They are trying to ban cryptocurrency on the island of Bali

They are trying to ban cryptocurrency on the island of Bali

According to Indonesian media, Bitcoin is now under the close supervision of authorities on the island of Bali. Central bank officials are trying to stop the use of Bitcoin everywhere in the country

Kaus Iman Karana, Branch Manager of Bank Indonesia Bali said:

"Through several posts on social media, we have found out that Bali is now a paradise for Bitcoin transactions. Our next step is to prohibit such transactions, in accordance with the law. We ask citizens to refrain from using Bitcoin. Together with a special crime investigation unit, we are introducing a rule that all transactions in the country must be in rupiah. We are identifying Bitcoin transactions on the island, especially in places that are the most popular tourist destinations, and will take action against people who make transfers in cryptocurrency rather than in rupees.”

Bank Indonesia, together with law enforcement agencies, has already begun to check the accounts and transactions of companies that have dealt in cryptocurrency in the past on the island of Bali. It was previously reported that Bitcoin has gained immense popularity in that region. However, the government believes that cryptocurrency is often used to sponsor terrorist activities and money laundering, which has led to increased controls.


Reference:

At the end of 2017, there were about 40 companies operating in Bali that accepted bitcoin as payment for their goods and services. Cryptocurrency could be used to pay for food, accommodation, scooter rentals, and mobile phone top-ups.


According to https://cointelegraph.com

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