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Indonesia's central bank to ban bitcoin, other cryptocurrencies

MANILA, Philippines – Indonesia's central bank said it issued a new regulation prohibiting Bitcoin and other forms of cryptocurrency from being used for payments in the country, the Nikkei Asian Review reported late Thursday, December 7. 

Bank Indonesia's new regulation explicitly mentions Bitcoin and the like, saying, "the use of virtual currencies in payment system [and] activities... is prohibited."

"Virtual currencies have weak foundation and are highly volatile – surely this [may] pose negative impacts on our economy," Deputy Governor Sugeng of the central bank said of the prohibition.

He added that a turbulent market will be worrying, with investors having to deal with a lot of uncertainty. "There is a huge risk from virtual currency use, so we hope fintech providers won't engage [in the business]," he said.

The regulation, which is set to come into force on January 1, prohibits the use of cryptocurrencies as a payment tool. It does not regulate cryptocurrency mining or trading, though Sugeng said they might consider other regulations later on.  – Rappler.com

 

Victor Barreiro Jr.

Victor Barreiro Jr is part of Rappler's Central Desk. An avid patron of role-playing games and science fiction and fantasy shows, he also yearns to do good in the world, and hopes his work with Rappler helps to increase the good that's out there.

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