Share This Post

Bitcoins / Breaking News / Cryptocoins

Is Indonesia About To Ban Bitcoin?

Indonesia Heart Broken on White Background

It has been announced that The Central Bank of Indonesia have issued a warning to investors not to sell, buy or trade any cryptocurrencies due to the bubble risks and the risk that it could be used for ‘money laundering and terrorist financing’. They issued a press release this weekend, and this has resulted in the voluntary closure of two different cryptocurrency exchanges; BitBayar and TokoBitcoin. In the statement, they wrote;

“Virtual currencies are vulnerable to bubble risks and susceptible to be used for money laundering and terrorism financing, therefore can potentially impact financial system stability and cause financial harm to society.”

There is some confusion over the matter, and to confirm, there is no official ban within the country.

This is not the same for Algeria though, as their government have already been taking steps towards completely banning cryptocurrencies. They are working on the 2018 Finance Bill will declare the ownership and trade of Bitcoin illegal. The bill reads;

Physical Bitcoin Isolated on White Background

“Any violation of this provision is punished in accordance with the laws and regulations in force.”

The document even goes as far as to label Bitcoin a ‘so called virtual currency’, and claims that the cryptocurrency can be used for drug trafficking, money laundering and tax evasion.

This is not the same for all counties though – South Korea are embracing the virtual currencies, and is even thinking of introducing an accounting system. The US could also be doing something similar as well, and the Treasury Secretary, Steven Mnuchin stated that regulators are forming a working group who are solely dedicated to virtual currencies.

Sponsored by

Iconiq Lab ICO Banner

Share This Post

Frances is a writer for Crypto Daily™, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.