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Bitcoin Cryptocurrency Banned And Under Increasing Scrutiny In Indonesia

Bitcoin Cryptocurrency Banned And Under Increasing Scrutiny In Indonesia

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

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 >>

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 >>

Indonesian Ex-finance Minister Wants National Cryptocurrency To Compete With Bitcoin

Indonesian Ex-finance Minister Wants National Cryptocurrency To Compete With Bitcoin

Indonesian Ex-Finance Minister Wants National Cryptocurrency to Compete with Bitcoin An ex-minister in Indonesia spoke about the merits of a central bank-issued cryptocurrency to counter the idea of banning the circulation of alternatives. As many countries struggle to get a tighter grip on their own local cryptocurrency scenes, Indonesias ex-Finance Minister Chatib Basri considers that the country should take another direction. Rather than banning the circulation of Bitcoin, he said the island nation should instead choose to mint its own cryptocurrency to compete with it. So, [Bank Indonesia] needs to create something that can be monitored. I understand BIs concern over bitcoin [] as there is no underlying asset. But we cannot ban it, said Basri. Since it is difficult to monitor Bitcoin transactions in a transparent manner, many national governments consider the cryptocurrency a threat that may empower the criminal underground. The ex-Minister isnt the only person who toyed with the idea of a national cryptocurrency for Indonesia. Bank Indonesias Head of Payment System Policy, Onny Widjanarko, has also looked into issuing a virtual rupiah to counter some of the challenges that other cryptocurrencies present. However, as he said, this would be the first time a central bank actually makes the move. In the past, Russia was considering issuing a crypto ruble , but not for the same reasons. President Putin is reportedly considering the idea to evade sanctions, much in the same way that Nicolas Maduro wishes to exploit his Petro coin in Venezuela. Indonesias reason for adopting a cryptocurrency would be more in line with Britain and Israel, both of which seek to make an ecosystem that can be monitored and presents convenience to their citizens. During the British announceme 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 >>

Bitcoin Investors Set To Outnumber Stock Traders In Indonesia

Bitcoin Investors Set To Outnumber Stock Traders In Indonesia

Home News Bitcoin Bitcoin investors set to outnumber stock traders in Indonesia Bitcoin investors set to outnumber stock traders in Indonesia The biggest cryptocurrency trading platform in Indonesia may soon have more investors than the countrys century-old stock exchange. Formerly known as Bitcoin.co.id, the Indonesia Digital Asset Exchange (INDODAX) currently has 1.15 million investors and is likely to reach 1.5 million members by the end of the year, according to INDODAX Chief Executive Officer Oscar Darmawan. However, 1.5 million users is one of the more pessimistic projections. At the current growth rate of approximately 3,000 new members per day, the platform, which began its operations in 2014, might even exceed 2 million users by the end of 2018. Most of the platforms users trade in bitcoin, Darmawan said. We are seeing almost 3,000 new members signing up everyday, Darmawan told Bloomberg . Most people are trading in bitcoin though transactions in ethereum have increased significantly of late. In contrast, the countrys century-old Indonesia Stock Exchange, which offers stocks, futures, options and exchange-traded funds , has only 1.18 million registered participants, according to data from the Indonesia Central Securities Depository. Source: Indonesia Central Securities Depository/ Bloomberg Indonesia Digital Asset Exchange expects its daily trading volume to double from a current average of $7.3 million USD (100 billion Indonesian Rupiah), INDODAX CEO said. The stock exchange on the other hand recorded average daily transactions worth roughly $550 million, in 2017. Furthermore, companies traded on the exchange have an aggregate market capitalization of $520 billion, according to IDX data compiled by Bloomberg. Indonesias central bank banned payment-system prov 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: 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 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 >>

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 >>

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

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

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

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 >>

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 >>

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