Central Bank of Indonesia Warns against All Cryptocurrency Use, Cites high threat

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b39d001a c524 4933 9202 36d5b1f7d358 169 - Central Bank of Indonesia Warns against All Cryptocurrency Use, Cites high threatThe excitement of the community about increasing bitcoin, including in Indonesia. But the Bank Indonesia recently issued the announcement that the appliance virtual exchange including bitcoin the middle so the discussion of the world is not recognized as a valid payment tool in Indonesia. “It in accordance with the provisions of the Law No. 7 The year 2011 about Currency which stated that the currency of the money was issued by the Unitary State of the Republic of Indonesia and every transaction that has the purpose of the payment or other obligations that must be met with money or other financial transactions performed in the territory of the Unitary State of the Republic of Indonesia must use Rupiah,” so press release BI. In a press release released on Saturday (13/1), BI stated how the virtual exchange as bitcoin high risk of money laundering or terrorism financing.

 “No authority responsible for, there is no official administrator, there is no underlying asset the underlying causes of the price of virtual currency and trade value is very volatile and vulnerable to the risk of inflating,” the Executive Director of the Department of Communication BI, Mr. Agusman through authorized press description describe.

It can affect the stability of the financial system and the cost to society. BI also appealed to the public to not selling bitcoin and the other virtual exchange.

Not only that, BI also prohibits all service provider payment system and the organizer of the financial technology in Indonesia to process payment transactions with the exchange rate of the virtual as bitcoin. This means that the bitcoin will no longer be used.

The organizer of the payment system called the BI including banks that perform switching and clearing, even the organizer of the electronic purse and the transfer of funds. Quoting the press release, BI mentions that it is spelled out in the PBI 18/40/PBI/2016 about the implementation of Payment Transaction Processing and PBI 19/12/PBI/2017​ about financial technology implementation. Previously, Financial Services Authority to convey that bitcoin related activity and the other virtual exchange must be reported and monitored therefore do not have the rules of the game in Indonesia.

Chairman of the Board of Commissioners for Coronary Wimboh Santoso said among learn. So also with the Supervisory Board of Trade Commodity Futures (Bappebti). The head of the Bureau of construction and Market Development Bappebti Dharmayugo Hermansyah billed review to add ipsec crypto bitcoin currency in a list of the subject of futures contracts in Indonesia. The company will perform an assessment to know the detail of the investment portion bitcoin.

On the other hand, PT Bitcoin Indonesia thus supports the ban on BI not to use virtual currency as payment. CEO Bitcoin Indonesia Oscar Darmawan confess along with BI that prohibit using virtual currency as payment. He acknowledges the payment of valid in Indonesia only rupiah. He said that the only bitcoin is digital assets, not the exchange rate or payment.


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