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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 >>

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 >>

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 >>

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 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 >>

Its Business As Usual For Indonesias Cryptocurrency Investors

Its Business As Usual For Indonesias Cryptocurrency Investors

Its business as usual for Indonesias cryptocurrency investors The Jakarta Post/Asia News Network / 02:17 PM January 29, 2018 For many, it is simply too lucrative an opportunity to pass up. Some have reported doubling or tripling their profits in less than a year. A college kid, obviously a newbie, even claimed profits 45 times the initial investment. David Kurniawan, who works at a mobile intelligence company, is a case in point. The 27-year-old said he had made US$1,060 in profit on his $2,733 investment in Ethereum, a cryptocurrency originating from Russia, in the space of only seven months. Compare that to 5 percent you would earn on a time deposit in a year, or the average of 10 percent profit on stocks, then you get the picture. Ethereal was quoted at $393 a coin when David started, and now it is $944. Buy low, and sell high, he said, adding that it was not all that different from investing in gold, real currencies and stocks. Good advice for anyone contemplating to play in the cryptocurrency market: Watch the market closely. No one can rule out a bubble. The volatility of bitcoin, the most popular cryptocurrency, has shown that trading is not exactly for the faint of heart and the reason why Indonesia, among other countries that include China and South Korea, have moved to ban cryptocurrency. Starting at $9.37 at its launch in 2009, it jumped to $60.89 in March 2013 and to $936 in January 2017. It reached its peak at $19,203 onDec. 17but has since been dropping.On Friday, it was still worth $11,470. Bitcoin is one of 48 cryptocurrencies now being traded globally. Besides Ethereum quoted at $1,159on Friday, other popular coins include Litecoin ($182.08), Zcash ($463.8) and Dash ($ 801.65). The Cambridge Center for Alternative Finance said there were around three m 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 >>

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 >>

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 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 >>

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 >>

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 >>

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 >>

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 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 >>

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