bank recently revealed that they will start preventing financial technology (fintech)-based companies from using cryptocurrency transactions on their platform, despite the rapid increase in interest in cryptocurrencies all over the world. Deputy Governor of the Indonesian Central Bank, Sugeng, told several reporters that the bank will start implementing its latest ban on the 1st of January 2018. However, Sugeng emphasized that the ban will not affect cryptocurrency trading. Sugeng added that this ban forms part of a new set of regulations pertaining to fintech firms, especially those seeking licenses from the central bank. According to the head of the Indonesian Central Banks fintech department, Junanto Herdiawan, cryptocurrency is still too volatile for any financial regulator or financial institution to guarantee investors any degree of safety. Herdiawan added that the market is hard to monitor and predict, which makes the risks even higher. Indonesia has a relatively small cryptocurrency market , especially compared to the markets of the US or Japan, however, the latest move is likely to stifle the market even more and discourage investors, which potentially could cost the industry millions of dollars. Previously, the central bank of Indonesia released a statement which noted that the rupiah is the only recognized currency in the country. The latest set of regulatory policies only seems to reinforce that sentiment. According to Indone 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 >>

Bitcoin Records 7% Increase As Cryptocurrency Market Rebounds From Yesterdays Losses

Bitcoin Records 7% Increase As Cryptocurrency Market Rebounds From Yesterdays Losses

Bitcoin Records 7% Increase as Cryptocurrency Market Rebounds From Yesterdays Losses Join our community of 10 000 traders on Hacked.com for just $39 per month. After dipping below $6,500, the price of bitcoin has increased 7 percent to $7,100, as the rest of the cryptocurrency market recovered over the past 24 hours. Since March 30, the valuation of the cryptocurrency market rose from $250 billion to $268 billion, by around 8 percent. On March 29, Cornell professor Emin Gun Sirer stated that a mature market should have assets that are performing independently from each other. Indeed, a mature market should be decentralized, with independent coin prices decoupled from each other, each moving in concert with the future prospects of the specific coin, said Sirer. For many weeks throughout February and March, the entire cryptocurrency market has demonstrated correlated movements, as the vast majority of both major and minor cryptocurrencies recorded similar gain and loss patterns with extreme volatility. Today for instance, as the bitcoin price increased by 6 percent, Ethereum, Ripple and Litecoin all increased by the same 6 percent. With the exception of a handful of cryptocurrencies, which have been likely affected by pump and dumps, most of the cryptocurrencies in the global market have all moved in a similar pattern since the major correction occurred in February. As such, given the extreme volatility in the market and its correlated price movements, it is evident that the market has not stabilized from its recent correction, and thus may need more time to recover from its losses. The market demonstrated a necessary rebound from the $250 billion mark, and major cryptocurrencies like bitcoin have been able to sustain their resistance levels, even though volumes still re 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 >>

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 >>

Indonesia Bitcoin Exchanges Tokobitcoin & Bitbayar To Stop All Trading

Indonesia Bitcoin Exchanges Tokobitcoin & Bitbayar To Stop All Trading

TokoBitcoin and BitBayar, two of the most popular and largest cryptocurrency trading platforms in Indonesia, have recently shut down due to recent announcements made by the Indonesian central bank that it will not accept Bitcoin as a method of payment . While this doesnt mean that Bitcoin trade is banned in Indonesia, it does mean that some of the larger players are now exiting the game. Bitcoin and cryptocurrency exchanges are still allowed to trade in Indonesia, but the move has caused the two largest exchanges to shut down. BitBayar, which is the Indonesian equivalent of Bitpay, has announced a complete halt of their services effective as of the 1st of November 2017. TokoBitcoin has also announced their refusal of acceptance of Bitcoin as a payment method . According to Oscar Darmawan, the CEO of PT Bitcoin Indonesia, the shutdown of these platforms is not a result of intervention by the Bank of Indonesia, but is instead a voluntary decision made by individual Bitcoin trading platforms . There have not been any direct requests from the Bank of Indonesia to Bitcoin Indonesia to close down these two websites. Eny V. Panggabean, the Director of Payment System Policy Department at the Bank of Indonesia, announced in September that the bank will not accept Bitcoin as legal currency in the country. Panggabean also added that using Bitcoin as currency is currently illegal under Indonesian Service Provider of Payment law. In February 2014, the Indonesian central bank issued a statement that clearly outlined the illegal nature of Bitcoin and other cryptocurrencies in the country, stating that they are not legal as either payment instruments or currency. Despite the regulatory position of cryptocurrency in Indonesia, the trading of BTC and Indonesian Rupiah is the 10th bigges 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 >>

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 >>

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 >>

Kumpulan Startup Blockchain & Cryptocurrency Di Indonesia

Kumpulan Startup Blockchain & Cryptocurrency Di Indonesia

. Layanan ini telah mempunyai situs berbahasa Indonesia, namun belum bisa digunakan oleh masyarakat di tanah air. Perusahaan yang melakukan implementasi teknologi blockchain Pundi X adalah startup asal Indonesia yang berusaha memanfaatkan teknologi blockchain dan cryptocurrency dalam transaksi keuangan. Oleh karena itu, mereka pun menghadirkan produk mesin kasir (point of sales) bernama Pundi X POS, semacam kartu uang elektronikbernama Pundi X Pass, serta aplikasi dompet digital Pundi Pundi, yang semuanya berbasis blockchain. Meski didirikan di Indonesia, Pundi X tak hanya mempunyai founder yang berasal dari tanah air. Ada juga yang berasal dari Cina dan Malaysia. Mereka mengawali bisnis dengan aplikasi Pundi Pundi sejak Februari 2017, dan mulai melengkapinya dengan teknologi blockchain pada September di tahun yang sama. Contoh mesin kasir yang diproduksi Pundi X Karena pemerintah Indonesia melarang penggunaan cryptocurrency untuk transaksi keuangan, Pundi X pun memutuskan untuk menjual produk-produk mereka ke luar negeri, seperti ke Korea Selatan, Jepang, dan Singapura. Omise adalah startup asal Thailand yang memanfaatkan teknologi blockchain untuk menghadirkan layanan pembayaran. Berbeda dengan payment gateway lain yang biasanya mengarahkan pengguna ke halaman lain, Omise justru memungkinkan pengguna untuk melakukan transaksi di halaman yang sama. Di negara asalnya, mereka telah mengizinkan pengguna untuk melakukan pembayaran dengan kartu kredit, mobile banking, dan Alipay. Saat ini Omise telah bersiap menghadirkan layanan di Indonesia, yang ditunjukkan dengan membuat kantor di tanah air, serta bergabung dengan Asosiasi Fintech Indonesia (AFTECH). Hingga awal 2018, Omise telah mendapatkan investasi sekitar US$50 juta (sekitar Rp714 miliar) lewat beberapa kali putaran Continue reading >>

More in ethereum