With BitBot, Bitcoin Trading Thrives in Indonesia
Indonesia, the fourth-largest country in the world by its population, shows a rapid advancement of cryptocurrency-related technologies. BitBot, a new mobile application available for Android users, barges in as a new solution to make it easier for people to trade Bitcoin using indonesian fiat currency, the Rupiah. Though the crypto trading market in Indonesia is still not as big as in many western countries, the trading volume in Bitcoin is quite impressive. Hundreds of merchants have begun accepting payments in Bitcoin as well, especially in Bali due to the existence of the Bitislands....
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The bitcoin economy in Indonesia has been growing lately, with its premier bitcoin buying and selling service Bitcoin Indonesia now operating a full open exchange, trading around 30 BTC per day. While still not at the level of other larger countries, it's certainly an improvement on the 5 BTC per day the exchange reported at its launch back in December 2013. At that stage, CEO and active local digital currency advocate Oscar Darmawan said he aimed for the company to become a full-fledged open exchange, but that volumes would need to improve first. It seems that has happened within just a....
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....
Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.” Binance Building Cryptocurrency Exchange in Indonesia Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s....
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Authorities in Indonesia do not intend to follow China’s example of imposing an outright ban on cryptocurrencies, a government official said, noting the country will limit itself to ensuring they are not used in illegal activities. The statement comes after local crypto exchanges registered a serious increase in turnover this year. Indonesia to Tighten Regulations Without Prohibiting Crypto Transactions The Indonesian government will not follow in the footsteps of China, which has confirmed a ban on all cryptocurrency transactions, the country’s Minister of Trade Muhammad....