Bank Indonesia: Bitcoin Not Currency or Legal Payment Tool
In a statement issued to the public, Bank Indonesia says that citizens are encouraged to be careful toward Bitcoin and other virtual currencies, as they are not currencies or legal payment instruments. It further declared that all risks related to the ownership and use of Bitcoin should be borne by the owners. In January of 2014, the deputy governor of Indonesia’s central bank said that using Bitcoin breaks a number of the country’s laws. He had then urged Indonesians to be cautious when dealing with digital currencies in general. However, the latest statement from does not strictly ban....
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In a public statement, the Bank of Indonesia warned against the risks of using bitcoin and emphasized that it is not currency or a legal payment tool. The bank added that any risks incurred with owning digital currencies should be shouldered by its owners. Prior to this, the governor of the Bank of Indonesia already said that using bitcoin breaks a number of the country's laws. The latest statement doesn't necessarily ban its use but contains strongly-worded statements against the cryptocurrency. Bitcoin in Indonesia. While other countries that formerly had a skeptical stance on bitcoin....
The last time we heard from Indonesia's Central Bank, they were issuing a firm warning - noting that the use of bitcoin was in violation of some laws. Bank Indonesia (BI) has now issued another statement on bitcoin, on that could perhaps be considered more neutral: Noting the Law no. 7 of 2011 on Currency and the Law. 23 of 1999 which was amended several times, most recently by Act No.. 6 In 2009, Bank Indonesia stated that the virtual currency Bitcoin and other not constitute currency or legal tender in Indonesia. People are encouraged to be careful of Bitcoin and other virtual currency.....
Next up issue a bitcoin warning: Indonesia. The Indonesian central bank's deputy governor - Ronald Waas - said that using the digital country violates some of the country's laws and echoed much of the concerns other central banks have already vocalized. The news comes from Indonesian news website Kontan. But despite the fact bitcoin isn't legal tender in Indonesia, Waas stated the central bank has no plans to stop the digital currency, but the central bank is working with the Ministry of Communications to learn more about the use of digital currency in the country. Still, Waas believes....
Indonesia's central bank, Bank Indonesia, has issued a new statement defining its stance on bitcoin. The comments bear similarities to others released over the past few months, but suggest the government will now take a hands-off approach to digital currency. Today's statement differs slightly from the reports issued last month, in which Bank Indonesia's deputy Governor suggested digital currency might break the bank's rules. Since then, representatives from the local bitcoin business community have participated in informal discussions with regulators to clarify the boundaries of their....
The statement from Bank Indonesia was rather neutral. Photo via F H Mira. Bank Indonesia, the Indonesian central bank, has released a statement on Bitcoin, but it doesn't really tell us much about what the central bank officials think of the digital currency. Ignoring the fact that it is routinely referred to as a "virtual currency", it seems that all the central bank has decided to do for now is declare that the digital currency is not legally recognized as money or legal tender. This means that certain consumer protection laws do not apply to Bitcoin, and the people of Indonesia need to....