In a public statement, the Bank of Indonesia warned against the risks of using bitcoin and emphasized that it is not currency or a legal payment tool. The bank added that any risks incurred with owning digital currencies should be shouldered by its owners.
Prior to this, the governor of the Bank of Indonesia already said that using bitcoin breaks a number of the country’s laws. The latest statement doesn’t necessarily ban its use but contains strongly-worded statements against the cryptocurrency.
Bitcoin in Indonesia
While other countries that formerly had a skeptical stance on bitcoin are starting to welcome it, Indonesia maintains a hardline view on the cryptocurrency.
“In view of the Act No. 7 Year 2012 concerning Currency and Act No. 23 Year 1999 which has been amended several times, the latest with Act No. 6 Year 2009, Bank Indonesia states that Bitcoin and other virtual currency are not currency or legal payment instrument in Indonesia. The society is encouraged to be careful toward Bitcoin and other virtual currency. All risks related to the ownership/use of Bitcoin should be borne by the owner/user