• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

The Ban on Cryptocurrencies Continues – Indonesia Joins Ranks with Morocco, Ecuador, and Others

Jinia Shawdagor by Jinia Shawdagor
5 years ago
in News, Altcoin News, Bitcoin, Bitcoin Regulation, Legislation, Markets and Prices, News teaser
0
Advertisement

The ban on cryptocurrencies is moving across borders. This time, it is Indonesia, the Southeast Asian giant, that has decided to prohibit all cryptocurrency-related transactions.


According to a local report by Pikiran Rakyat, Indonesia’s regulation will prevent payment providers from cooperating or meeting with bitcoin investors, miners, or traders. This announcement was made by the Indonesia’s Central Bank Governor, Agus Martowardojo. According to Agus, the purpose of the ban is to make sure that the country’s fiat currency – the rupiah – is kept safe.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Speaking about the ban at last week’s annual meeting, Agus said:

We are also preventing the potential for arbitration, unhealthy business practices, and the control of businesses by parties untouchable by laws in Indonesia that could who could damage the structure of industries here.

The new legislation is also designed to help provide a level playing field for Indonesia’s financial system, requiring “all financial technology activists who move in the payment system to register with Bank Indonesia, report on activities, and conduct trials in the regulatory sandbox.” This means that for any financial system to operate in Indonesia, they should be prepared to register their stake with the central bank and be regulated just like any other financial institution.

Indonesian rupiah

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Martowardojo also made it clear in his report that technological innovations, especially those in the financial sector are moving at a faster pace. This does not only change the entire system, but brings concerns to the entire economic models of future economies. This means that policymakers are needed to ensure that the impact of these technologies is researched and monitored.  This will see all cryptocurrency-related transactions to be openly touted as illegal be it an individual or an institution.

The  decision has caused  an uproar in the cryptocurrency market, with Bitcoin Indonesia CEO Oscar Dermawan criticizing the move, adding that Bitcoin is a “remarkable technological achievement.”

In a country with a population of over 260 million, of which only 23% have bank accounts, Bitcoin has proven to be proven to be extremely popular among Indonesians. In fact, the most recent stats on Bitcoin Indonesia, the country’s largest exchange, show the volume of daily transactions at just under $8 million USD. Now that the ban on cryptocurrencies is a fait accompli, one wonders what impact this will have on the price of Bitcoin – especially in the Asian market.

How do you think Indonesians will react? Will they move elsewhere to operate as in China or they will remain in their own country and see their digital coins crumble? Let’s know in the comments below.


Images courtesy of AdobeStock, Wikimedia Commons

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jinia Shawdagor

Jinia Shawdagor

Related Posts

Warba Bank

Warba Bank Becomes 1st Islamic Lender To Enter The Metaverse

2 hours ago
Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

7 hours ago
Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

1 day ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

2 days ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

2 days ago
Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.