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Indonesia Reaffirms Bitcoin Ban Among National Financial Service Firms

Indonesia Reaffirms Bitcoin Ban Among National Financial Service Firms

Indonesia reaffirms bitcoin ban among national financial service firms Source: Xinhua| 2018-01-22 20:56:34|Editor: Liangyu JAKARTA, Jan. 22 (Xinhua) -- Indonesia's agency overseeing operation of financial service firms, OJK, banned those firms in adopting bitcoin, digital money or cryptocurrency in their transactions across the country, its Chairman Wimboh Santoso said here on Monday. The ban from using cryptocurrency abides by Law No. 7/2011 of the country that stipulates national currency rupiah is the only authorized currency allowed for transactions in Indonesia. "Financial service providers in Indonesia were strictly banned from taking bitcoin in their transactions. There were sanctions for those violating this rule," Santoso said. Indonesian authorities were now intensifying investigation into the increasing use of bitcoin for transactions conducted in Indonesia's resort island of Bali, he added. The investigation was carried out since late last year following the finding of online advertisements of several businesses on the island that accepting bitcoin for the payment of their services. "We have learned several advertisements in the social media, we understand that Bali has now turned to be a haven for those using bitcoin in their transactions," Head of Indonesia central bank, Bank Indonesia (BI)'s Bali Chapter Causa Iman Karana said last week. Payments with bitcoin in Bali were mostly conducted by foreign tourists, he added. In coordination with provincial police, he said that BI would enforce the existing law in Bali by banning the use of bitcoin in every transaction. BI already issued a ban against cryptocurrency transactions, saying that the bitcoin mechanism tends to be speculative, has high risk as there is neither underlying asset nor official regulator Continue reading >>

Indonesian Bitcoin Investors Set To Outnumber Stock Participants

Indonesian Bitcoin Investors Set To Outnumber Stock Participants

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Indonesian Bitcoin Investors Set to Outnumber Stock Participants @HarrySuhartono More stories by Harry Suhartono The biggest Indonesian platform to buy and sell digital currency may soon have more members than the nations century-old stock exchange. Indonesia Digital Asset Exchange, formerly known as Bitcoin.co.id, will have 1.5 million members buying and selling digital currencies such as bitcoin, ethereum and ripple by the end of the year, according to Chief Executive Officer Oscar Darmawan. The platform, which began its operations in 2014, currently has 1.14 million investors, he said. In contrast, Indonesia Stock Exchange, which offers stocks, futures and options and exchange-traded funds, has only 1.18 million registered participants, according to data from the Indonesia Central Securities Depository. Companies traded on the exchange have a combined market capitalization of $520 billion, according to data compiled by Bloomberg. Digital currency traders set to outnumber stocks investors Source: Indonesia Central Securities Depository We are seeing almost 3,000 new members signing up everyday, Darmawan said. Most people are trading in bitcoins though transactions in ethereum has increased significantly of late. While Bank Indonesia hasnt banned exchanges from o 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 >>

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 >>

Btc Idr | Bitcoin Indonesian Rupiah Btc Indonesia - Investing.com

Btc Idr | Bitcoin Indonesian Rupiah Btc Indonesia - Investing.com

To use this feature, make sure you are signed-in to your account To use this feature, make sure you are signed-in to your account Make sure you are signed-in with the same user profile Add to/Remove from a Portfolio Add to Portfolio U.S. Commodity Futures Trading Commission (United States) National Futures Association (United States), U.S. Commodity Futures Trading Commission (United States), The Financial Conduct Authority (United Kingdom), Australian Securities and Investments Commission (Australia), Financial Industry Regulatory Authority (United States), Investment Industry Regulatory Organization of Canada (Canada), Securities and Exchange Board of India (India), Securities and Exchange Commission (United States), The Securities and Futures Commission (Hong Kong), Securities Investor Protection Corporation (United States) We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse weve all come to value and expect, please keep the following criteria in mind: Stay focused and on track. Only post material thats relevant to the topic being discussed. Be respectful. Even negative opinions can be framed positively and diplomatically. Use standard writing style. Include punctuation and upper and lower cases. NOTE: Spam and/or promotional messages and links within a comment will be removed Avoid profanity, slander or personal attacks directed at an author or another user. Dont Monopolize the Conversation.We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repe Continue reading >>

After Bitcoin Ban, Will Indonesia Issue Digital Rupiah?

After Bitcoin Ban, Will Indonesia Issue Digital Rupiah?

