Indonesia's central bank marshals staff to enforce crypto payments ban
Indonesia’s central bank is sending supervisors out to ensure local financial institutions aren’t defying the nationwide ban of crypto payments this bull season. Indonesia’s central bank governor, Perry Warjiyo, is mobilizing official supervisors to enforce the country’s ban on financial institutions using crypto assets as a means of payment.During a virtual seminar on Tuesday, June 15, Warjiyo reiterated that local financial firms and payment provided are prohibited from facilitating the use of cryptocurrency to settle payments or as an instrument used in other financial services.The....
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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....
The deputy governor of Indonesia's central bank has said using bitcoin breaks a number of the country's laws, news portal Kontan reported (in Bahasa Indonesia). He urged Indonesians to be cautious when dealing with payments in general. Ronald Waas, the deputy governor, said using bitcoin in Indonesia contravened rules set out by Bank Indonesia, information and electronic transactions laws and currency laws. Kontan's piece also noted that Indonesia's currency laws state only the rupiah is legal tender. "Using bitcoin for payments breaks these laws," Ronald was quoted as saying. The Kontan....
After banning crypto payments back in 2017, Indonesia is looking to allow payments in a digital rupiah currency. The Bank of Indonesia is one of the latest global central banks to announce state digital currency plans amid a major spike in the country’s digital payments.Governor Perry Warjiyo said Tuesday that Indonesia’s central bank is planning to launch a digital rupiah currency as a legal payment instrument in Indonesia, Reuters reports.The official noted that the rupiah is the only legally accepted currency for payment in the country so far, and BI will be looking to regulate a....
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 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.....