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Since 1 January 2018, payment by Bitcoin has been prohibited in Indonesia. Bank Indonesia has now joined forces with the police to prevent transactions with Bitcoin.

Bitcoin banned in Indonesia

I admit I was a fanatical Bitcoin Miner until the technology I needed seemed too expensive to me personally. In 2015 I sold 8 Bitcoin for 80 € each. In 2017 I had been able to bite my butt several times when it went through the ceiling. The Bitcoin went in December over 15.000 €, in order to fall then up to now on 9.000 €. I personally decided to turn my back completely on the Bitcoin as early as 2016.

More and more stock exchanges closed down because they fell victim to hacker attacks or the operators themselves were busy helping themselves. At the same time, I lacked an actual countervalue. You could hardly buy anything for Bitcoin and the platforms that offered goods for Bitcoin had disappeared from the Internet just as quickly as they appeared. No regulation is always dangerous!

Bitcoin banned in Indonesia

Some people think it’s great to have a product like the Bitcoin, which is not controlled by any regulatory authority. However, this is where the dangers are that one experiences again and again with the Bitcoin. A wild trade causes incalculable price fluctuations. As long as one could still inexpensively mine oneself, one did not need to worry. If one speculates now however only still with Bitcoin, always the danger exists that one drives in only losses.

Paypal as well as the big online platforms like Ebay and Amazon flirted with Bitcoin, but never introduced it. And so it remained a wish for me to actually be able to purchase any goods for Bitcoin.

Indonesia officially bans Bitcoin!

In addition one referred to the law No. 7 from the year 2011, which explains, which currencies are valid as means of payment in Indonesia. At the end of 2017, a new regulation was passed that does not accept crypto currencies such as Bitcoin as means of payment. This regulation became legally valid on 01.01.2018. Banks and official exchange offices are prohibited from accepting Bitcoin or allowing transfer transactions associated with Bitcoin.

Especially in Bali, Bank Indonesia is now working with the local police to prevent Bitcoin transfers. It will not be entirely possible to do so, as Bitcoin is considered global. In Indonesia, the daily volume of Bitcoin transfers was around €50,000. This sum is traded by other nations every second.

Whether financing of criminal acts and terrorism can be prevented by the prohibition, as one hopes in Indonesia, I personally echoed as a balance idea.