• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
Indonesia government crypto bitcoin ban

The Indonesian Government Is Cracking Down Further On Bitcoin Use In Bali

Samuel Rae by Samuel Rae
6 years ago
in News, Bitcoin, Bitcoin Acceptance, Bitcoin Regulation, News teaser
0

Retailers in Bali are being forced to stop accepting bitcoin at their shops and restaurants.


The actions of governments and regulatory authorities in Asia have been a hot topic in the cryptocurrency space over the last few weeks. The recent crash is widely seen as being driven by reports that the South Korean government indicating it is set to crackdown on cryptocurrency usage. A similar concern is hanging over the already heavily regulated Chinese market right now, rooted in potential government actions to limit access to international exchanges for users within its borders.

Bali A Hive Of Bitcoin Activity?

But it doesn’t stop there.

The latest news out of Asia is that Indonesian authorities are looking to investigate bitcoin-associated activity in Bali, one of Southeast Asia’s most popular tourist destinations and – if the reports are to be believed and the concern’s of the Indonesian government validated – a hive of bitcoin-related activity.

Here’s what Iman Karana, head of Bank Indonesia’s representative office in Bali, had to say on the development:

We found out from some postings on social media that Bali appeared to have become a haven for bitcoin transactions.

Using bitcoin as a point of sale transaction token in Bali is illegal, as per regulatory action taken by policymakers in the region back in December 2017. Shortly after the regulatory action was put in place, however, police on the island went undercover to investigate reports of businesses still accepting bitcoin as a payment method.

The results of this undercover operation led to only two businesses being uncovered as still accepting bitcoin, with a further 44 (with operations ranging from car rental to jewelry and more) having just recently stopped.

Bitcoin use under scrutiny in Bali. At least two cafes are still using bitcoin for payment services in Bali. Other businesses have stopped using the service as a single bitcoin transaction took 1.5 hours to be processed. https://t.co/MGeM5yrvFq pic.twitter.com/QwH2b09RMU

— TODAY (@TODAYonline) January 20, 2018

What’s Next?

Karana went on to say this in response to the undercover operation:

The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah.

How this will play out longer term remains to be seen. The viability of bitcoin as a point of sale asset has come under scrutiny of late as scaling issues have resulted in longer transaction times and higher fees. With developments such as Lightning set to change that in the near term, however, retailers and spenders may once again push to be allowed to use BTC or one of its peers to pay for goods and services.

If this happens, Indonesian authorities may have a tougher time enforcing restrictive rules in the region.

What do you think about this restrictive activity? Does it spell further trouble for bitcoin going forward? Let us know below!


Image courtesy of Pexels

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Samuel Rae

Samuel Rae

Related Posts

Hashdex spot Bitcoin ETF

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed

9 hours ago
XRP

Can XRP Price Reach $50? Crypto Analyst Predicts Massive Move

16 hours ago
Ukraine

Corruption In Ukraine: Crypto Worth $1.5 Million Confiscated From Former Gov’t Official

18 hours ago
Cardano founder Small

Cardano Founder Drops Hard Truths: ‘Bitcoin Was Heavily Centralized At The Start’

1 day ago
Bitcoin price Small

3 Reasons Why Bitcoin Price Is Trading Above $38,500

2 days ago
Circle

Circle Defies Allegations: No Illicit Financing Links And Justin Sun Ties

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Wish You’d Invested in BTC and ETH Sooner? Experts Say...

    13 hours ago
  • Market Rallies Post-Holiday. Fake-Out or Are Bulls Back in...

    15 hours ago
  • The Best Altcoins to Invest in? Cardano, Polygon, and...

    1 day ago
  • Top 3 Affordable Cryptos Worth Buying Next Week

    2 days ago
  • 3 High Growth Cryptos To Buy Now

    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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 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.