Holders of cryptocurrency in Indonesia are being warned to sell of their digital assets as Bank Indonesia is set to ban Bitcoin on behalf of the government sometime in 2018.
While everyday individuals are embracing Bitcoin and other cryptocurrencies, a number of national governments are not. Those who trade in digital currency in Indonesia are being warned to sell off what they have due to the fact that the government, acting through Bank Indonesia (BI), is set to ban all forms of cryptocurrency in the upcoming year.
The Wild Bitcoin Ride Coming to an End in Indonesia
A new set of regulations for Bitcoin and other cryptocurrencies is scheduled to be released on Monday, December 4th. This bit of news was announced by Bank Indonesia Governor Agus Martowardojo, and this Bitcoin ban is being done to protect the rupiah as the country’s legal tender. Bank Indonesia also maintains that Bitcoin is often used for illegal activities.
This ban extends to both individuals and groups, such as banks and businesses. Agus Martowardojo says:
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 …
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