After Bitcoin Ban, Will Indonesia Issue Digital Rupiah? Indonesia's central bank is working on a trial run for a digital rupiah. The move comes after it issued a ban on the transaction of bitcoin and other virtual currencies earlier this month. Bank Indonesia, the country's central bank, may issue its own version of a cryptocurrency or digital rupiah, according to a report by The Jakarta Post . As a first step, the bank is planning to run a trial for a digital rupiah later this year, Susiato Dewi, assistant to the Bank Indonesia executive director for payments systems, told the newspaper. Explaining the plan, the Bank Indonesia said that other central banks were also exploring the idea. The bank aims to make the country's payment system more efficient. And yet, the country is also wary of risks emerging from trading in cryptocurrencies and has banned transactions of bitcoin and other virtual currencies. 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, the bank said in a statement on January 13, 2018. Electronic currencies by contrast have found major advocates across the world. UBS Chairman Axel Weber, who used to be president of the Germany's Bundesbank, recently urged central banks to create digital versions of their currencies. The Swedish Riksbank published a much-cited report on an e-krona a year ago, while Singapore's central bank is looking at ways to utilize digital currencies as a means of improving the settlement process within the country's banking system. 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 >>

Bitcoin And Ethereum Made Easy | Buy, Store And Learn About Bitcoin And Ethereum In Indonesia | Luno

Bitcoin And Ethereum Made Easy | Buy, Store And Learn About Bitcoin And Ethereum In Indonesia | Luno

New to Bitcoin or Ethereum? Learn more on our Learning Portal Why are so many people investing in digital currencies like Bitcoin? People all over the world use Bitcoin to send money to friends and family or buy things online. It can be cheaper, faster and easier to use than ordinary money. Like the internet, no single entity controls Bitcoin. It provides users with both transparency and privacy. It puts you back in control of your money. People are buying Bitcoin because its like digital gold. It is used as an alternative store of wealth, for portfolio diversification, and long term investment. Learn more about Bitcoin and Ethereum on our Learning Portal Why are people from all over the world choosing Luno? Were early industry pioneers and have been around since 2013, successfully processed more than a billion dollars in transactions and have happy customers in over 40 countries. People love our easy-to-use products. From local payment methods to customer support in many different languages, we make your Bitcoin experience the best one. Our expert team has worked all over the world for top tech and finance companies such as Google, Amazon, Morgan Stanley and Barclays. Plus were backed by some of the world's top investors. When we say your money is safe, we really mean it. Weve built some of the worlds most sophisticated Bitcoin security systems and have never been compromised. 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

Indonesia central bank warns over cryptocurrencies Indonesia's 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. 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 didn't 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 financial technology companies involved in payment systems, and said it is examining whether there's a need to regulate trading on virtual currency exchanges. South Korean authorities this week sent global bitcoin prices temporarily plu 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 >>

Indonesias Largest Crypto Exchange Indodax To Overtake Countrys Stock Exchange

Indonesias Largest Crypto Exchange Indodax To Overtake Countrys Stock Exchange

Indonesias Largest Crypto Exchange INDODAX to Overtake Countrys Stock Exchange Thomas Delahunty | March 14, 2018 | 7:32 pm Indonesias Largest Crypto Exchange INDODAX to Overtake Countrys Stock Exchange Thomas Delahunty | March 14, 2018 | 7:32 pm Indonesia Digital Asset Exchange, or INDODAXthe largest Indonesian cryptocurrency exchange is set to bypass the nations century-old stock exchange in the number of users. According to Chief Executive Officer Oscar Darmawan, INDODAX,formerly known as Bitcoin.co.id, will have 1.5 million members buying and selling digital currencies like Bitcoin, Ethereum, and Ripple by the end of the year. The platform, which went live in 2014, currently has 1.14 million users.This is in contrast to Indonesia Stock Exchange, which offers stocks, futures, and exchange-traded fundsand has only 1.18 million registered participants, according to data from the Indonesia Central Securities Depository. We are seeing almost 3,000 new members signing up everyday, Darmawan said. Most people are trading in Bitcoins though transactions in Ethereum has increased significantly of late. As of today, the platform is undergoing a rebrand, changing its name from bitcoin.co.id to the Indonesia Digital Asset Exchange or INDODAX. Darmawan said that one of the reasons for relabeling the exchange was to reaffirm the companys position as a digital asset exchange: Many people recognized us as a payment system using Bitcoin. In fact, we didnt intend to have such payment system, Darmawan said in a press conference today at the Kempinski Hotel in Jakarta. The exchange is currently focused on the rebranding project, and Darmawan has claimed the transaction and company structure will not be affected during the process,assuring the exchanges users that they will not experienc 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 >>

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 >>

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