Finding Bitcoin in Bali: Authorities Recall Anti-Cryptocurrency Rules

The party is over in Bali – how many Satoshi will pay for your surf prices at Kuta Beach? Watching the sunset while sipping mocktails on Seminyak beach with leftover Dogecoins from last year? Or pay with specially reserved stablecoins and get yourself a yoga class in Ubud? it’s all over. The governor of Bali just announced the end of the recess and reminded everyone, tourists and businessmen that on the island, the only legal tender is the Indonesian rupiah. Bali is not El Salvador Is Indonesia rejecting cryptocurrencies? Not so sure… Head to the Isle of the Gods to find out more.

The governor of Bali reminded that the use of cryptocurrencies as a means of payment is prohibited…

Accident or coincidence? Just days after an article appeared about cryptocurrency payments in the country, the governor of Bali held a press conference to put things in perspective: the only currency allowed in the country is the Indonesian rupiah. The local newspaper Kompas did dig in and we learned that merchants on the island were accepting cryptocurrency payments. Some are motivated by practical reasons or personal convictions, but others are meant to help Russian tourists who have been excluded from the usual payment networks since international sanctions were imposed on their country.

So, two days later, Dogecoin Bali Wayan Koster clarified the situation to the media:

“Foreign tourists who misbehave, engage in activities not permitted by Visa, use cryptocurrencies as a form of payment, or violate other regulations will be dealt with firmly. »

At this press conference, Bali Police Inspector General Putu Jayan Danu Putra and Bank Indonesia Bali representative Trisno Nugroho were present to officially announce the matter. The island’s authorities took the opportunity to recall the sanctions envisaged in case of non-compliance with the law:

“Referring to the Currency Act No. 7 of 2011, if anyone uses any form of currency other than rupees, he may be punished with up to one year’s imprisonment and a fine of up to 200 million rupees ($13,300). »

Authorities in Bali have stipulated that cryptocurrencies cannot be used as a means of payment in the country. On the other hand, they can be bought and owned as financial assets. Bitcoin and Indonesia: Yes for Investments, but Not for Payments

…yet Indonesia remains very interested in Bitcoin and cryptocurrencies as financial assets

These sanctions concern tourists and local businessmen:

“Violations are subject to administrative penalties in the form of written reprimands, payment of fines and prohibition of payment transactions. »

So much for the official warnings about using cryptocurrencies as a means of payment. Indonesian nationals, on the other hand, are very likely to buy or own one. In fact, the same Trisno Nugroho said a few weeks ago that cryptocurrencies are gaining popularity in the country as a financial asset.

Additionally, Indonesia is said to be about to embrace cryptocurrencies with enthusiasm. Ridwan Kamil, the governor of West Java, recently said that mining Bitcoin with renewable energy is very interesting for the country. Finally, there was talk of a national trading platform participating in the democratization of cryptocurrencies. “We want Indonesia to be a paradise for bitcoin in the future,” he concluded in his speech last week.

Did Indonesia’s overflowing enthusiasm convince you to jump on the Bitcoin bandwagon? Don’t wait any longer, prepare for the future. Register quickly on the Binance platform and save 10% on trading fees through this link (transaction link).

The article Finding Bitcoin in Bali: Authorities Recall Anti-Cryptocurrency Rules appeared first on Journal du Coin.

Information source: compiled by 0x information from JOURNALDUCOIN.Copyright belongs to the author Ben Canton, without permission, may not be reproduced

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