Bitcoin use under scrutiny in Indonesian island of Bali - <b>Technical Lobby</b>

Saturday, January 20, 2018

Bitcoin use under scrutiny in Indonesian island of Bali

Bitcoin  business coin

JAKARTA/KUTA, INDONESIA: Indonesian authorities are investigating the use of bitcoin in the holiday island of Bali, amid warnings by the central bank in Southeast Asia's biggest economy over the risks posed by virtual currencies, an official said.

The probe started after the central bank on December 7, 2017 issued a regulation banning the use of cryptocurrencies in payment systems, said Causa Iman Karana, head of Bank Indonesia's representative office in Bali.

One of the cafes used bitcoin only for transactions of more than 243,000 rupiah, or about 0.001 bitcoin. A single transaction took about 1 1/2 hours to be processed and included a fee of 123,000 rupiah so this had discouraged its wider use for payments, said Karana.The official declined to name the businesses because he was still waiting for further instructions from Bank Indonesia in Jakarta.

Bitcoin  business coin

"The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah."Virtual currencies could also be used in money laundering and terrorism funding, and could have an impact on the stability of the financial system and causes losses for society, it has said.

Bitcoin.co.id, an Indonesian online cryptocurrency exchange, said on its website that bitcoin was trading at 162.70 million rupiah ($12,247) per unit after losing around a quarter of it value this week.
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