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The Central Bank of Indonesia bans the use of cryptocurrencies as a means of payment

 

What is happening around the crypto market is a source of contemplation and anticipation.


On the one hand, many countries openly announce the adoption of cryptocurrencies and consider Bitcoin as a legal currency, such as El Salvador.


On the other hand, countries are moving towards banning them and banning their uses in certain aspects.


Recently, the Indonesian authorities decided to ban the use of cryptocurrencies in payments.


According to a recent report, Perry Warjiyo, Governor of the Central Bank of Indonesia, confirmed that the use of cryptocurrencies as a means of payment in the country will no longer be tolerated.


Warjiyo made his statement in a virtual seminar held on Tuesday, warning all financial service providers to stop accepting cryptocurrencies as payment from customers.


He noted that the restriction on the use of digital currencies to make payments is not an entirely new concept, as it is based on existing laws.


He stated:

Cryptocurrencies are not legal payment instruments under the Constitution, Indonesian Banking Law, and Currency Law.

 To ensure that Indonesian financial service providers and payment processors adhere to the new policy, Warjiyo added that Bank Indonesia will appoint field supervisors to verify the activities of these institutions.

Indonesia and the CBDC Digital Currency Project:

While Bank Indonesia is not comfortable allowing cryptocurrency to be used in the country due to high volatility and very little regulation, it is interested in creating its own Central Bank Digital Currency (CBDC).


The bank has reportedly suggested that it will issue a "digital rupee" to help monitor the economic situation and digitization context driving Bank Indonesia.


The creation of the digital currency will enable the central bank to have complete control over its performance and set clear regulations.


Massive crackdown on cryptocurrencies:

Regardless of this new development from Indonesia, the entire cryptocurrency industry faces a lot of regulatory scrutiny from financial regulators around the world.


Cryptocurrency trading has been banned in many countries such as Nigeria, with the latest regulatory action coming from China.


In May, the Asian giant confirmed that it is still preventing financial service providers from processing cryptocurrency-related transactions.


The country has recently intensified its hostile attacks on cryptocurrency by banning the social media accounts of several crypto-influencers and banning Bitcoin mining by several Chinese provinces.

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