The governor of the island of Bali, Indonesia, announced at a press conference that the use of cryptocurrencies as a means of payment would be severely punished. He thus recalled that the Indonesian rupiah is the only currency having legal tender on the territory of Bali.
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Bali opposes the use of cryptocurrencies as a means of payment
The island of Bali would like to remind you that the Indonesian rupiah is the only legal tender on the territory; and the use of cryptocurrencies as a substitute means for the purchase of goods and services would now be severely punished.
According to local media Antara, the announcement was made by Wayan Koster, the governor of Bali, during a press conference on the development of tourism:
“Foreign tourists who behave inappropriately, engage in activities that are not permitted in their visa permit, use cryptocurrency as payment, and violate other provisions will be dealt with firmly. »
In the presence of the Chief Inspector General of Local Police and the Head of Office representing Bank Indonesia, the governor listed the various penalties to be feared for individuals tempted to use cryptocurrencies as a means of payment in Bali:
“Strict measures range from eviction, administrative penalties, criminal penalties, closure of business premises and other severe penalties. »
According to the coinmap site, around forty establishments currently accept cryptocurrencies as a means of payment in Bali, particularly in Ubud and Denpasar, 2 cities popular with tourists.
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Soon a large-scale exchange
Note that this is only a ban on the use of cryptocurrencies as a means of payment, and that they remain legal in other contexts. As such, last February, the indonesian trade minister had announced the arrival of a national cryptocurrency exchange for this year. According to the latest communication on this subject, it should arrive sometime next month.
The latter was originally supposed to see the light of day last December, but was ultimately delayed due to various administrative procedures and regulatory requirements. The platform should be deployed as a consortium and bring together the 5 platforms currently holding licenses to offer services relating to cryptocurrencies.
So, the exchange will operate as a clearing house between the different parties, in particular to monitor the smooth running of transactions. In addition, the platform should also serve as a vehicle for local adoption, hence the delay in its launch, according to the Minister of Commerce:
“Let’s not rush, because if she’s not ready, things will go wrong. The government doesn’t want the public to suffer massively because they don’t know much about cryptocurrency trading. »
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Source: Antara
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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