Indonesia Will Ban Bitcoin in 2018

Ban Bitcoin

The central bank of Indonesia intends to ban cryptocurrencies such as Bitcoin in 2018.

The country’s central bank, Bank Indonesia (BI), plans on banning all forms of cryptocurrency, their trading, and their usage in transactions as payments. This is so that the country’s own currency, the rupiah, can maintain its sovereignty as Indonesia’s legal tender.

The governor of BI, Agus Martowardojo, said, “We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.”

This announcement occurred relatively soon after Indonesia’s financial regulator urged retail investors to keep away from the “lure” of cryptocurrencies.

The chairman of Indonesian Task Force under the Financial Services Authority, Tongam Tobing, added, “We urge you to invest in logic, not Bitcoin, so people do not go there…People, if you want to invest, do not invest in virtual money, but invest in the legal [assets] that can improve the economy of Indonesia.”

Featured Image: twitter

Samara graduated from Simon Fraser University with a BA in English, minoring in Publishing and Creative Writing. One day she hopes to publish her very own novel, but in the meantime, she contents herself with blogging and editing. She currently specializes in writing financial news and analysis, as well as cryptocurrency news and information.